Author RSSA STEP CLOSER TO GOODS AND SERVICE TAX
The central and state governments moved closer to ushering in a nationwide goods and services tax on April 1, 2011, that will simplify the manner in which corporates, small enterprises and traders will be levied taxes on goods and services.
The reform...
DEVELOPMENT OF GST IN INDIA
In the Union Budget for 2009-2010, the Finance Minister announced that GST would be in effect from April 1, 2010 in India. However , at the end of January, Asim Dasgupta, Chairman of the Empowered Committee of State Finance Ministers made a statement that...
Goods and Services Tax (Malaysia)
Goods and Services Tax in Malaysia may be implemented by the Malaysian Government somewhere in the third Quarter of 2011. 4% GST will replace the current sales and service tax currently levied at rates between 5% and 10%.Companies with revenue RM 500,000 ...
GST in CANADA
In Canada Goods and Services Tax (GST) is a multi-level value added tax introduced on January 1, 1991, by Prime Minister Brian Mulroney and Finance Minister Michael Wilson. The GST replaced a hidden 13.5% Manufacturers’ Sales Tax (MST); Mulroney claimed t...
IGST MODEL - AN INNOVATIVE IDEA
The First Discussion Paper produced by the Empowered Committee of state Finance Ministers has come out with an innovative way to deal with inter-state transaction of goods and services. The forthcoming GST will be dual in nature and will be levied on all ...
GST and Economic Growth
To make India as a financial super power, the introduction of GST is must. There are much apprehension relating to proposed GST regime regarding the growth in Indian Economy and its effects thereof. As we know in India economy, destination based taxation ...
GST AND FISCAL AUTONOMY TO THE STATES
The proposed GST Scheme has created a sense of fear among states that they will lose their autonomy over levy of taxes. Presently, states enjoy total autonomy atleast in respect of state taxes. It is upto state governments to decide – what to levy, type o...
TAX ADMINISTRATION IN GST REGIME
The scheme of GST should be supported by a strong tax-administration infrastructure for it’s optimum success. Without an efficient tax-administration the implementation of goods and services tax will be just like pouring water in the bottomless bowl. So, ...
GST: IMPACT ON THE POOR
GST is a destination based consumption tax. Consumption taxes are regressive in nature. It increases the gap between the rich and the poor. The pertinent point is whether such tax would be fruitful for the economy as a whole or not? Is it not so that shif...
A COMPARATIVE VIEW ON GOODS AND SERVICES TAX
This comparison is based on the recommendations of the First Discussion Paper produced by the Empowered committee of states finance ministers (hereafter referred as EC) and the Report of the Task Force on GST constituted by the Thirteenth Finance commissi...
DEFICIENCY IN COLLECTION OF INDIRECT TAX THIS YEAR
The revenue growth target for this year is challenging a change in tune from an hot tempered optimist about the economy that has triggered concerns tax collections may drop sharply as economic activity slows. The task before the tax officials is very chal...
Speed and Efficiency Is Required
It is well known fact that a lot of things is required to be done for the introduction of the Goods and Services Tax but for the time being the priority is the finalization of the Draft Constitutional Amendments on the Goods and Services tax so that the A...
Still More Is Required
As the future of the Goods and Services Tax is still uncertain in India but our efforts to elaborate the broad concept of “GST” will continue in the same manner. Even after facing such a huge setback, our Finance Minister Mr. Pranab Mukherjee is leaving n...
Can This New Year Bring Consensus
Just like all other years, year 2010 had also passed. We all would recall this year for different reasons and at different points of time in our life but our Finance Minister would definitely recall this and that too for an important reason i.e. Goods and...
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