A Study Of Service Tax In India And Its Analysis
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| Author | : Dr. Makarand Raghunath Sakhalkar |
| Publisher | : Lulu.com |
| Total Pages | : 220 |
| Release | : 2018-03-05 |
| Genre | : Education |
| ISBN | : 1387483781 |
Based on recommendations made by Chelliah Committee on Tax Reforms, Service Tax was introduced for the first time in the year 1994. It is a Union levy, with a selective approach, whereby it is applicable to selected categories of services and not to all the services.The system of levy and collection of Excise Duties on goods is in existence since 1944 under Central Excise Act 1944. However, the concept of levy and collection of Service Tax on paid services was introduced in India for the first time in 1994 by the then Finance Minister Dr. Manmohan Singh. It is a tax levied on the transaction of certain specified services by the Central Government under the Finance Act, 1994. It is an indirect tax, which means that normally the service provider pays the tax and recovers the amount from the recipient of taxable service.
| Author | : R. Kavita Rao |
| Publisher | : Cambridge University Press |
| Total Pages | : 217 |
| Release | : 2019-05-23 |
| Genre | : Business & Economics |
| ISBN | : 1108473962 |
Studies the evolution of GST in India since the Report of the Indirect Taxation Enquiry Committee of 1977.
| Author | : Anjali Agarwal |
| Publisher | : |
| Total Pages | : 0 |
| Release | : 2017 |
| Genre | : India |
| ISBN | : 9788177084351 |
National level goods and services tax (GST) is India's most ambitious indirect tax reform. Its objective is to levy a single uniform tax across India on goods and services. GST, when implemented, would replace a number of Central and State taxes, making India more of a national integrated market, and bring more producers into the tax net. The changeover to GST, it is claimed, would significantly contribute to the buoyancy of tax revenues, acceleration of growth, and generation of many positive externalities. The present edited volume contains 19 research articles (divided into 5 sections) authored by experts in the field of public finance. GST has now been implemented in 160 countries and case studies have been provided in this volume for an effective comparison. The detailed impact of GST on consumers, business, government, individual sectors/industries, and national growth, along with a comparative analysis of GST with current indirect taxes, is given an in-depth analysis. The included contributions provide insights into various aspects of GST, adding to the heated debate on the implications of this game-changing tax reform. [Subject: South Asian Studies, Economics, Tax]
| Author | : Tripti Tripathi |
| Publisher | : Business Science Reference |
| Total Pages | : 0 |
| Release | : 2019 |
| Genre | : Business & Economics |
| ISBN | : 9781522574019 |
Behavioral finance challenges the traditional assumption that individuals are rational by focusing on the cognitive and emotional aspects of finance, which draws on psychology, sociology, and biology to investigate true financial behavior. The financial sector requires sound understanding of market dynamics and strategic issues to meet future challenges in the field. Behavioral Finance and Decision-Making Models seeks to examine behavioral biases and their impact on investment decisions in order to develop better future plans and strategies in the financial sector. While highlighting topics including behavioral approach, financial regulation, and globalized sector, this book is intended for policymakers, technology developers, managers, government officials, academicians, researchers, and advanced-level students.
| Author | : Mahesh C. Purohit |
| Publisher | : Oxford Handbooks |
| Total Pages | : 0 |
| Release | : 2014 |
| Genre | : Business & Economics |
| ISBN | : 9780198092278 |
The existing tax system in India yields a low tax-GDP ratio as a major proportion of the population is dependent on agriculture which is practically untaxed. Similarly the service sector, which has the largest contribution in GDP, is also not fully taxed. Due to the structural reforms that were initiated in the nineties, the growth in revenue from indirect taxes has come down while the revenue from direct taxes has showed an accelerated growth. This study on the tax system in India evaluates the existing taxes that are being levied by both the Centre and the State Governments. It analyses tax structure in terms of rates, base, slabs, and exemptions, and its administration and operations to provide estimates of revenue's growth rate and buoyancy and tax effort. The authors not only provide detailed data on the existing structure and administration but also discuss the second generation reforms to address the issues that have emerged since the earlier reforms in 1991. More particularly they discuss the significant and important Direct Tax Code (DTC) and Goods and Services Tax (GST) that the Indian government is likely to introduce soon. They stress that these tax reforms will help India make further progress towards an open economy as well as ensure that Indian traders and manufacturers become more competitive and efficient in the international market.
| Author | : Selladurai Muthusamy |
| Publisher | : |
| Total Pages | : 0 |
| Release | : 2023 |
| Genre | : |
| ISBN | : |
This paper is an analysis of what the impact of Goods and Services Tax will be on Indian Tax Scenario. Here stated with a brief description of the historical scenario of Indian taxation and its tax structure. Then the need arose for the change in tax structure from traditional to GST model. GST has be detailed discuss in this paper as the background, silent features and the impact of GST in the present tax scenario in India. GST is the only indirect tax that directly affects all sectors and sections of our economy. Ignorance of law is no excuse but is liable to panel provisions, hence why not start learning GST and avoid the cost of ignorance. The GST is aimed at creating a single, unified market that will benefit both corporate and the economy. Several countries implemented this tax system followed by France, the first country introduced GST. India is a centralized democratic and therefore the GST will be implemented parallel by the central and state governments as CGST and SGST respectively. The objective will be to maintain a commonality between the basic structure and design of the CGST and SGST.
| Author | : Narasimha Rao |
| Publisher | : |
| Total Pages | : 9 |
| Release | : 2018 |
| Genre | : |
| ISBN | : |
GST is an Indirect Tax which has reinstated many Indirect Taxes in India. The Goods and Service Tax Act was passed in the parliament on 29th March 2017. The Act came into effect on 1st July 2017.1 Until now, many people are less understanding and confused regarding GST system and give a negative perception about it. Accordingly, this study attempts to find out perception on GST in Guntur, Andhra Pradesh. This research consequently, is an effort to find out perceptions of the engineering faculty about GST. A survey was conducted in Guntur, Andhra Pradesh to understand engineering faculty perceptions on GST. This research is an attempt to know the engineering faculty perceptions towards the aims at the look after of the GST policy. A study was conducted at different engineering colleges and universities of Guntur district of Andhra Pradesh. A questionnaire was used to interview 200 individuals. About the GST, An analysis of the table shows the information sources about GST. Out of 200 respondents majority 58 (29.0%) respondents are known about GST through Electronic media, followed by 49 (24.5%) respondents are known about GST through friends/relatives/peers, followed by 45 (22.5%) respondents are known about GST through Print media, 35 (17.5%) are known about GST from all sources, followed by 13 (6.5%) are known about GST from social media in the study area. An analysis of the diagram shows the GST will boost the Indian economy in the long run, majority 85 (42.5%) are strongly agree that GST will bring boost Indian economy followed by 61 (30.5%) respondents are agree, 33 (16.5%) respondents are neutral, 19 (18. 5%) respondents disagree, 2 (1.0%) strongly disagree in study area. Most of the engineering faculty are not fully aware of GST and have some apprehensions on GST. A grand insurgency is hitherto to take place in the near future in the indirect tax system i.e. GST, so the faculty is not fully aware of the concepts. But, India being a democratic country should make clear to its citizens about the GST. Therefore, it is the need of each and every citizen to have awareness about the new GST. If faculty will have awareness they can create awareness in the minds of students who are becoming young entrepreneurs in near future and making India a vibrant and dynamic country.
| Author | : Akshay Kanade |
| Publisher | : |
| Total Pages | : 9 |
| Release | : 2017 |
| Genre | : |
| ISBN | : |
Goods and Service Tax (GST) was a much awaited move in the domain of indirect taxes in India. With the introduction of GST the cascading effect of indirect taxes is neutralized and this causes a shift in the tax planning process of various businesses.The aim of this research is to discuss the various aspects of GST in terms of its structure. This paper studies the impact of GST to analyze which sectors would be the gainers and the losers after its implementation. Study related to the suitability of GST in the Indian context has also been carried out within this paper.
| Author | : Parthasarathi Shome |
| Publisher | : Springer Nature |
| Total Pages | : 507 |
| Release | : 2021-04-09 |
| Genre | : Business & Economics |
| ISBN | : 3030682145 |
Tax practitioners are unfamiliar with tax theory. Tax economists remain unfamiliar with tax law and tax administration. Most textbooks relate mainly to the US, UK or European experiences. Students in emerging economies remain unfamiliar with their own taxation history. This textbook fills those gaps. It covers the concept of taxes in regards to their rationale, principles, design, and common errors. It addresses distortions in consumer choices and production decisions caused by tax and redressals. The main principles of taxation—efficiency, equity, stabilization, revenue productivity, administrative feasibility, international neutrality—are presented and discussed. The efficiency principle requires the minimisation of distortions in the market caused by tax. Equity in taxation is another principle that is maintained through progressivity in the tax structure. Similarly, other principles have their own ramifications that are also addressed. A country’s constitutional specification of tax assignment to different levels of government—central, state, municipal—are elaborated. The UK is more centralised than the US and India. India has amended its constitution to introduce a goods and services tax (GST) covering both central and state governments. Drafting of tax law is crucial for clarity and this aspect is addressed. Furthermore, the author illustrates different types of taxes such as individual income tax, corporate income tax, wealth tax, retail sales/value added/goods and services tax, selective excises, property tax, minimum taxes such as the minimum alternate tax (MAT), cash-flow tax, financial transactions tax, fringe benefits tax, customs duties and export taxes, environment tax and global carbon tax, and user charges. An emerging concern regarding the inadequacy of international taxation of multinational corporations is covered in some detail. Structural aspects of tax administration are given particular attention.
| Author | : Ca Vivek Kr Agrawal |
| Publisher | : |
| Total Pages | : 126 |
| Release | : 2020-06-14 |
| Genre | : |
| ISBN | : |
This book is specially for Beginners and Students who wants to have comprehensive knowledge about GST.Book contains more than 100 examples to make the reader understand about the new tax law in a very easy and clear manner.Book is not overloaded with too many stuff but has been kept simple with diagram and question answer patter. Language is too easy and topics are kept simple for the learner to have easy understanding.Broadly all the topic has been covered namely - Basic, CGST, SGST, IGST, Registrations, Time Value & Place of Supply, Input Tax Credit, Payments, Invoicing, Accounts & Records, Reverse Charge, TDS TCS, Composition Scheme, Return filing, Job Work, Refunds, Penalty, Assessments, Appeal and related provisions.Book is written by Vivek Kr Agrawal, who is a practicing CA and qualified Lawyer. He is having more than 10 years of knowledge in the taxation field. He is associated with various Management Institutes and delivers lectures on Taxation.
