Research paper on goods and service tax

Research paper on goods and service tax

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Goods and Services Tax GST is an indirect tax or consumption tax used in India on the supply of goods and services. It is a comprehensive, multistage, destination-based tax: comprehensive because it has subsumed almost all the indirect taxes except a few state taxes.

Multi-staged as it is, the GST is imposed at every step in the production process, but is meant to be refunded to all parties in the various stages of production other than the final consumer and as a destination-based tax, it is collected from point of consumption and not point of origin like previous taxes. However, petroleum productsalcoholic drinksresearch paper on goods and service tax, and electricity are not taxed under GST and instead are taxed separately by the individual state governmentsas per the previous tax system.

The tax came into effect from 1 July through the implementation of the One Hundred and First Amendment of the Constitution of India by the Indian government. The GST replaced existing multiple taxes levied by the central and state governments.

The tax rates, rules and regulations are governed by the GST Council which consists of the finance ministers of the central government and all the states. Subsequently, Prime Minister P V Narasimha Rao and his Finance Minister Manmohan Singhinitiated early discussions on a Value Added Tax VAT at the state level. Vajpayee set up a committee headed by the Finance Minister of West BengalAsim Dasgupta to design a GST model. The Asim Dasgupta committee which was also tasked with putting in place the back-end technology and logistics later came to be known as the GST Network, or GSTN, in It later came out for rolling out a uniform taxation regime in the country, research paper on goods and service tax.

Inthe Vajpayee government formed a task force under Vijay Kelkar to recommend tax reforms. Inthe Kelkar committee recommended rolling out GST as suggested by the 12th Finance Commission.

After the defeat of the BJP -led NDA government in the Lok Sabha election and the election of a Congress-led UPA government, the new Finance Minister P Chidambaram in February continued work on the same and proposed a GST rollout by 1 April However, inwith the Trinamool Congress routing CPI M out of power in West BengalAsim Dasgupta resigned as the head of the GST committee.

The UPA introduced the th Constitution Amendment Bill [7] on 22 March [8] in the Lok Sabha to bring about the GST. It ran into opposition from the Bharatiya Janata Party and other parties and was referred to a Standing Committee headed by the BJP's former Finance Minister Yashwant Sinha. The committee submitted its report in Augustbut in October Gujarat Chief Minister Narendra Modi raised objections that led to the bill's indefinite postponement. In the Lok Sabha electionthe Bharatiya Janata Party BJP -led NDA government was elected into power.

With the consequential dissolution of the 15th Lok Sabhathe GST Bill — approved by the standing committee for reintroduction — lapsed, research paper on goods and service tax. Seven months after the formation of the then Modi governmentthe new Finance Minister Arun Jaitley introduced the GST Bill in the Lok Sabhawhere the BJP had a majority. In FebruaryJaitley set another deadline of 1 April to implement GST. In Maythe Lok Sabha passed the Constitution Amendment Bill, paving way for GST, research paper on goods and service tax.

However, the Opposition, led by the Congress, demanded that the GST Bill be again sent back for review to the Select Committee of the Rajya Sabha due to disagreements on several statements in the Bill relating to taxation. Finally, in Augustthe Amendment Bill was passed. Over the next 15 to 20 days, 18 states ratified the Constitution amendment Bill and the President Pranab Mukherjee gave his assent to it. A member selected committee was formed to look into the proposed GST laws.

The Rajya Sabha passed these Bills on 6 April and were then enacted as Acts on 12 April Thereafter, State Legislatures of different States have passed respective State Goods and Services Tax Bills, research paper on goods and service tax. After the enactment of various GST laws, Goods and Services Tax was launched all over India with effect from 1 July There was to be no GST on the sale and purchase of securities.

That continues to be governed by Securities Transaction Tax STT. The GST was launched at midnight on 1 July by the President of Indiaand the Government of India, research paper on goods and service tax. The launch was marked by a historic midnight 30 June — 1 July session of both the houses of parliament convened at the Central Hall of the Parliament.

Though the session was attended by high-profile guests from the business and the entertainment industry including Ratan Tatait was boycotted by the opposition due to the predicted problems that it was bound to lead for the middle and lower class Indians. The tax was strongly opposed by the opposing Indian National Congress. Members of the Congress boycotted the GST launch altogether.

The parties reported that they found virtually no difference between the GST and the existing taxation system, claiming that the government was trying to merely rebrand the current taxation system. The single GST subsumed several taxes and levies, which included central excise duty, services taxadditional customs duty, surchargesstate-level research paper on goods and service tax added tax and Octroi.

India adopted a dual GST model, meaning that taxation is administered by both the Union and state governments. Transactions made within a single state are levied with Central GST CGST by the Central Government and State GST SGST by the State governments. For inter-state transactions and imported research paper on goods and service tax or services, an Integrated GST IGST is levied by the Central Government.

IGST complicates tax collection for State Governments by disabling them from collecting the tax owed to them directly from the Central Government, research paper on goods and service tax.

Under the previous system, a state would only have to deal with a single government in order to collect tax revenue. India is a member of World Customs Organization WCO since It was originally using 6-digit HSN codes to classify commodities for Customs and Central Excise.

Later Customs and Central Excise added two more digits to make the codes more precise, resulting in an 8 digit classification. The purpose of HSN codes is to make GST systematic and globally accepted. HSN codes will remove the need to upload the detailed description of the goods. This will save time and make filing easier since GST returns are automated.

The GST is imposed at variable rates on variable items, research paper on goods and service tax. Checkposts across the country were abolished ensuring free and fast movement of goods. The Central Government had proposed to insulate the revenues of the Research paper on goods and service tax from the impact of GST, with the expectation that in due course, GST will be levied on petroleum and petroleum products. The central government had assured states of compensation for any revenue loss incurred by them from the date of GST for a period of five years.

However, no concrete laws have yet been made to support such action. An e-Way Bill is an electronic permit for shipping goods similar to a waybill. It was made compulsory for inter-state transport of goods from 1 June It is required to be generated for every inter-state movement of goods beyond 10 kilometres 6. It is a paperlesstechnology solution and critical anti-evasion tool to check tax leakages and clamping down on trade that currently happens on a cash basis.

The pilot started on 1 February but was withdrawn after glitches in the GST Network. The states are divided into four zones for rolling out in phases by end of April A unique e-Way Bill Number EBN is generated either by the supplier, recipient or the transporter. The EBN can be a printout, SMS or written on invoice is valid. The mechanism is aimed at plugging loopholes like overloading, understating etc.

Each e-way bill has to be matched with a GST invoice. It is a critical compliance-related GSTN project under the GST, with a capacity to process 75 lakh e-way bills per day.

Intra-State e-Way Bill The five states piloting this project are Andhra Pradesh, Gujarat, Kerala, Telangana and Uttar Pradesh, which account for Six more states Jharkhand, Bihar, Tripura, Madhya Pradesh, Uttarakhand and Haryana will roll it out from 20 April All states are mandated to introduce it by 30 May Reverse Charge Mechanism RCM is a system in GST where the receiver pays the tax on behalf of unregistered, smaller material and service suppliers.

The receiver of the goods is eligible for Input Tax Creditwhile the unregistered dealer is not, research paper on goods and service tax. The central Government released Rs 35, crore to the state under GST compensation.

For the implementation, this amount was given to the state to compensate the revenue. Central government has to face many criticisms for delay in compensation. Revenue earned from GST intra state transaction - seller and buyer both are located in same state is shared equally on basis between central and respective state governments. For distribution of IGST inter state transaction - seller and buyer both are located in different states collection, revenue is collected by central government and shared with state where good is imported.

GST Council is the governing body of GST having 33 members, out of which 2 members are of centre and 31 members are from 28 state and 3 Union territories with legislation. The council contains the following members a Union Finance Minister as chairperson b Union Minister of States in charge of revenue or finance as member c the ministers of states in charge of finance or taxation or other ministers as nominated by each states government as member.

GST Council is an apex member committee to modify, reconcile or to procure any law or regulation based on the context of goods and research paper on goods and service tax tax in India. The council is headed by the union finance minister Research paper on goods and service tax Sitharaman assisted with the finance minister of all the states of India. The GST council is responsible for any revision or enactment of rule or any rate changes of the goods and services in India.

The GSTN software is developed by Infosys Technologies and the Information Technology network that provides the computing resources is maintained by the NIC. The portal is accessible to the Tax authorities for tracking down every transaction, while taxpayers have the ability research paper on goods and service tax connect for their tax returns.

However, later it was made a wholly owned government company having equal shares of state and central government. Goods and Services Tax India Revenue Statistics. Statistical Details of GST Revenue Collected. Statistical Details of GST Returns filed.

Around 38 lakh new taxpayers have registered under GST regime and the total count has crossed one crore if we include the 64 lakh earlier ones. GST's implementation in India has been further criticized by Indian businessmen for problems including tax refund delays and too much documentation and administrative effort needed.

The opposition Indian National Congress has consistently been among the most vocal opponents of GST implementation in India with party President, and leader of the opposition, Rahul Gandhislamming BJP for allegedly "destroying small businessmen and industries" in the country.

From Wikipedia, the free encyclopedia. Indirect tax levied in India. This article is about the tax. For the legislation introducing this tax, see One Hundred and First Amendment of the Constitution of India. The Hindu. Retrieved 30 June Retrieved 3 July Business Standard.

Press Trust of India.

GST:: DAY 1

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Goods and Services Tax (India) - Wikipedia

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