16th June, 2018. In the year 1988 we published Banking Finance an exclusive journal on Banking and Finance Segment. Since then we have covered many milestones and our readership is growing from strength to strength. Some of these challenges relate to the unfamiliarity with the new regime and IT systems, legal challenges, return filing and reconciliations, passing on transition credit.

GST - Realising the Dream of One Nation One Tax One Market.

The group ventured to publish the first monthly journal on Insurance in India in the year 1981 which is still is the most widely read Insurance Journal in India. This is a fitting tribute to the spirit of cooperative federalism which has prevailed throughout all Centre-State interactions in relation to all aspects of GST. 033-40078428 GST Slogan ‘One Nation, One Tax, One Market’ – Is it Suitable? Covers Latest developments, news, articles in the banking and finance sector. window.CHITIKA.units.push(unit); www.irdaexam.com It includes transportation, communication, water, electric, hospitals, educational institutions, housing and sewage systems. By subsuming more than a score of taxes under GST, the road to a harmonized system of indirect tax has been paved making India an economic union.

}()); The portal  bankingfinance.in has been sponsored by The Insurance Times Group. Professor, Dept. But more importantly, the first year of GST has been an example to the world of the readiness of the Indian taxpayer to be a partner in this unprecedented reform of Indian taxation. Abstract. A change as comprehensive as GST is bound to pose certain challenges not only for the government but also for business community, tax administration and even common citizens of the country. Any new change is accompanied by difficulties and problems at the outset. The GST seeks to create a national market for goods and services by subsuming multiple taxes at the national and state level, thereby creating a paradigm of one nation, one tax, one market.

Government collects tax to provide infrastructure facilities and public services. var mnSrc = (isSSL ? GST benefits Business and Industry – Easy compliance, uniformity of tax rates and structures, removal of cascading, improved competitiveness, and gain to manufacturers and exporters. National Anti-Profiteering Authority has initiated investigation into various complaints of anti-profiteering and has passed orders in some cases to protect consumer interest. Goods and Services Tax (GST) is an indirect tax which was introduced in India on 1 July 2017. GST will result in ‘ONE NATION, ONE TAX, ONE MARKET’. Therefore, central and state governments impose tax and collects tax on individuals and business houses. Further 59, 63, 59 and 8 rate related notifications each have been issued under the CGST Act, IGST Act, UTGST Act and GST (Compensation to States) Act respectively. })(); Inter-State supply of goods or services shall be subjected to Integrated GST (Integrated tax / IGST). Indirect tax structure has been improved over years, yet suffering various problems. Developed infrastructure is vital for a country’s economic development and prosperity, since industrial development depends on infrastructure. Economic development of a country depends up on the efficient utilisation of available resources, which needs right infrastructure.

The Times of India News App for Latest City News, Copyright © 2020 Bennett, Coleman & Co. Ltd. All rights reserved. Indirect taxes are basically the taxes which are not directly levied on the income of individuals or business houses but it is indirectly levied on the people who spend on buying goods and services. What are the benefits of GST for businessmen industrialists? To avoid the problems central government introduced Goods and Services Tax (GST). 033-22184184 As regards intra-State movement of gods, all States have notified e-way bill rules for intra-State supplies last being NCT of Delhi where it was introduced w.e.f. The government has put in place an IT grievance redressal mechanism to address the difficulties faced by taxpayers owing to technical glitches on the GST portal. The introduction of GST is truly a game changer for Indian economy as it has replaced multi-layered, complex indirect tax structure with a simple, transparent and technology–driven tax regime. Goods and Service Tax in India. Financial resources are very crucial when compared to other sources.

www.prgindia.com GST introduced with the expectation of that, the GST tax system will help create a common national market; removes cascading effect of taxation; leads to uniformity in laws, rates of tax, and procedures across states; boost manufacturing activities and exports; generate more employment; Indian products would be more competitive in global markets; likely to improve the overall investment climate in India and attract foreign investment; reduce tax evasion; simpler system of taxation with smaller number of exemptions; automated and simplified methods for processes such as registration, refunds, returns, tax payments; input tax credit process will be more accurate and transparent, as electronic matching will be performed.

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