In the last issue we have discussed about the special features of GST Law.
In this issue we will discuss in brief about benefits and common problems in the ensuing GST Regime.
As perceived from various announcements and circulars of CBEC, GST law is going to bring in the biggest indirect tax reform after independence of India with enormous change in the Indirect Tax system in the country. It is going to change demographics of each state with the increased consumption-based tax system the destination state is going to get the tax. The Central Board of Excise & Customs (CBEC) governing and supervising GST laws is being renamed as the Central Board of Indirect Taxes & Customs (CBIC) in the GST regime.
As per various announcements made by CBEC, GST laws are framed to provide lots of benefits to various stakeholders including common Citizens (consumers) , businessmen (trade, commerce & industry) and the Governments (Central and states). As announced by CBEC, GST is a win-win situation for the entire country. Expectedly GST will lower the cost of goods/ services give a boost to the economy and make the Indian products and services globally competitive.
GST aims at making India a common market with common tax rates and procedures and removing the economic barriers for an integrated economy at the national level. By subsuming or including most of the Central and State taxes into a single tax and by allowing a set-off of prior stage taxes for the transactions across the entire value chain, it would mitigate the adverse effects of cascading and improve competitiveness and also improve liquidity of all types of businesses - trading, distribution, manufacture etc.
Benefits that may accrue to the stakeholders being common Citizens, Trade/Industry and the Government or the country as a whole on introduction of GST can be highlighted on the following points :
Advantages to the Citizens:
a) Simpler tax system. GST is a destination based tax.
Diese Geschichte stammt aus der July 2017-Ausgabe von BANKING FINANCE.
Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.
Bereits Abonnent ? Anmelden
Diese Geschichte stammt aus der July 2017-Ausgabe von BANKING FINANCE.
Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.
Bereits Abonnent? Anmelden
ICICI Bank partners with PhonePe to offer instant credit on UPI
ICICI Bank announced that it has partnered with PhonePe to offer instant credit on UPI to its pre-approved customers on the app of the digital payments company.
Indiagold Eyes Major Expansion in India's Gold Loan Market
Indiagold, a prominent fintech company specialising in gold loans, is set to disrupt the gold loan industry with its ambitious expansion plans and innovative product offerings.
RBI CIRCULAR
Facilitating accessibility to digital payment systems for Persons with Disabilities Guidelines
Legal News
The Supreme Court announced the launch of a new webpage on its official website providing summaries of landmark judgments.
The Role and Impact of the Insolvency and Bankruptcy Code (IBC) in NPA Recovery
Indian banks, especially grappling with the mounting challenge of Non-Performing Assets (NPAs) within Scheduled Commercial Banks (SCBs), are experiencing a significant downturn in their capacity for credit recycling, resulting in reduced business opportunities and declining profits. However, various factors contributing to the severity of NPA problem are including macro-economic, political, and internal factors, emphasizing the complexity of the issue. With this background, the present study puts an effort to look at the role of the Insolvency and Bankruptcy Code (IBC) in NPA recovery and also showcasing its significance in resolving insolvency and maximizing creditor recovery.
Big Data in Banking: Analysing its Role, Advantages and Challenges
Globally Inflation started rising post April 2021 and went above the target range set by most of the Central Banks. It had remained low and dormant for a substantial duration since the global financial crisis. CPI inflation in developed countries such as US, UK and Euro zone, began to exceed their traditional target of 2% and continue to stay at these elevated levels till recent time.
Is SIP Always the Best Option? A Look into Lump-Sum vs SIP During Volatile Markets
SIP is a method of investing a fixed amount at regular intervals, typically monthly, into a mutual fund. It allows investors to buy more units when prices are low and fewer when prices are high, a process known as rupee cost averaging.
Strategies for Mutual Fund Retail Investors during market downturns
When stock markets experience a decline, mutual fund investors often face a sense of insecurity and apprehension. The volatility can lead to impulsive decisions, which, rather than securing financial health, may impair long-term investment objectives.
The Rise of Green Marketing: Driving Sustainable Change
Green marketing refers to the practice of promoting products or services that are environmentally friendly or sustainable. It involves incorporating eco-friendly elements into various aspects of marketing strategies, including product development, packaging, advertising, and distribution.
Fraud Risk Management In Banking
Fraud risk management is a fundamental aspect of overall Risk Management within the banking sector. In India, banks adhere strictly to guidelines set forth by the Reserve Bank of India (RBI) to prevent, detect, and promptly report fraudulent activities.
