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.
Bu hikaye BANKING FINANCE dergisinin July 2017 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Giriş Yap
Bu hikaye BANKING FINANCE dergisinin July 2017 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Giriş Yap
'Deep Fake' - an emerging risk for Banking & Financial Sector
Deepfake KYC fraud is a growing concern in India, where fraudsters leverage AI-generated deepfake videos and images to bypass Know-Your-Customer (KYC) verification processes. This has significant implications for financial institutions, fintech companies, and other organizations that rely on KYC to verify the identity of their customers.
RBI CIRCULAR
Operational framework for reclassification of Foreign Portfolio Investment to Foreign Direct Investment (FDI) - November 11, 2024
India's Fiscal Discipline: A Path to Economic Stability and Growth
In a significant economic development, the fiscal deficit for the financial year 2023-2024 (FY24) has been recorded at 5.6% of GDP, falling below the government's revised estimate. This unexpected positive outcome highlights effective fiscal management and a recovering economy, offering a ray of optimism amidst global economic uncertainties.
Augmenting Productivity by Embracing Employee Engagement
As the world's largest coffeehouse chain, Starbucks is a brand that understands the value its employees add to the business. At Starbucks, every employee knows they are valued members of the team. It took Starbucks some time to do this. They have prioritized implementing employee-friendly rules from the beginning.
Ethics in Artificial Intelligence: Navigating the Future Responsibly
Ethics in AI encompasses a wide range of issues, including fairness, accountability, transparency, and the potential for bias. At the core of these discussions lies the question: How do we ensure that AI serves humanity rather than undermines it? As AI systems increasingly influence critical areas such as healthcare, finance, and law enforcement, the stakes are high.
Digital Banking: The Need of the Hour
Development of an economy, especially economic growth primarily depends on industrial development. The industries depend on financial institutions support for funds especially from banks. Banks encourage individuals save and mobilise funds from bank deposits.
Cyber Crimes in Banking: India's Battle Against the Digital Menace
The increasing adoption of digital banking services has transformed the way Indian consumers engage with banks. According to research from the Reserve Bank of India (RBI), the country's digital payment ecosystem expanded by approximately 55% between 2021 and 2023.
Legal News
The Supreme Court (SC) ruled that clauses allowing public sector undertakings (PSUs) to unilaterally appoint arbitrators to resolve disputes with private contractors are invalid.
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.
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.
