There's no denying that yield from indirect taxes is the bedrock of government's revenue.
Indirect taxation consists of all those taxes which are indirectly collected form the consumers on the consumption of goods and services by union and state government through intermediaries at different stages.
In the case of indirect tax, the liabilities of the tax can be passed on to someone else. This means that when the whole seller pays VAT on his sale, he can pass on the liabilities to retailer and when retailer pays the tax, he can pass on the liability to customer. So, in effect, customer pays the price of the item as well as the VAT out various levels on it. This whole system leads to double taxation. This system directly hits the final consumer who has to bear the whole burden and this burden is largely bore by the poor people who spend a major portion of their income on the consumption of goods. To make the consumer somewhat free and to release them from the load of all taxes, the govt. of India has preluded the concept of GST, i.e. Goods and Services Tax. GST has been launched as the One hundred and first Amendment of Indian Constitution at the midnight of June 30- July 1, 2017 applicable to the whole of India. Central Hall of Parliament became the witness of the Mega launch of GST rolled out by the President and Prime Minister of India.
Applauded and Glorified by the Government, GST came into existence as the most awaited and conscientious tax rejuvenation post 17 years of hectic arguments (since 2000 when it was first proposed) among the center and the states. Being an indirect tax, GST is going to replace the plethora of all indirect taxes which were previously imposed by Union and State Governments. GST is the landmark amendment in the history of Indian taxation System. Since Independence and the amendment is expected to bump up GDP by a percentage point or even more.
Cascading Effect: Issues of Present multistaged Tax System
Bu hikaye BANKING FINANCE dergisinin November 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 November 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
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.
