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
'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.
