India is not the only country but one of hundreds which has implemented GST in their taxation. Hence lets not assume that this will be a pure success or failure lets hope for the best in future.
A few state assemblies have passed GST so covering 15 states should no longer be a problem. The issue is how would such extensive tax system be integrated in Indian economy.
Commerce will increase and become more transparent and cost efficient for manufacturers. Since cascading of taxes will be now a thing of past consumers will also pay less. All in all, a welcome step.
This is a good post but certain questions emerge here of which the gist is the following: This is also in my article on GST:The 101th Constitutional Amendment bill passed by both the houses of Parliament has paved way to the long awaited financial change which the country intends to bring here.
By the sources, it is measured that as on day, only 30 percent trade in India is declared trade and this yields in utilization of black money as well letting the black money float into the general stream of the country. This makes the progress of the country slow and also reduces the value of the currency and causes inflation too. With this, the free trade is curbed and a business keeps dual and triple accounting leading to rampant tax evasion as well as it restricts trade.
To ensure free trade, the concept of GST came up. This could only be possible by this Constitutional Amendment. Thanks to all the Political Parties, which, to the interest of nation, has adopted the changes brought in the Constitution of India by 101st Constitutional Amendment Bill passed by Both the Houses of Parliament? Out of 15 states required to pass the bill, till yesterday, 7 states have passed this bill. This paves way for this change.
Hon’ble Finance Minister, Mr. Arun Jaitley, in his speech stated that the aim of the amendment is to enforce the principles of GST from April 2017. The Amendment was subsequently ratified by Lok Sabha, unanimously and has already been consented to by 7 States i.e. Assam, Bihar, Jharkhand, Himachal Pradesh, Chattishgarh, Gujarat, Madhya Pradesh.
It is however, important to note that the Bill itself is a facilitator and lays down the constitutional framework and more importantly the constitutional limits which the lawmakers of both the States and Union have to adhere to in order to make GST a reality.
Powers of state to levy taxes rests in the amended state list, which empowers the state to levy taxes on Liquors, taxes on Diesel,
The state laws shall be confined to this only. The most significant move on this is the Contitution of GST Counsel under article 279A. This shall recommend the subjugation of certain taxes into GST. It shall recommend as to what goods and service shall be exempt and thereafter frame GST Laws accordingly. This shall ensure the draft GST Bill to emerge. The rules shall follow thereafter.
The Government with this intention, means to minimize litigation with the ensured growth not only in the economy but it intends simplification of the application of laws also thereupon.
I have been constantly looking into the articles and discussions in the net as well in the seminars which are being held in this respect. Many of this talk over presumptions which came out of the model GST bill proposed to be put in parliament when this Constitutional amendment was not passed. In the conventions or seminars, why not we project the simplification in administration of law coming for this. Question is for the classification of Goods to be harmonized. Question is the collection. Question is the administration of Data and sharing the same with both the limbs of revenue. Question is the simplification of process. Question is to make the compliance easier and not cumbersome.
Second note shall be a proposal as to how to harmonize the structure for the object to be achieved. Let us all be a party to the largest economic change in the county.
Let us now not think of what happened in the past. India will have a new indirect taxation landscape from FY 2017 and all stakeholders must prepare so that no loopholes are left.
I donot think that just goods and service tax will be of any good unless tax officials and tax infrastructure is improved. Tax officials need training and new recruitment should also be done by CBEC.
might prefer to see a General Transaction Levy. This would fit nicely with the proposal that our current metrics derived from Gross Domestic Product (GDP) be augmented by a broader system of metrics derived from Gross Domestic Transaction (GDT).
One thing is definite, that Indias GDP will enhance after GST roll out. Lesser permits, duties and free movement will transfer goods from one place to another very easily so transaction value will increase.
Although the GST looks good in a simplistic economic model, it certainly doesn’t cure India’s economic challenges. A GST was introduced in Canada in the early 1990ies, and the Canadian economy is not a stellar performer in global comparison. India needs to harness its diversity as a source of strength. This, I think, is the major challenge.
Similar changes should be done in direct taxes as well where more and more citizens should be covered and brought under the net. Indias riches are thriving on Indias poor.
GST will surely be one among the brilliant implementations by GOI and will have a huge positive impact in the ‘Indian Logistics’. This not only provides a substantial benefits to the Indian government and public, but also reduces huge amount of logistic costs, briberies by RTO’s to almost all the OEM’S, forwarders and small scale manufacturers
Indeed a transformational decision..while India welcomes this with caution amid some known challenges..it’s definitely right move in the direction of “ease of doing business”
Federalism and cooperation will see a new dawn after this tax. States will come on par on many scales. Businesses will start at all places, not where taxes were less or where bribery was prevalent.
There are many more sectors apart from FMCG, transportation and others that you have mentioned. In services we will have to wait and see the final rate which I believe should not be more than 15%.
This is clearly a win for BJP and Modi. He played a key role in bringing other parties to table. People should not compare him with Atal Ji, both are different and have different approach and abilities.
Fantastic put up, very informative. I wonder why the opposite experts of this sector do not understand this. You must continue your writing. I am confident, you have a huge readers base already.
The Irony of Indian Politics is that in-spite of passing improvised GST bill in both the houses, only handful of states have passed the same in their constitution, although the same should have done in no time on war footing way, but not at all.!!!
GST will against the freedom of States. It promoting federalism that against the Constitution. The Hindi belt will only enjoy the benefits of GST. Rest of the state will loose their Income.
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Now it is time to write about operative part of GST.How it will work, Inpu Tax credit, returns , precautions in handling of GST etc.with proper examples of Tax calculations etc.
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Keeping fingers crossed on what %age will be fixed . Anything beyond 10% which is resonable, will affect common man . Because it will also be broadening the tax base
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India is not the only country but one of hundreds which has implemented GST in their taxation. Hence lets not assume that this will be a pure success or failure lets hope for the best in future.
A few state assemblies have passed GST so covering 15 states should no longer be a problem. The issue is how would such extensive tax system be integrated in Indian economy.
Commerce will increase and become more transparent and cost efficient for manufacturers. Since cascading of taxes will be now a thing of past consumers will also pay less. All in all, a welcome step.
This is a good post but certain questions emerge here of which the gist is the following: This is also in my article on GST:The 101th Constitutional Amendment bill passed by both the houses of Parliament has paved way to the long awaited financial change which the country intends to bring here.
By the sources, it is measured that as on day, only 30 percent trade in India is declared trade and this yields in utilization of black money as well letting the black money float into the general stream of the country. This makes the progress of the country slow and also reduces the value of the currency and causes inflation too. With this, the free trade is curbed and a business keeps dual and triple accounting leading to rampant tax evasion as well as it restricts trade.
To ensure free trade, the concept of GST came up. This could only be possible by this Constitutional Amendment. Thanks to all the Political Parties, which, to the interest of nation, has adopted the changes brought in the Constitution of India by 101st Constitutional Amendment Bill passed by Both the Houses of Parliament? Out of 15 states required to pass the bill, till yesterday, 7 states have passed this bill. This paves way for this change.
Hon’ble Finance Minister, Mr. Arun Jaitley, in his speech stated that the aim of the amendment is to enforce the principles of GST from April 2017. The Amendment was subsequently ratified by Lok Sabha, unanimously and has already been consented to by 7 States i.e. Assam, Bihar, Jharkhand, Himachal Pradesh, Chattishgarh, Gujarat, Madhya Pradesh.
It is however, important to note that the Bill itself is a facilitator and lays down the constitutional framework and more importantly the constitutional limits which the lawmakers of both the States and Union have to adhere to in order to make GST a reality.
Powers of state to levy taxes rests in the amended state list, which empowers the state to levy taxes on Liquors, taxes on Diesel,
The state laws shall be confined to this only. The most significant move on this is the Contitution of GST Counsel under article 279A. This shall recommend the subjugation of certain taxes into GST. It shall recommend as to what goods and service shall be exempt and thereafter frame GST Laws accordingly. This shall ensure the draft GST Bill to emerge. The rules shall follow thereafter.
The Government with this intention, means to minimize litigation with the ensured growth not only in the economy but it intends simplification of the application of laws also thereupon.
I have been constantly looking into the articles and discussions in the net as well in the seminars which are being held in this respect. Many of this talk over presumptions which came out of the model GST bill proposed to be put in parliament when this Constitutional amendment was not passed. In the conventions or seminars, why not we project the simplification in administration of law coming for this. Question is for the classification of Goods to be harmonized. Question is the collection. Question is the administration of Data and sharing the same with both the limbs of revenue. Question is the simplification of process. Question is to make the compliance easier and not cumbersome.
Second note shall be a proposal as to how to harmonize the structure for the object to be achieved. Let us all be a party to the largest economic change in the county.
Let us now not think of what happened in the past. India will have a new indirect taxation landscape from FY 2017 and all stakeholders must prepare so that no loopholes are left.
I donot think that just goods and service tax will be of any good unless tax officials and tax infrastructure is improved. Tax officials need training and new recruitment should also be done by CBEC.
So Very Interesting
Well Written
might prefer to see a General Transaction Levy. This would fit nicely with the proposal that our current metrics derived from Gross Domestic Product (GDP) be augmented by a broader system of metrics derived from Gross Domestic Transaction (GDT).
One thing is definite, that Indias GDP will enhance after GST roll out. Lesser permits, duties and free movement will transfer goods from one place to another very easily so transaction value will increase.
If India has to attract FDA GST seems very important
Interesting
Although the GST looks good in a simplistic economic model, it certainly doesn’t cure India’s economic challenges. A GST was introduced in Canada in the early 1990ies, and the Canadian economy is not a stellar performer in global comparison. India needs to harness its diversity as a source of strength. This, I think, is the major challenge.
Similar changes should be done in direct taxes as well where more and more citizens should be covered and brought under the net. Indias riches are thriving on Indias poor.
GST will surely be one among the brilliant implementations by GOI and will have a huge positive impact in the ‘Indian Logistics’. This not only provides a substantial benefits to the Indian government and public, but also reduces huge amount of logistic costs, briberies by RTO’s to almost all the OEM’S, forwarders and small scale manufacturers
Its a tough road ahead.
A carefully impartial analysis. I am very apprehensive that our GST may go the Malaysian way…
Indeed a transformational decision..while India welcomes this with caution amid some known challenges..it’s definitely right move in the direction of “ease of doing business”
Federalism and cooperation will see a new dawn after this tax. States will come on par on many scales. Businesses will start at all places, not where taxes were less or where bribery was prevalent.
There are many more sectors apart from FMCG, transportation and others that you have mentioned. In services we will have to wait and see the final rate which I believe should not be more than 15%.
This is a good move for ease of foing bussiness
This is clearly a win for BJP and Modi. He played a key role in bringing other parties to table. People should not compare him with Atal Ji, both are different and have different approach and abilities.
Fantastic put up, very informative. I wonder why the opposite experts of this sector do not understand this. You must continue your writing. I am confident, you have a huge readers base already.
The Irony of Indian Politics is that in-spite of passing improvised GST bill in both the houses, only handful of states have passed the same in their constitution, although the same should have done in no time on war footing way, but not at all.!!!
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Our Indian Politician don’t know full from of GST I saw in News Channel
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GST will against the freedom of States. It promoting federalism that against the Constitution. The Hindi belt will only enjoy the benefits of GST. Rest of the state will loose their Income.
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Keeping fingers crossed on what %age will be fixed . Anything beyond 10% which is resonable, will affect common man . Because it will also be broadening the tax base
GST is not magic stick
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Most dramatic change will be seen in Non organized sector like Textile industry,
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