Did Goods and Services Tax (GST) simplify India’s indirect tax issues? At least the World Bank does not think so.
India has always been ranked low in terms of countrywise taxation policy world over. If economic liberalisation was the biggest reform to revive the country’s economy, lack of taxation, land and labour reforms and FDI rules has been inhibiting the potential growth rate of India. However, the recent measures pertaining to tax compliances, digitisation of the economy, and FDI apparently have changed the scenario. Click to read more
India’s GST regime with “higher tax rates and a large number of tax slabs” is one of the most complex among 115 nations with a similar tax system, the World Bank has said. However, what they also noted was that the zero percent tax rate in the new indirect tax regime is compromising the logic of the GST.
The World Bank said that in addition to the number tax rates, the extent of exemptions and sales at a zero rate is a critical design parameter for a GST. Click to read more
World Bank admits that GST or Goods and Services Tax which was rolled out last year has the capability to push India’s tax system and to encourage more growth.
But at the same time, they have said that GST is complex, and the existing tax structure is second highest in the world.
This comparison has been made against a list of 115 countries, where GST type in-direct taxation is in place.
Out of these 115 countries which use indirect taxation, 49 countries have single slab tax structure, 28 countries have two slabs, while only 5 countries have four or more slabs. Click to read more
The Goods and Services Tax is one of the most complex tax systems in the world, the World Bank has said. The international organisation said that GST has the second highest tax rate in the world among 115 countries that have similar indirect tax regimes, Mint reported on Friday.
Forty-nine countries have a single slab of GST while 28 countries use two slabs, the World Bank said. Only five countries, including India, use four non-zero slabs. The others are Italy, Luxembourg, Pakistan and Ghana. Click to read more
The implementation of the Goods and Services Tax (GST), which the State government has identified as one of “transformational changes,” has resulted in perceptible growth in revenue for the State government.
Giving figures of the growth rate during pre-GST and post-GST periods, K. Shanmugam, Additional Chief Secretary (Finance), told reporters that from April-June 2017 (pertaining to the pre-GST period), the rate of growth in revenue was 6.96% whereas it went up to 7.04% since July. Click to read more
Finance Secretary K Shanmugam on Thursday said the implementation of Goods and Services Tax (GST) has contributed to the growth of revenue of the State during the period July last to February this year.
Addressing a press conference after the budget for 2018-19 was presented in the State Assembly, he explained the salient features of the budget proposals and allocations made for various schemes. Click to read more
The customs department here is organizing a ‘GST refund fortnight’ that began on Thursday to quickly sanction pending refunds to exporters. As much as Rs 150 crore of Integrated Goods and Services Tax (IGST) refunds are pending for exports though the Cochin port, due to technical errors.
According to customs officials, GST is imposed on all supply of goods and services. However, GST paid for export is refundable. The amount, which can go up to 18% of the consignment’s value, usually would be automatically refunded once the system matches the invoice number on the shipping bill at the time of export and at the time of filing a GST return. Click to read more
The power loom industry in the city has heaved a sigh of relief following the parliamentary panel endorsing issues raised by the man-made fibre sector under the Goods and Service Tax (GST).
The standing committee on labour chaired by Kirit Somaiya has impressed upon the finance ministry to reconsider the overall GST structure for textile sector and impose anti-dumping duty to protect the domestic industry. Click to read more
The CBEC field formations have launched ‘GST refund fortnight’ beginning Thursday to quickly sanction pending refunds to exporters.
As much as Rs 150 crore of Integrated Goods and Services Tax (IGST) refunds are pending for exports though the Cochin port, due to technical errors, said a report in Times of India.
The exporters who have IGST refund or Input Tax credit (ITCBSE -1.85 %) claim pending with the Central Board of Excise and Customs (CBEC) can visit the field offices where the tax officials will help them. Click to read more