活動

  • Burch Egelund 的簡介照片

    Burch Egelund 發表更新 5 年, 8 月前

    This comparison relies on the recommendations of the First Discussion Paper made by the Empowered committee of states finance ministers (hereafter referred as EC) and the Report of the Task Force on GST comprised from the Thirteenth Finance commission.

    Prior to going on

    Tax consultants chennai ought to establish GST and the Objective behind it.

    What’s GST?

    GST is a tax on products and services with continuous and comprehensive chain of set-off advantages from the Producer’s stage and Service supplier’s point upto the retailer level. It’s essentially a tax just on value addition at every stage and a supplier at every point is allowed to set-off via a tax credit mechanism. Under GST structure, all different stages of manufacturing and distribution can be interpreted as a mere tax pass through and the tax essentially sticks on final consumption within the taxing jurisdiction.

    Objective behind GST

    A) The prevalence of tax only drops on domestic consumption. B ) The efficiency and equity of the system is optimized. C ) There should be no export of taxes across taxing authorities. D) The Indian market ought to be incorporated into a single common market. E) It enhances the cause of co-operative federalism.

    Our comparative discussion will be based only on significant points constructing overall GST.

    GST MODEL

    A dual structure has been advocated by the EC. The 2 elements are: Central GST (CGST) to be levied by the middle and state GST (SGST) by the states. The Task Force has also recommended for its double lie imposed simultaneously by the centre and the nations, but to market co-operative federalism. Both the CGST and SGST ought to be levied on a common and indistinguishable base.

    Both have suggested for consumption type GST, that is, there should be no differentiation between raw materials and capital goods in permitting input . The tax base should comprehensively extend over all services and goods upto final consumption point.

    Also both are of the view that the GST ought to be structured on the destination principle. According to Task Force that this will lead to the change from production to consumption where imports will probably be responsible to both CGST and SGST and exports should be relieved of the burden of goods and services tax by zero evaluation. Consequently, earnings will accrue to the condition where the consumption occurs or is deemed to take place.

    The Task Force on GST stated the computation of CGST and SGST accountability ought to be based on the Invoice charge method. This will facilitate elimination of the cascading impact at various stages of production and supply.

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