Goods and service tax (GST) is an indirect tax structure designed by the Indian government with the objective to remove tax burden of the society. Its basic objective to reduce multiple cascading taxes levied by the central and state governments like VAT, service tax, entertainment tax, luxury tax etc. The reform process of indirect tax started in the year 1986 with the introduction of the Modified value added tax (MODVAT). The present paper highlights the impact of GST on FMCG products and also
1.0 WHAT IS GST? Good and Services Tax or known as GST is a multi-stage broad-based consumption tax on good and services based on the value added concept. In some jurisdictions, it is also known as Value Added Tax (VAT). The idea of introducing GST in Malaysia was first conceived in 2005 for various reasons including to be a sustainable source of income to the government. After series of debate in the parliament, discussion and engagement series with stakeholders to take public concerns into account
This section presents a brief review of existing theoretical and empirical literature of tax and tax administration. This review of literature establishes the framework for the study and high lights the noticeable strength and weakness of previous studies, which in return help in clearly identifying the gap in the literature and formulating the research question for the study. 2.1. Definitions and Concepts of Tax Taxes are a portion of private wealth, exacted from individuals by the state for meeting
and indirect taxes . Some of the most important taxes that result in the substantial accumulation of revenue for the government are sales tax, customs duty and excise duty. All these taxes have been levied through different enactments that provide for the rules and procedures for the assessment purposes. This chapter discusses the concept of Central Sales Tax (CST) in detail. You also learn about the basic scheme to be followed under CST Act. After that, you will identify and understand the different
income tax a good idea? Is using flat tax the right move for the American people? Would lower income people suffer as much as higher income people with a different kind of taxation system? In today’s world money seems to be the center of gravity for many people. Unfortunately, many people have lower incomes and struggle to pay all of their taxes, while on the other hand, the rich are rumored to evade paying taxes. There are many controversial topics in the tax world including flat tax and the
In 1993, tax evasion charges were documented against a prominent business with an estimated tax liability of P25 billion. This tax evasion case, the Fortune Tobacco case had a complex lawful life which is 13 years in all between BIR, DOJ, trial courts, the Court of Appeals, and the Supreme Court. Against the Fortune Tobacco's corporate officers and the suspected dummy corporations, the BIR documented criminal complaints together with the DOJ. The BIR introduced this tac evasion charges against the
cooperative organizations and cooperatives shops. There is supportive policy on revenue also. Cooperative doesn’t have to pay any customs tax, value added tax (VAT), while purchasing machinery, equipment, parts of machine, raw materials etc. Similarly, to sell the products produced by agricultural cooperatives doesn’t have to pay any exercise or value added tax (VAT). Cooperative act-1992 of Nepal has defined all works, duties and right of all position of people in cooperative. Nepalese cooperative
that should be followed .The canons are as follows: Canon of equity-the tax burden charged on individuals should be fair and just thus each individual must pay taxes in proportion to the income they earn. Canon of certainty –this suggest that the tax payer should know how much to pay when to pay and the method of payment .this canon also helps the government know how much revenue it will get. Canon of convenience – the tax payer should not be burdened as they have to pay where it is most convenient
Sweden is a country located in the north of Europe with almost 10 million inhabitants. The country is a monarchy and a part of the European Union. As a citizen of Sweden you are very privileged of wealth and welfare and there are not many reasons of why you should leave such a stabile country . This is something that not all citizens of the world are fortunate to be a part of but, has a chance to be. Since the WWII a lot of immigrants and refugees has come to Sweden, almost 2 000 000 people .
effects of Value Added Tax (VAT) on government fiscal policy being one of the sources of government revenues and also an important variable in fiscal policies. This is a library study where existing literature on the subject matter were reviewed so as to ascertain the effects of value added tax on government fiscal policy and how it can be improved upon so as to meet the requirements of equity, effectiveness and efficiency on value added tax administration. The paper concluded that value added tax affects