Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
 
 
 
 
Popular Search: cpt :: list of goods taxed at 4% :: TDS :: due date for vat payment :: TAX RATES - GOODS TAXABLE @ 4% :: form 3cd :: ARTICLES ON INPUT TAX CREDIT IN VAT :: articles on VAT and GST in India :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: empanelment :: VAT RATES :: ACCOUNTING STANDARDS :: VAT Audit :: Central Excise rule to resale the machines to a new company :: ACCOUNTING STANDARD
 
 
Service Tax »
 GST Return Filing: How to handle discounts and additional cost
 GST base looks set to be at least 25% wider than earlier tax regime
 Businesses struggle with multiple tax rates, returns
 Common use items exempt from e-way bill provision under GST
 Goods And Services Tax Sends Taxes Racing
 How GST lesson can unleash untapped potential of education sector in India
 Services sector PMI falls most in 4 years on GST
 Missing column in GSTR 3B form leaves input claims a shaky edifice
  Communication to the Central Excise/Service Tax Taxpayers on migration to GST
 GST not easy to implement but tax base expansion will benefit all
 Goods and Services Tax was not an easy reform to implement

GST will improve tax-to-GDP ratio
June, 27th 2016

Chief Economic Adviser Arvind Subramanian has said on Sunday that Goods and Services Tax (GST) will help improve tax-to-GDP ratio in the country, while giving buoyancy to the government's tax collection efforts.

He also termed the proposed tax system — along with strategic disinvestment and twin balance sheets — as the government's major pending agenda. Speaking at an international conference on Social Statistics in India, organised by Asian Development Research Institute (ADRI) as part of their Silver Jubilee celebrations in Patna, Subramanian said: "We need to catch up on tax to GDP front. I sincerely hope that GST would give some buoyancy to it."

Subramanian said while the country has left behind the licence-quota permit raj and opening up for foreign direct investment in greater number of sectors, what has come to afflict the economy is the "Exit problem". He meant that loss-making firms and entities have been finding it difficult to exit from the business and gave the example of the fertiliser sector. Calling this a major area of reforms, he said: "The inefficient firms are not even employment-intensive and so it's easy for them to shut down. There is a need to readjust and recalibrate exit," he added.

Subramanian also touched upon "Brexit" and termed it as a major shock in the world history after the Cold War. He said it was a setback for the international citizen, globalisation and that a great social experiment is now being reversed. As for its economic repercussions on India, he said the country had strong fundamentals to withstand the negative fallout.

He also called for an office of chief economic adviser in every state to generate ideas and policies.

The Chief Economic Adviser said India presented a picture of a highly Balkanised country with respect to power tariffs and tax rates. Showing data for power tariffs for agriculture and tax rates in the states, he said: "we should be one economic India".

Showing excitement about reforms in the garment sector, he said: "It is much more labour-intensive than sectors like auto and steel and has the potential to empower women by creating jobs for them." He also said this is one of the areas where shrinking share by the Chinese can be cornered by Indian firms.

While saying India had very few tax payers and that in as many as seven areas — kerosene, railway, electricity, LPG, gold, aviation and turbine fuel and small savings — "well-off", the top 40% of the population, were subsidised to the extent of Rs 76000 crore, he called for spending more to generate more.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Our Vision

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions