Latest Expert Exchange Queries
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) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: articles on VAT and GST in India :: TDS :: ARTICLES ON INPUT TAX CREDIT IN VAT :: cpt :: Central Excise rule to resale the machines to a new company :: form 3cd :: ACCOUNTING STANDARDS :: TAX RATES - GOODS TAXABLE @ 4% :: ACCOUNTING STANDARD :: empanelment :: list of goods taxed at 4% :: due date for vat payment :: VAT RATES :: VAT Audit :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes
 
 
News Headlines »
 Income Tax saving investments: Top 5 options available for high-income individuals
 How to use zero tax rule on long term capital gains on stocks
 GST Returns - Furnishing details of inward supplies
 5 ways to maximise you income tax return
 Income-tax (2nd Amendment) Rules, 2017
 Soon, Faster PAN, An App For Filing Tax Returns
 Changes in income tax return filing process
 New Income Tax Rates And Deductions Applicable From April 1, 2017
 Tax and transparencya
 No decision yet on imposing tax on cash transactions
  Mentioning of Minor Head Code for accounting of Refund

GST: India will soon be on a clutter-free tax highway
August, 04th 2016

Come April, and state borders are expected to be less crowded with the state VAT department officials not stopping trucks to check if local taxes have been paid.

A study had shown that border checks result in Indian trucks driving 280 km a day , which is 35% of the 800 km that an average truck travels in the US. "Logistics costs (broadly defined, and including firms' estimates of lost sales) are higher than the wage bill or the cost of power, and three-four times the international benchmarks," a committee on GST rate headed by chief economic advisor Arvind Subramanian said quoting the report.

GST: India will soon be on a clutter-free tax highway Getting rid of this cost will be one of the many benefits that GST will bring about--to the economy , to the industry , and eventually the consumer. "India is very complex because you are dealing with 29 states, UTs like Delhi and the Centre. You are dealing with 30 or more governments on indirect taxes. It is like the EU and GST will turn it into a common market," says Harishanker Subramaniam, partner at consulting firm Ernst & Young.

But the new tax regime -modern India's biggest tax reform -comes with complexities, which companies are still grappling with. For consumers, it'll mean higher tax on services, taxed at 15% (including cess) now. The Subramanian panel had backed a levy of 17%-18%.

Overall, experts expect prices to come down in the months after GST implementation as companies pass on a part of the benefits they get in the form of credits they get for taxes paid by their suppliers (see graphic). One problem with the current system is there's no credit for tax paid in earlier stages of production, resulting in `tax on tax' and the burden being passed on to consumers. "Prices of some consumer goods and durables can fall due to reduction in the effective indirect tax. Depending on final rates, prices of services may increase marginally," said MS Mani, senior director at consulting firm Deloitte, Haskins & Sells. But few are hazarding a guess on specific products given that the GST is still work in progress.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Content Management System developers CMS developers Content Management Solutions CMS Solutions CMS India Content Management System India CMS development India Website CMS Website Content Management India Portal CMS India CMS Outsourcing CMS Vendor Complete CMS Custom CMS Services

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