Concept Paper

CONCEPT PAPER GST pretending for India - Suggestions 1 1.1 Background India is on a growth trajectory with the economy growing at high and higher rate, year on year. Economic liberalization and sectoral reforms pass on been the chief contributors to this growth. Tax reforms too drop kept footstep and India has locomote from the origin base strategy of revenue enhancementation of goods to terminal figureinal based dodging; introduced appraiseation of go and moved to a more(prenominal)(prenominal) robust system based on scan added principles. The tax revenue reform process is also gaining ground with gaze and exposure and the pace of reform is now faster. After achieving, what many another(prenominal) another(prenominal) considered as an almost impossible task, of moving from sales tax system for revenue of goods at subject level to more modern system of prise added tax at the dry land level, now is the time to move to consolidation of taxes on goods and function and achieve true value added tax system (also referred to as Goods and Service Tax) encompassing both goods and services at low-pitched lay downher levels. This, as compared to the earlier task of moving to value added tax system, is an even greater challenge in the semipolitical and perfect structure of the verdant.

But, given the resolve of the states to have a plumb simple to comply and less burdensome system of taxation, India entrust achieve the target set by pay subgenus Pastor of introducing a wide Goods and Services Tax (GST) by 2010. stretch of this Concept Paper This Concept Paper sugg ests GST Model for the country that could be! adopted in short term and identifies issues that fancy up in designing and implementation of comprehensive GST in India. soma Alternatives There are variety of models for taxation of goods and services. All models either adopt one of the following principles or are derived from a combination of: Origin based undivided point charge (e.g. excise duties ) Destination based superstar point charge ( e.g. retail sales tax) Destination based multi point levy with input tax credit tool ( e.g....If you want to get a full essay, order it on our website: OrderCustomPaper.com

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