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WHAT IS IGST IGST means Integrated Goods and Service Tax, one of the three categories under Goods and Service Tax (CGST, IGST and SGST) with a concept of one tax one nation. IGST falls under Integrated Goods and Service Tax Act 2016. IGST is charged when movement of goods and services from one state to…
OBJECTIVES OF GST Goods and Service Tax (GST) is a comprehensive tax levy on manufacture, sale and consumption of goods and service at a national level under which no distinction is made between goods and services for levying of tax. It will mostly substitute all indirect taxes levied on goods and services by the Central and State governments in India. The…
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LIABILITY OF TAX PAYER The liability of tax payer depends upon the fact whether a person is taxable person under the act or not. A ‘taxable person’ under GST, is a person who carries on any business at any place in India and who is registered or required to be registered under the GST Act. Any person…
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CONSTITUTIONAL ASPECTS OF GST The constitutional aspects of GST is as follows: TAX STRUCTURE BEFORE GST Before the implementation of GST, taxation laws between the Centre and states were clearly demarcated. There were no overlaps between the fiscal powers, whatsoever. The Centre would levy tax on goods manufacture, except alcohol for consumption, narcotics, opium, etc….
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GOODS AND SERVICE TAX IN INDIA (GST) Goods and Service Tax is a comprehensive tax levy on manufacture, sale and consumption of goods and service at a national level under which no distinction is made between goods and services for levying of tax. It will mostly substitute all indirect taxes levied on goods and services by the Central and State…
DISADVANTAGES OF GST There are various benefits of GST in India. However, a tax reform of such magnitude comes with its teething problems. The following are the disadvantages of GST : IT INFRASTRUCTURE Since GST is an IT-driven law, it cannot be sure whether all the states in India are currently equipped with infrastructure and…
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ADVANTAGES OF GST IN INDIA The Goods and Services Tax was introduced with the primary objective of boosting India’s economy. Besides simplifying the indirect taxation system, GST has helped in clearing away the hidden costs on commodities/services, thus benefitting the end users. Some major advantages of GST in India are as follows: EASIER CLASSIFICATION The…
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FEATURES OF GST In this article you will study about the Features of GST. Make good notes of it. Goods and Service Tax (GST) is a comprehensive tax levy on manufacture, sale and consumption of goods and service at a national level under which no distinction is made between goods and services for levying of tax. It will…
HISTORY OF GST IN INDIA (GOODS AND SERVICE TAX) In this Article you will study about History of GST in India. Study and make proper notes. Goods and Service Tax (GST) is a comprehensive tax levy on manufacture, sale and consumption of goods and service at a national level under which no distinction is made between goods and…
ZERO BASE BUDGETING PROCESS Zero base budgeting process is process wherein each cost element for the period is clearly justified, in terms of cost benefits. The management analyses and prioritizes the activities, depending on the determinants like alignment with the organizational objectives, fund availability, etc. Hence, all the activities are reassessed every time the budget is prepared….
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