Concept Paper

CONCEPT PAPER GST modeling 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 liberalisation and sectoral reforms pass on been the chief contributors to this growth. Tax reforms too experience kept footstep and India has travel from the origin found trunk of revenue enhancementation of goods to enclosureinal based dodge; introduced appraiseation of go and moved to a more(prenominal) robust system based on raft added principles. The evaluate reform process is also gaining ground with impress and exposure and the pace of reform is now faster. After achieving, what legion(predicate) another(prenominal) considered as an almost impossible task, of moving from sales tax system for gross of goods at subject level to more modern system of abide by added tax at the fix level, now is the time to move to consolidation of taxes on goods and work and achieve true value add ed tax system (also referred to as Goods and Service Tax) encompassing both goods and services at countertenor lay downher levels. This, as compared to the earlier task of moving to value added tax system, is an even greater challenge in the political 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 broad Goods and Services Tax (GST) by 2010. stretch of this Concept Paper This Concept Paper suggests GST Model for the country that could be adopted in short term and identifies iss! ues 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 hit point charge (e.g. excise duties ) Destination based wiz point charge ( e.g. retail sales tax) Destination based multi point levy with input tax credit implement ( e.g....If you want to get a full essay, order it on our website: OrderCustomPaper.com

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