ACCOUNTING It’s the language of business. It is the system of recording, summarizing, and analyzing an economic entitys financial transactions. Effectively communicating this information is key to the success of every business.
Goods Service Tax is a single tax on the supply of goods and services. GST is one of the biggest indirect tax reforms in the country. GST is expected to bring together state economies and improve overall economic growth of the nation. It’s a comprehensive indirect tax levy on manufacture, sale and consumption of goods as well as services at the national level. It will replace all indirect taxes levied on goods and services by states and Central. There are around 160 countries in the world that have GST in place. GST is a destination based taxed where the tax is collected by the State where goods are consumed. India has already implemented the GST and it has adopted the Dual GST model in which both States and Central levies tax on Goods or Services or both. SGST – State GST, collected by the State Govt. CGST – Central GST, collected by the Central Govt. IGST – Integrated GST, collected by the Central Govt. GST will bring in transparent and corruption- free tax administration, removing the current shortcomings in indirect tax structure. GST in India is poised to drastically improve the positions of each of these stakeholders. Going forward it will allow India to better negotiate its terms in the international trade forums.GST aimed at increasing the taxpayer base by bringing SMEs and the unorganized sector under its compliance. This will make the Indian market more stable than and Indian companies can compete with foreign companies
Taxation refers to compulsory or coercive money collection by a levying authority,
usually a government. The term taxation applies to all types of involuntary levies, from income to capital gains to estate taxes.
Basic concepts by which a government is meant to be guided in designing and implementing an equitable taxation regime. Broad Basing: taxes should be spread over as wide as possible section of the population, or sectors of economy, to minimize the individual tax burden.