Why GST
By: – CA Akash Phophalia
Goods and Services Tax – GST
Dated:- 26-12-2014<\/p>\n
Why GST???
\nPresently the tax structure of India is very complex and Central and State both are charging taxes on goods. Although tax credit mechanism is in place but that too needs to be rationalized. Central is also imposing taxes on services. Looking to the global developments and tax structure of developed countries GST is the need of the hour. The need of GST can further be explained in the following points :-
\n * In the present tax structure there is no system of providing input credit mechanism in between taxes levied by state and the centre. Thus, cascading effect arises.
\n * There are various definitional issues related to manufacturing<\/p>\n
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Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n ensive levy and collection on both goods and services at the same rate with the benefit of input credit. = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n","protected":false},"excerpt":{"rendered":" Why GSTBy: – CA Akash PhophaliaGoods and Services Tax – GSTDated:- 26-12-2014 Why GST??? Presently the tax structure of India is very complex and Central and State both are charging taxes on goods. Although tax credit mechanism is in place but that too needs to be rationalized. Central is also imposing taxes on services. Looking … Continue reading “Why GST”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-591","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/591","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=591"}],"version-history":[{"count":0,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/591\/revisions"}],"wp:attachment":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=591"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=591"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=591"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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\n * Limited number of tax rates.
\n * Subsume multiple taxes like luxury tax, entertainment tax, octroi etc.
\n * Common law and procedure is the need of the hour.
\n * Strong administration of the legal compliances.
\nThus we need GST so that a businessman can focus on the overall growth and development along with timely compliances of the legal formalities.
\nCA Akash Phophalia
\nChartered Accountant
\n(BCOM (HONS), MCOM (FandT), CS, DISA, Certified Indirect Taxation of ICAI)
\nOffice No 203, Amrit Kalash,
\nResidency Road, Near Bombay Motor Circle
\nJodhpur – 342001
\nRajasthan
\n0291-2640225, 9799569294
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