IOSR-JBM   Taxation in India – Recent Trends & Developments

Abstract: GST is also known as the Goods and Services Tax is defined as the indirect tax structure designed to support the economic growth of the country. More than 150 countries have implemented GST. There are mixed response, argument and opinion among the traders, manufactures and society about the GST to be implemented by the government of India from 1st July 2017. GST process is a important event in Indian tax system. It changes the country into one united common market. It will reduce the existing complexity of taxes as it contain VAT, Excise duty, Service tax and Sales tax. Secondary data was collected. GST could Impact Jewelry sector could
negatively impact jewelers working capital having to pay 3% GST on Gold. The performance of GST has a great impact on Gold, physical demand for gold have decreased because of the 3% GST that is imposedupon 10% of import duty. Earlier the gold tax was 1% service tax and 1% VAT, amounting to 2%. GST have increased the tax rate of gold to 3%..

Keywords: Goods and Service Tax (GST), Gold

[1]. Harsh kundaria (June 30,2017): GST impact on gold jewelry: Larger player to emerge as biggest beneficiaries.
[2]. Ram sahgal (July 3, 2017): Confusion over tax on gold exchange.
[3]. Surabhi(February 16, 2017) : GST Council may discuss tax rate on gold at Udaipur meet.
[4]. Surendra Mehta (August 2, 2017): 3% GST on gold: The yellow metal will continue to shine; jewelers rejoice.
[5]. SubodhKumawat (May 2017): Gold GST rate: Impact on Consumer before and after..

Abstract: Goods and Service Tax is universally known as GST which is a tax levied on the goods and services which an individual attains for his or her comfort's, concept was brought into picture during the Vajpayee government in the year 2000and was amended in the year 2015.Tax is quoted as "ONETAXONE NATION" as this tax includes all the levels oftaxes. It is the biggest tax implemented in India and which is still moving with lots of hardships. The main purpose of this tax is to take away tax on tax concept and reduce the burden on an individual. This tax is also benefiting the economy and helping in its growth. This paper highlights the past and present impacts of the Goods and Service Tax..

Keywords: Goods and Service Tax, implementation

[1]. Ms.Ramya.N,Shiashakthi.D, "GST and its impact on various sectors" ,Journal of Management and Science (2017) ; ISSN:2249-
1260.
[2]. Mr.Dash.A , "Positive and Negative Impacts on Indian Economy" , International Journal of Management and Applied
Science(2017); ISSN:2394-7926.
[3]. Ms.ShefaliDani, "A Research Paper on an Impact of Goods and Service Tax on Indian Economy", Business and Economics Journal
(2016); ISSN: 2151-6219.
[4]. Rupa.R, "GST in India an Overview", International Education and Research Journal (2017); ISSN: 2454-9916.
[5]. Monika Sehrawat,UpasanaDhanda, "GST in Indian: A key Tax Reform", International Journal of Research(2015); ISSN:2394-
3629..

Abstract: Goods and service taxes is a tax which is levied on all sorts of indirect taxes. This is made to reduce all kinds of indirect which are affecting the exports and imports of the country. India the seventh largest economy which is also known as the fastest growing economy of the world is progressing well to come over China. The main factor that helps the economy to perform well and have good economic condition is its trade activity which an economy practices to be the best. So it is very important to have a better international trade and best domestic trade in an economy.

Keywords : GST,IGST,Export and Import, Trade and Economy

[1]. Alka Shah (2017), "Integrated Goods and services tax an Indianinnovation",INTERNATIONAL JOURNAL FOR INNOVATIVE
RESEARCH IN MULTIDISCIPLINARY FIELD,Assistant Professor, Department of Accounting and Financial Management,
Faculty of Commerce,The Maharaja Sayajirao University of Baroda.
[2]. Dash. A( 2017), " Positive and Negative impact of GST on Indian economy", International Journal of Management and Applied
Science, BijuPattanaik University of Technology, India.
[3]. Dr.Manjunath and et. Al (2016), "Customer satisfaction in Fast food industry",International Journal of Research in Finance and
Marketing, B.N. Bahadur Institute of Management Sciences, Mysore, Karnataka.
[4]. Jonathan and et. Al (2017) , " Impact of GST in hotel and restaurants",International Journal of Academic Research and
Development, Head & Assistant professor, Department of Hotel Management, AJK College of Arts and Science, Navakkarai,
Coimbatore, Tamil Nadu, India.
[5]. Poonam(2017), " Goods and services tax in India- An Introductory study",International journal of science technology and
Management, PG Department of Commerce and Management, Sri Guru TegBahadurKhalsa College, Sri Anandpur Sahib, Punjab,
(India). .

Abstract: In today's economy GST is an very important emerging factor. It has made a tremendourus change in our taxation system.This paper deals with overall aspects of GST with its process, changes that occurred and the way it works. The data was collected from secondary analysis based on data available in news paper, magazine, online and offline.

KeyWords: Economy, GST, Tax

[1]. http://gstcornor.com
[2]. https://blog.saginfotech.com/gst-impact-healthcare-industry-india
[3]. https://taxguru.in/goods-and-service-tax/taxability-health-care-services-gst.html
[4]. https://www.google.co.in/search?q=Dr.+R.+Vasanthagopal+(2011)2+studied%2C"GS
[5]. MANASI SHAH (May20-2017)"Impact analysis of GST on Indian Hospitality Industry.

Abstract: India is an elected nation where Roundabout Duty is imposed by Elected and State Government. Esteem Included Duty is exacted by State Governments. Each State has specialist to choose the Duty rate and to control the Expense framework according to their advantageous. The Tax collection control has been all around characterized in Indian Constitution. The Constitution (122nd Correction) Bill that tries to introduce a Products and Ventures Expense (GST) administration in the nation will at last be taken up for talk in Parliament. Back Pastor Arun Jaitley has been avowing that India will execute GST from first April 2016. It can be looked as rearrangements of Charges in nation and staying away from superfluous complexities. India is an elected nation which has different Expense administrations............

Keywords :Central government, goods and service tax, indirect tax, state government and value added tax, GST journey.

[1]. Prof. Agrawal A. (2011), India's Goods and Services Tax – A Primer. STCI Primary Dealer Ltd, pp 01-11.
[2]. Mr. Bagchi A. (2006), Towards The GST: Choices and Trade-Offs. Economic and Political Weekly, 41(14), pp 1314-1317.
[3]. The Basic of GST-introduction in India. (2015), Retrieved August 14, 2015, from http://www.gstindia.com/basics-of-gstimplementation-
in-india/
[4]. The Countries introducing GST or VAT, (2014), Retrieved from Royal Malaysian Customs.
[5]. Curtis, J. L. (2010), impacts of the Introduction of the Goods and Services Tax for Families in Canada, Canadian Public Policy /
Analyse De Politiques, 4(36), pp 503-520

Abstract: Every economy depends on its fiscal policy and momentary policy to regulate its public finance. Goods and Services Taxes is the most effective tax reborn in global scenario. In 20th century,it attracts both developed and developing economy. It influences the taxation system to introduce uniform tax or a single tax to be paid for supply of goods and services. At present 160 plus countries introduced and followed with compliance of law to make a remarkable economic growth. In this context, India took a bold decision and
implemented Goods and Services Tax Act 2017. For this purpose 101stAmendment was made in the const itution and incorporate new Articles required to enact GST Law and the president ascent was received. Here an attempt is made to study the concept of GST benefits and impact on Indian Economy.

[1]. timesofindia.indiatimes.com/business/india
[2]. GST Bill. How the tax reform advanced through the years, The Indian Express, 11th August, 2015.
[3]. Book: Goods and Service Tax, 7 Lecturers.
[4]. Book: Boscoss Publication on GST.
[5]. 101stAmendment(http://www.prsindia.org/uploads/media/Constitution%20122nd/Constitution%20%28101%20Amendment%29%2
0Act,%202016.pdf)

Abstract: Every Nation needs money to function and meet the needs of its citizens. Tax collection is one way of revenue generation for the Government. Tax rate must be optimum to ensure the citizen are not burdened not Government is starved for funds. Tax collection must be transparent, tax avoidance must be very difficult and tax payment process must be hassle free. The very purpose of Tax Reforms is to make Tax collection easier, to make it hassle free for the tax payer, to make the tax calculation easier for payer and verifying officials and ensuring collection happens in time with almost zero tax avoidance. GST was proposed as an alternative to the many taxes and seen as a solution for assessment, payment and collection of trade related taxes. After.............

[1]. www.gst.kar.nic.in
[2]. www.eprerana.kar.nic.in
[3]. www.gst.gov.in
[4]. https://en.wikipedia.org/wiki/Goods_and_Services_Tax_(India)
[5]. http://www.cbec.gov.in/.

Abstract: Multinational Corporations (MNCs) use transfer pricing practices to reduce taxable profit with a view to recommend how such practices could be minimized, to enhance the tax revenues of their host countries. The various MNCs take advantage of different tax rates charged in different jurisdictions to minimize the groups' tax liabilities. Using transfer pricing practices to shift profit from high-tax jurisdictions to low-tax jurisdictions. Multinational corporations as integrated entities exploit international differentials and generate
integration economies by setting transfer prices that are unlikely to be the same prices arms length parties would negotiate. Tax authorities should be aware of the need to publish documentations requirements concerning transfer pricing, so as to improve on monitoring of MNCs transfer pricing compliance. Transfer pricing must be provided to tax authorities for computation of both border, and corporate income taxes. This is necessary since the activities of MNCs cut across national borders"..

Keywords - Transfer Pricing , MNC , Taxable profit

[1]. Ernst and Young (1997); Global Transfer Pricing Survey, Washington DC, Ernst and Young International.
[2]. Snow white, Direct Tax Laws, T.N. Manorharan& G. R. Hari
[3]. ICAN Practical and Revision Kit PE I (2009): Management Accounting, Lagos, VI Publishers
[4]. Kant, C. (1990); Multinational Firms and Government Revenue, Journal of Public Economics 42(2): 135-147.
[5]. KPMG. (2007); Spain: Overview of Recently Proposed Transfer Pricing Regulations, Tax News Flash – Transfer Pricing, no. 2007-
32.

Abstract: The citizens of India, pay two types of taxes i.e. Direct and Indirect. Tax paid directly to the government by the taxpayer like the Wealth Tax, Income Tax, and Corporation Tax is Direct Tax. Tax which is not directly paid to government but collected from intermediaries which is levied on the customers like the Sales Tax, VAT, Excise Duty, and Custom Duty is Indirect Tax. GST is one of the most critical tax reforms in India introduced recently. It is a comprehensive tax system that will subsume all indirect taxes of State and central Governments and whole economy into seamless nation in national market. It is expected to remove the burden of existing indirect tax system and play an important role in growth of India. GST includes all Indirect Taxes which will help in growth of economy and proves to be more beneficial..........

[1]. Nordiana. R (2012), "The Perception of Taxpayers towards GST Implementation" in Othman Yeop Abdullah Graduate School of
Business, University Utara Malaysia
[2]. 06020 Sintok, Kedah.
[3]. Noormahayu (2015),Public Awareness towards Goods and Services Tax (GST) in Kuala Lumpur, Malaysia, International Academic
Research Journal of Social Science, Vol. 1 ,No. 2, pp. 101 – 106, 2015.
[4]. Mohamad Ali (2016), Awareness and Perception of Taxpayers towards Goods and Service Tax (GST) Implementation.
International Journal of Academic Research in Business and Social Sciences, 75-93.
[5]. S.Muthupandi (2017) "Awareness of Implementation of Goods and Services Tax (GST) Among College Students in Sivakasi".
Research Scholar, Department of Commerce Ayya Nadar Janaki Ammal College, Sivakasi, Tamil Nadu, India.

Abstract: GST is an inclusive tax levied on manufactures, sales and consumption of goods and services at a nation level. "GST is a tax reform in India that has a broad base that initiates the applicability of an proficient and synchronized tax system. GST is concept that has been acknowledged worldwide and more than 140 countries have accepted the same. General rate of GST ranges between 15%- 20% in most of the economies..

[1]. Ravishu Raj (2017):Goods and Services Tax in India , Imperial Journal of Interdisciplinary Research (IJIR) Vol-3, Issue-4.
[2]. SKP Group site.(2014, Dec 4). GST Impact on the Telecummunication in India. Retrieved April 17, 2017,
[3]. MAIVER AND VIDORNO SITE.(2016, Dec 17). Effects of GST on India's Health Industry. Retrieved APRIL 18, 2017 URL:
www.maiervidorno.com/effects-gstIndias-health-industry/
[4]. THE BMR ADVISORS SITE. (2016, Jun 17). The Impact of GST on financial sector. Retrieved APRIL 2O, 2017 URL:http://
www.bmrdvisors.com/bmrmailer/GST/6- financial.htm.
[5]. THE ECONOMIC TIMES SITE. (2016, Aug 4).What is GST impact on and how will it affect the common man. Retrieved April
20, 2017

Abstract: In the ancient, the trade was done by the concept called "Barter System" .The system which goods are exchanged for goods and the money was not invented trade as a whole was on barter system. The Aztecs used the barter system to trade with neighbouring cities. Through bartering the Aztecs adopted the traditional culture. Presently, the trade was done for money or money‟s worthwhich can be succeeded through valuable currencies. Due to the booming in the technological development, India made trade with several countries which include both export and import. The US dollar ($) seeks high impact in dominating the trade of other countries. Due to the hike in the US dollar against the Indian currency (INR) are lagging in the domain part of balance of payments. With the proportionate increase.........

[1]. www.investopedia.com
[2]. www.wikipedia.com
[3]. www.tradingeconomics.com
[4]. www.wto.com
[5]. www.finance.indiamart.com

Abstract: Health is a major issue in contemporary Indian society. A number of public and private organizations are involved in mitigating the problem which has acquired a gigantic proportion. The government on its part has extended various tax benefits to individuals and groups to promote health insurance schemes. In order to find out the awareness of health insurance schemes in urban areas, a study was carried out in Mysore city. Fifty respondents were interviewed in one of the seven Mohallas (revenue area) of the city by using a pre-tested pro-forma. The awareness of health insurance and different tax benefits found to be eighty percent. Around fifty percent of the respondents came to know about health insurance and related aspects from the media which played a significant role...........

Keywords : Health insurance, Tax benefits, Awareness, Determinants, Med-claim policy

[1]. Bawa, K.S and Ruchita (2011) "Awareness and willingness to pay for health insurance: An empirical study with reference to
Punjab, India", InternationalJournal of Humanities and Social Sciences, Vol.I. No. (7), pp.100-108.
[2]. Berman (1996) "Health care expenditure in India", in Monica Dasguptaet. al. Ed. (eds.) Health, poverty and development in India,
Delhi, Oxford University Press.
[3]. Gumber, A and Veena Kulkarni (2000) "Health in informal sector-A case study of Gujarat", Economic and Political Weekly, Vol.
35, 30.
[4]. GOI (Government of India) Tax benefits due to Life Insurance Policy, Health insurance policy and ….. https:// www.income tax
india.gov.in/..
[5]. Kasirajan,G.(2012)"Health Insurance:An empirical study of consumer behaviour in Tuticorn district" Indian Strams Research
Journal Vol.2 III pp.1-4.

Abstract: Goods and services tax is an indirect tax system introduced in the year 2017. It is inclusive tax structure and final based tax. Canada is the country which introduced GST for first time .The goods and services tax was launched on 1st july 2017 midnight by our honourable current prime minister of India. It makes the citizen to pay only at the time of consumption of goods and services, which makes to cut down at levels of manufacturing of goods and services, so it is currently known as "One Tax , One Nation". The concept of
sharing the tax revenue among the state government and central government for stabilising our economy. The introduction of GST helps the GDP growth rate to fly at a faster phase . It helps the exporters expecting their sales revenue from other countries to raise as..........

Keywords : GST

[1]. Alka Shah (2017), "Integrated Goods and services tax an Indian innovation",INTERNATIONAL JOURNAL FOR INNOVATIVE
RESEARCH IN MULTIDISCIPLINARY FIELD,Assistant Professor, Department of Accounting and Financial Management,
Faculty of Commerce,The Maharaja Sayajirao University of Baroda.
[2]. Dash . A( 2017), " Positive and Negative impact of GST on Indian economy", International Journal of Management and Applied
Science, Biju Pattanaik University of Technology, India.
[3]. Dr.Manjunath and et. Al (2016), "Customer satisfaction in Fast food industry",International Journal of Research in Finance and
Marketing, B.N. Bahadur Institute of Management Sciences, Mysore, Karnataka.
[4]. Jonathan and et. Al (2017) , " Impact of GST in hotel and restaurants",International Journal of Academic Research and
Development, Head & Assistant professor, Department of Hotel Management, AJK College of Arts and Science, Navakkarai,
Coimbatore, Tamil Nadu, India.
[5]. Poonam(2017), " Goods and services tax in India- An Introductory study",International journal of science technology and
Management, PG Department of Commerce and Management, Sri Guru Teg Bahadur Khalsa College, Sri Anandpur Sahib, Punjab,
(India)..

Abstract: India is considered to be a home of taxes, especially indirect taxes. Today in India both central government and state governments impose indirect taxes on transactions of goods and services. For instance: for manufactured goods excise duty is levied on, VAT is charged at the time of sale of goods, customs duty is charged on the import of goods, sales tax is charged on the inter-state sale of goods and lastly service tax is imposed on services extended for. GST is expected to replace most of the indirect taxes in India. GST will be imposed on supply of goods and services. Hence it will bring every item taxable less than one umbrella which will enable easier compliance and monitoring.

[1]. http://www.cbec.gov.in/resources//htdocs-cbec/gst/gst-31.03.17-itcrules.
pdf;jsessionid=B25ABDA99A7359C2F4146ABE109B85DF
[2]. http://cbec.gov.in/resources//htdocs-cbec/gst/eflier-valuationgst27062017.
pdf;jsessionid=02E3C895FB334438224AF70C0E74B13D
[3]. https://cbec-gst.gov.in/pdf/valuation-gst-rules-17052017.pdf
[4]. https://www.profitbooks.net/input-tax-credit-under-gst

Abstract: In India, many types of tax systems were prevailing in the past, especially during the British period. But after independence many changes have taken in the tax system. To bring even tax structure all over India, Goods and Services Tax (GST) has been introduced in India on 1st July 2017 by the present NDA Government. This GST is designed to support and enhance the economic growth of a country. So far, More than 150 countries have implemented GST. The GST journey began in the year 2000 when a committee was set up.It took 17 years from then for the Law to evolve. In 2017 the GST bill was passed in Lok Sabha and the Rajya Sabha. Later the (GST)Goods and Services Tax Act was passed in the parliament on 29th of march 2017,But this act came into effect on 1st of July 2017. This article is aimed at understanding the various objectives of GST on health care 2017 and the issues which were faced while implementation of GST in this service sector.

Keywords : Goods and ServicesTax (GST), Indian Tax Scenario

[1]. http://gstcornor.com
[2]. https://blog.saginfotech.com/gst-impact-healthcare-industry-india
[3]. https://taxguru.in/goods-and-service-tax/taxability-health-care-services-gst.html
[4]. https://www.google.co.in/search?q=Dr.+R.+Vasanthagopal+(2011)2+studied%2C"GS
[5]. MANASI SHAH (May20-2017)"Impact analysis of GST on Indian Hospitality Industry