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Corporate Tax Advisory

 

DO you support GST

Created by : sanjay dey, Tax & accounting , Consultatnt  | 03 24 2011 18:01:16 +0000
Keywords : goods and service tax
Activity:  479 views;  last activity : 03 29 2011 05:27:19 +0000

GST is long standing in the corridors of India. Still it has not become a part of the long tax network. Now the question is will it do away with the errors of our tax system, or is it another type of tax which just changed its name. Are you in favour of GST or otherwise

  
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Favour GST Vs Unfavourable in our system
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Integration of goods and services taxation would give India a world class tax system and improve tax collections. It would end the long standing distortions of differential treatments of manufacturing and service sector. The introduction of goods and services tax will lead to the abolition of taxes such as octroi, Central sales tax, State level sales tax, entry tax, stamp duty, telecom licence fees, turnover tax, tax on consumption or sale of electricity, taxes on transportation of goods and services, and eliminate the cascading effects of multiple layers of taxation. Lets see if this happens..
By Rashmi Patil, Financial services  03 25 2011 10:05:21 +0000
 
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I fuly support you. A system is always good. GST as we know is being tried succefully in many countries. But that does not mean that it will be successful in India. The Indian law system is one of the best in the world. But it is not guaranting a clean scamless system. So, we have to wait and see how the system is implemented and how the system is working.
By sanjay dey, Tax & accounting , Consultatnt  03 28 2011 17:27:20 +0000
Arguments in: "DO you support GST"
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I support this side views, but there should not be any loop hole to defeat the purpose of the GST. The strict adherence should be followed and implemented. Thanks Ms.Rashmi Patil for the referral.
By NATTERAJA R. ARIKRISHNAN, GM-Projects, Bentec Electricals & Electronics Pvt. Ltd  | 03 28 2011 18:51:47 +0000
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Yes I support GST any day as compared to our age old system which is full of holes.
By Rathin Deb, Freelance Retail Consultant  | 03 28 2011 07:45:12 +0000
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Yes I support GST any day as compared to our age old system which is full of holes.
By Rathin Deb, Freelance Retail Consultant  | 03 28 2011 06:54:20 +0000
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GST form of indirect taxation is accepted by many countries in the world because it is simple and also reduces various other complications like using concessional tax structure by certain FROMS like FORM 'C'. For those who have handled indirect taxation will understand how GST will reduce burden and also increase revenue.
By Shashi Kumar U, Manager accounts & commercial, Mazda Concrete Products Pvt Ltd  | 03 28 2011 04:59:36 +0000
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I think a single tax rate will greatly simplify our taxation structure and will be beneficial in the long run
By Vijay Karunakaran, Accounts Executive/Accountant, LIC Mutual Fund  | 03 27 2011 05:52:45 +0000
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yes I support GST since this is the only way by which govt can control generation of black money and to know the actual gross domestic product Some people are against the rates but I feel today the middlemans are earning too much than the hardworking farmers / labourers etc... The rates of taxes should be relooked at so that there is no double taxation on consumers and rate are controlled
By ABHIJIT KULKARNI, Project Manager, BNP Paribas  | 03 26 2011 10:52:48 +0000
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Yes it is true to some extent. But, can the State Govt. bear the crunch of it(mean lose of tax collection revenue)?
By KALIYAMOORTHY , Oil & Gas Area Coordinator, Undisclosed  | 03 26 2011 06:21:48 +0000
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since two or three years Govt. is working in line to implement GST and recent modifications in tax during finance bill 2011-12 is an indication of soonest implementation of GST at the hope that it will siplify tax system.
By Abdul Moyeen Khan, Chief Accountant, Obeikan Glass company  | 03 25 2011 17:50:23 +0000
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All systems have its pros and cons. But, I feel GST as more transparent tax system.
By Santosh Kumar Mohanty, Civil Engineer-Municipal, Sambalpur University  | 03 25 2011 16:32:19 +0000
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No doubt its going to support everyone
By Priyanka Tomar, Certified Cyber Security Expert  | 03 25 2011 14:04:09 +0000
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Yes. Its going to simplify and streamline revenue collection.
By Abhijit Anand Prabhudan, Admin/Facilities Manager, Ca*****  | 03 25 2011 13:03:02 +0000
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Yes.This will help avoid double taxaion and will actually help fight'Inflation'. GST once implemented will reduce the prices of many thigs of home use.
By Gajanan Mamidwar, Management Trainee, Computational Research Laboratories  | 03 25 2011 11:50:27 +0000
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GST is a timely approach to bring the goods and the services under one tax corner. With so many tax going on in intra state tax system it is not a simple system. So to rationalize the system we need GST. But this must not be another tax on the common people. The tax structure should be such that it really release the tax burden on the common people.
By sanjay dey, Tax & accounting , Consultatnt  | 03 24 2011 18:01:16 +0000
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Dear Sanjay,  Do not think it is optional, thus favorable or not, is regardless. 

Dear Rashmi and supporting participants on Left,  

Any rule or law must consider several factors before it gets applied especially ease of application and totality of adherence to be able to satisfy the objective goals.

While internationally it is in existence for years yet if distribution of such funds is not, need merit and logic based, it finds resistance as in this case from states. This is the part that must be placed in fore to see effective implement. Honesty of purpose is more important than merely  copy pasting because others mandate it.

Thanks Sulagna.
By Ravindra Sharma, Managing Consultant, CHEF-India  | 03 29 2011 05:30:59 +0000
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True Sanjay,

> Politics and not need being at core of distribution of funds for states.

> Adherance, application and regulation of acts not being given due importance.

> Loopholes deliberately left or excessive discretion in implementation.

are a few  obstacles that can make best of acts ineffective.
By Ravindra Sharma, Managing Consultant, CHEF-India  | 03 29 2011 05:27:19 +0000
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