Is GST not A Simple Tax?-Let's Know | Academy Tax4wealth

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Is GST not A Simple Tax?- Let's Know
On July 1st, 2017, India's Goods and Services Tax
(GST) went into effect. Since it was first
suggested by the Kelkar Task Force on
Implementation of the Fiscal Responsibility and
Budget Management (FRBM) Act in July 2004, it
had been in the works for at least 13 years The
Task Force's main recommendation is that the VAT
(Value Added Tax) principle be applied broadly
to tax consumption of virtually all products and
services in the economy. The "grand bargain"
that the Task Force proposed within the Indian
federal structure was that "both central and
state government would exercise concurrent but
independent jurisdiction over common or almost
common tax bases extending over all goods and
services, and in both cases, going up to the
final consumer.
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9/9/22, 209 PM Is GST not A Simple Tax?- Let's
Know Academy Tax4wealth The GST Bill was passed
by both houses of Parliament, gained the
President's assent on September 8C,o2u0rs1e6s,
and wCaatsegtohreiens impleBmloegnted aFsorums
CBA lEoxagm TCesat SteerigesoriesLO.GIN
the Constitution (101st Amendment) Act, 2016. The
grand deal, however, took well over a decade to
iron out.
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The adoption of GST or VAT, the current most
popular form of indirect taxation worldwide, was
somewhat delayed in India. 166 nations in 2016
had a VAT or GST in place.
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It would be fair to argue that GST/VAT is the
global norm for indirect taxation and an
increasingly significant source of government
revenue for a growing number of countries, with
the US being the most famous exception.
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Even though it is too soon to assess how well the
GST has performed in comparison to the indirect
taxes system it has replaced, there are a few
areas where evaluations may be made.
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Since the introduction of GST in India, many
people have
questioned whether it is a simple tax. If we take
a different angle at
Indian Economy
this issue, the true question is, "Is GST not a
basic Tax?" Because it was decided from the start
that GST would be implemented in India in the
same way, i.e., as a dual tax, where the state
and the center would each collect tax on a
transaction involving the same supplier,
therefore the GST was established as a double tax.
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We are unable to test GST's simplicity currently
because of this. Even though GST is a double
tax, this fact was known from the start, thus any
issues a taxpayer may have had cannot be related
to the ease or complexity of GST.
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On top of this, the issue of collecting C forms
on such sales was also solved by the GST, which
made input credit accessible on purchases made
from one state to another.
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Before GST, there were numerous indirect taxes,
but their number has now drastically decreased
and practically all of them have been absorbed
by GST. Refunds for exports began to arrive quite
quickly. There did not seem to be much human
involvement everything looked to be handled by
a machine.
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Since each state used to create its unique
indirect laws and systems in the past, it was
extremely difficult for dealers to conduct
business in more than one state. However, under
the GST, virtually all laws and procedures are
created at the federal level, making the entire
country subject to a nearly identical taxation
system. Why is the topic of whether the GST is a
simple tax still raised despite all these
positive attributes and benefits? GST was a
transparent and simple tax system that was
designed with great intelligence to be imposed
across the nation. So why does it give the
impression that GST is not only complicated but
also simple?
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9/9/22, 209 PM Is GST not A Simple Tax?- Let's
Know Academy Tax4wealth
Let us start by identifying the challenges, and
the first things that come to
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mind are the unworkable constraiCnotsurosensinput
Ccarteedgiotr,ietshe unwBolorgkable
provision of reverse charge (RCM), and the
excessive amount of notices now being issued
under GST.
gst
stock market
Income tax
If the government resolves these issues, i.e.,
provides enough time for the taxpayer to resolve
the input credit mismatch, recovers the tax that
has not been deposited by the seller instead of
withholding the buyer's input credit, stops the
effect of section 16(4) of the GST in the initial
years, and puts some restrictions on the number
of notices issued under the GST for trivial
reasons, then it is still possible that the GST
will eventually turn into a simple tax. The
departmental audit of GST should likewise be
conducted by a rigid and controlled procedure
with the barest amount of discretion.
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Why does the dealer have to pay interest until
the GST return is filed if tax has already been
deposited by the dealer in the government
coffers through the bank? If we look at it from
the perspective of revenue, the government is
introducing e-invoicing on sales of more than 10
crores nevertheless, when e-invoicing is
present, there should be a small change at the
very least, the requirement of the e-way bill
should be abolished. There should not be an
E-way bill if there is E-invoicing. In addition,
the verification is carried out when the products
are being transported, which lacks transparency
and has the same issues as it did under the VAT
regime. Keep in mind that the GST was only
implemented to address the issues with the VAT
and Central Excise. The export refunds mentioned
above in this article are easy to receive, but
we cannot say the same for the rest of the
refunds. Human intervention is the root of many
GST issues, and it is possible to eliminate or
lessen these issues as was promised when the GST
was first implemented in our nation. According
to how the GST processes have been set up, human
intervention is gradually growing in the same way
as it did under the pre- GST indirect tax regime.
If we consider the involvement of people in GSTR
audits, GSTR surveys, GSTR refunds, GSTR notices,
inspecting items while they are being
transported, etc. Compared to the prior tax
structure, it is steadily rising and has many
negative effects, such as taking up a lot of time
for professionals and dealers. Let us examine
the procedures to determine what needs to be
modified so that the tax system is simple, and
the government does not lose money. It is now
necessary to implement these adjustments as
quickly as possible. One thing to keep in mind
is that the government's clarifications and
modifications should also be implemented as an
additional measure to simplify the GST. We have
recently observed that the "Dal mills"
explanation has only made
their issues worse. The recently released RCM
Notification's relevance to residential homes has
not yet been determined.
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9/9/22, 209 PM Is GST not A Simple Tax?- Let's
Know Academy Tax4wealth The burden of solving
the issues now falls on the lawmakers who
created the tax and doing so is not
difficulCtouarlsletshat is rCeaqteugiorreiedsis
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approach, which has been lacking from the
beginning. GST should have two main
objectives One is to increase income, and the
other is to improve the convenience of doing
business in our nation. Given that GST revenue to
the government is consistently rising, the GST's
current objective should be to make doing
business in India simple and convenient. For more
updates, Visit Academy Tax4wealth's certified
online accounting courses.
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