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Is GST not A Simple Tax_- Let's Know _ Academy Tax4wealth

Since the introduction of GST in India several years ago, the topic of whether it is truly a simple tax is frequently raised. If we take a different angle at this issue, the true question is, &quot;Is GST not a simple Tax? Learn more<br>For more info visit,<br>https://academy.tax4wealth.com/blog/analysis-of-gst<br>

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Is GST not A Simple Tax_- Let's Know _ Academy Tax4wealth

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  1. 9/9/22,2:09PM IsGSTnotASimpleTax?-Let'sKnow|Academy Tax4wealth CategoriesBlogForums Courses CAExamTestSeries LOGIN IsGSTnotASimpleTax?-Let's Know SearchBlog LatestPost Listingof Start-Upin India–AComplete Analysis IsGSTnotASimple Tax?-Let's Know AppointmentofMD, Whole-TimeDirectorOr ManagerasperSection 196 How to Strike Off LLP & Its Rulesand Procedure TheProceduretoFile ITRAfterDueDate Merchants Export SchemeforExporters After Changes in GST Rate 07Sep2022 0 AdminTax4wealth 128 Is GSTnotASimple Tax?-Let's Know OnJuly1st,2017,India'sGoodsandServicesTax(GST)wentinto effect.SinceitwasfirstsuggestedbytheKelkarTaskForceon ImplementationoftheFiscalResponsibilityandBudgetManagement (FRBM)ActinJuly2004,ithadbeenintheworksforatleast13years: TheTaskForce'smainrecommendationisthattheVAT(ValueAdded Tax)principlebeappliedbroadlytotaxconsumptionofvirtuallyall productsandservicesintheeconomy. The"grandbargain"thattheTaskForceproposedwithintheIndian federalstructurewasthat"bothcentralandstategovernmentwould exerciseconcurrentbutindependentjurisdictionovercommonoralmost commontaxbasesextendingoverallgoodsandservices,andinboth cases,goinguptothefinalconsumer. Yourexperience on thissite willbe improvedbyallowingcookies. Allowcookies https://academy.tax4wealth.com/blog/analysis-of-gst

  2. 9/9/22, 2:09 PM IsGSTnotASimpleTax?-Let'sKnow|Academy Tax4wealth TheGSTBillwaspassedbybothhousesofParliament,gainedthe President'sassentonSeptember8C,o2u0rs1e6s,andwCaatsegtohreiensimpleBmloegntedaFsorums CBAlEoxagmTCesatSteerigesoriesLO.GIN theConstitution(101stAmendment)Act,2016.Thegranddeal,however, tookwelloveradecadetoironout. GSTCertificationCourses TheadoptionofGSTorVAT,thecurrentmostpopularformofindirect taxationworldwide,wassomewhatdelayedinIndia.166nationsin2016 hadaVATorGSTinplace. Salaryclass IncomeTaxSaving ItwouldbefairtoarguethatGST/VATistheglobalnormforindirect taxationandanincreasinglysignificantsourceofgovernmentrevenuefor agrowingnumberofcountries,withtheUSbeingthemostfamous exception. StockMarketCourses CompanyIncorporation 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 areaswhereevaluationsmaybemade. InvestmentPlanning Startup Also,read:CompositionSchemeUnderGST ExcelCertificationcourse IncomeTax CertificationCourse SincetheintroductionofGSTinIndia,manypeoplehave questionedwhetheritisasimpletax.Ifwetakeadifferentangleat IndianEconomy thisissue,thetruequestionis,"IsGSTnotabasicTax?" BecauseitwasdecidedfromthestartthatGSTwouldbeimplementedin Indiainthesameway,i.e.,asadualtax,wherethestateandthecenter wouldeachcollecttaxonatransactioninvolvingthesamesupplier, thereforetheGSTwasestablishedasadoubletax. Trademark and Copyright Certification Course CompanyLawCertificateCourse MSMECertificationCourse WeareunabletotestGST'ssimplicitycurrentlybecauseofthis.Even thoughGSTisadoubletax,thisfactwasknownfromthestart,thusany issuesataxpayermayhavehadcannotberelatedtotheeaseor complexityofGST. JobGuaranteedCourses MutualFundCourses Ontopofthis,theissueofcollectingCformsonsuchsaleswasalso solvedbytheGST,whichmadeinputcreditaccessibleonpurchasesmade fromonestatetoanother. CompanySecretaryCourses CACourses BeforeGST,therewerenumerousindirecttaxes,buttheirnumberhas nowdrasticallydecreasedandpracticallyallofthemhavebeenabsorbed byGST.Refundsforexportsbegantoarrivequitequickly.Theredidnot seemtobemuchhumaninvolvement;everythinglookedtobehandledby amachine. CostManagementAccountingCourse CAExamTestSeries Sinceeachstateusedtocreateitsuniqueindirectlawsandsystemsinthe past,itwasextremelydifficultfordealerstoconductbusinessinmore thanonestate.However,undertheGST,virtuallyalllawsandprocedures arecreatedatthefederallevel,makingtheentirecountrysubjecttoa nearlyidenticaltaxationsystem. WhyisthetopicofwhethertheGSTisasimpletaxstillraised despiteallthese positiveattributesand benefits? GSTwasatransparentandsimpletaxsystemthatwasdesignedwithgreat intelligencetobeimposedacrossthenation.Sowhydoesitgivethe impressionthatGSTisnotonlycomplicatedbutalsosimple? Yourexperienceon thissitewill beimprovedby allowingcookies. Allowcookies https://academy.tax4wealth.com/blog/analysis-of-gst

  3. 9/9/22, 2:09 PM IsGSTnotASimpleTax?-Let'sKnow|Academy Tax4wealth Letusstartbyidentifyingthechallenges,andthefirstthingsthatcometo CPAoExpamuTleastrSTeriaesgs. Forums LOGIN mindaretheunworkableconstraiCnotsurosensinputCcarteedgiotr,ietsheunwBolorgkable provisionofreversecharge(RCM),andtheexcessiveamountofnotices nowbeingissuedunderGST. gst stockmarket Incometax Ifthegovernmentresolvestheseissues,i.e.,providesenoughtimeforthe taxpayertoresolvetheinputcreditmismatch,recoversthetaxthathas notbeendepositedbythesellerinsteadofwithholdingthebuyer'sinput credit,stopstheeffectofsection16(4)oftheGSTintheinitialyears,and putssomerestrictionsonthenumberofnoticesissuedundertheGSTfor trivialreasons,thenitisstillpossiblethattheGSTwilleventuallyturn intoasimpletax.ThedepartmentalauditofGSTshouldlikewisebe conductedbyarigidandcontrolledprocedurewiththebarestamountof discretion. Tax TDS T4W GSTCertificationCourse incometaxcertificationcourse onlineaccountingcourses filetdsreturnonline WhydoesthedealerhavetopayinterestuntiltheGSTreturnis filediftaxhasalreadybeendepositedbythedealerinthe governmentcoffers throughthe bank? Ifwelookatitfromtheperspectiveofrevenue,thegovernmentis introducinge-invoicingonsalesofmorethan10crores;nevertheless, whene-invoicingispresent,thereshouldbeasmallchange;atthevery least,therequirementofthee-waybillshouldbeabolished.Thereshould notbeanE-waybillifthereisE-invoicing. Inaddition,theverificationiscarriedoutwhentheproductsarebeing transported,whichlackstransparencyandhasthesameissuesasitdid undertheVATregime.KeepinmindthattheGSTwasonlyimplemented toaddresstheissueswiththeVATandCentralExcise. Theexportrefundsmentionedaboveinthisarticleareeasytoreceive,but wecannotsaythesamefortherestoftherefunds.Humaninterventionis therootofmanyGSTissues,anditispossibletoeliminateorlessenthese issuesaswaspromisedwhentheGSTwasfirstimplementedinour nation. AccordingtohowtheGSTprocesseshavebeensetup,human interventionisgraduallygrowinginthesamewayasitdidunderthepre- GSTindirecttaxregime.IfweconsidertheinvolvementofpeopleinGSTR audits,GSTRsurveys,GSTRrefunds,GSTRnotices,inspectingitems whiletheyarebeingtransported,etc. Comparedtothepriortaxstructure,itissteadilyrisingandhasmany negativeeffects,suchastakingupalotoftimeforprofessionalsand dealers. Letusexaminetheprocedurestodeterminewhatneedstobemodifiedso thatthetaxsystemissimple,andthegovernmentdoesnotlosemoney.It isnownecessarytoimplementtheseadjustmentsasquicklyaspossible. Onethingtokeepinmindisthatthegovernment'sclarificationsand modificationsshouldalsobeimplementedasanadditionalmeasureto simplifytheGST. Wehaverecentlyobservedthatthe"Dalmills"explanationhasonlymade theirissuesworse.TherecentlyreleasedRCMNotification'srelevanceto residentialhomeshasnotyetbeendetermined. Yourexperience on thissite willbe improvedbyallowingcookies. Allowcookies https://academy.tax4wealth.com/blog/analysis-of-gst

  4. 9/9/22, 2:09 PM IsGSTnotASimpleTax?-Let'sKnow|Academy Tax4wealth Theburdenofsolvingtheissuesnowfallsonthelawmakerswhocreated thetaxanddoingsoisnotdifficulCt;ouarlsletshatisrCeaqteugiorreiedsisaprBaloggmaticForums CAExamTestSeries LOGIN approach,whichhasbeenlackingfromthebeginning. GSTshouldhavetwomain objectives: Oneistoincreaseincome,andtheotheristoimprovetheconvenienceof doingbusinessinournation.GiventhatGSTrevenuetothegovernment isconsistentlyrising,theGST'scurrentobjectiveshouldbetomakedoing businessinIndiasimpleandconvenient.Formoreupdates,Visit AcademyTax4wealth'scertifiedonlineaccountingcourses. Sharethisnews BY:AdminTax4wealth RelatedNews 31Jul2020 0 Admin Tax4wealth GSTSeries-1| Academy 29Jul2020 0 Admin Tax4wealth Tax4wealth VoluntaryCancellation andRevocation of CancellationofGST Registration ReadMore ReadMore PostComments. LogintoPostaComment Nocommentsyet,Bethefirsttocomment. Yourexperience on thissite willbe improvedbyallowingcookies. Allowcookies GetInTouch Trending Courses Needsomehelp? Wetakeourmissionofincreasing https://academy.tax4wealth.com/blog/analysis-of-gst

  5. 9/9/22,2:09PM IsGSTnotASimpleTax?-Let'sKnow|Academy Tax4wealth Headquarter Under DFS Building, Annexe Building, Jeevan Vihar, Sansad Marg, New Delhi, Delhi 110001 globalaccesstoqualityeducation CompletePracticalCourseinTermsandConditions seCrAioEuxsalmy.TestSeries TDSwitChoeu-FrislinegsCategories BlogForums LOGIN PrivacyandRefundPolicy Income Tax Course with 100% Practical Training&Placement ContactUs EmailAddress. SubscribeNow AboutUs CareerinCorporateLaw-100% Practical TrainingCourses BranchO?ce ShopNo.21,22,J.J.Complex,Patna, Bihar 800001 ConnectwithusonTax4Wealth CertificateVerification GST Course with Practical Training|100%JobPlacement info@tax4wealth.in TallyCompletePracticalCourse 9289011772 withCertification LearnHowto File ITROnline|E- filingofIncomeTax Returns 011-49872888 Let'stalk Copyright©2021|tax4wealth|Allrightreserved. Yourexperience on thissite willbe improvedbyallowingcookies. Allowcookies https://academy.tax4wealth.com/blog/analysis-of-gst

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