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- W2788971552 abstract "Indirect taxation system has evolved gradually in India, and mainly includes Customs Duty, Excise Duty, Service tax and VAT. These taxes are gradually refined so as to make them more systematic and easy to administer. MODVAT scheme was later replaced by CENVAT scheme in Central Excise and Sales Tax was further refined with the introduction of VAT at the state level. More gradual and systematic introduction of VAT in all the states turns out to be a very positive step. VAT made the credit of purchases to be used for off-setting the output tax liability, thereby effectively reducing the total tax outgo on purchases. But the states are limited in the administration of any tax by their geographical boundaries and hence the Credit of inter-state purchases is not allowed by states to be used for off-setting the output tax liability of a trader. So even VAT was limited in its application by the boundaries of state.Further only the Central government has the authority to tax Services. So, the trade-off of Credit between Service tax and VAT was also not possible.It is under these compelling circumstances, need was felt to conceive the idea of a tax which will have its authority pan India and allows for seamless transfer and utilisation of inward credit to offset any outward tax liability. GST (Goods and Services Tax) was the resultant output of this conceived idea, having its applicability throughout the territory of India and encompassing most of the indirect taxes hitherto existed in India.It was in the Union Budget of 2006-07, on 28th February 2006, the then Union Finance Minister proposed that GST would be introduced from 1st April 2010.GST is considered to be the most comprehensive and radical tax reform in India since independence. Integration of taxation on goods and services would provide India a world class tax system. It will lead to the abolition of various indirect taxes such as octroi, central sales tax, state level sales tax, entry tax, purchase tax, LBT etc. It would end distortions due to differential treatments of manufacturing and service sectors.GST is expected to provide a continuous chain of credit system and with the help of analytical software makes it quite difficult to evade taxes, thereby improving the tax base, which in turn leads to more revenue for the government" @default.
- W2788971552 created "2018-03-06" @default.
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- W2788971552 date "2018-02-01" @default.
- W2788971552 modified "2023-09-28" @default.
- W2788971552 title "GOODS AND SERVICE TAX : - TAX TO UN-TAX THE INDIAN ECONOMY" @default.
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