JUSTIFICATION OF GST There was a burden of "tax on tax" in the pre-existing Central excise duty of the Government of India and sales tax system of the State Governments. The introduction of Central VAT (CENVAT) has removed the cascading burden of "tax on tax" to a good extent by providing a mechanism of "set off" for tax paid on inputs and services upto the stage of production‚ and has been an improvement over the pre-existing Central excise duty. Similarly‚ the introduction of VAT in the States
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president-elect‚ Donald Trump‚ has proposed tax cuts both for corporations and individuals. His proposed plan calls for a corporate tax cut of 20%--from current 35% to his proposed 15%--and personal income tax cuts for all classes. These tax cuts are intended to boost the American economy by creating more jobs and increasing the GDP. Although whether or not the tax cuts will actually bring forth those benefits will be proved overtime‚ it is predicted that such drastic tax cuts will have a global economic impact
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Bruce Bartlett’s book The Benefit and The Burden is essentially a book that talks about the existing tax code in the United States and the reason(s) it is need of a reform. The author starts the book by briefly discussing the history of Federal Income Taxation in the United States starting from the post-American Revolution period at which time there was nothing called the income tax. In fact‚ income tax didn’t get introduced in the United States until 1861. The only form of taxation before that were
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THE IMPACTS OF GOODS AND SERVICES TAX (GST) ON MIDDLE INCOME EARNERS IN MALAYSIA MOHD RIZAL PALIL1 MOHD ADHA IBRAHIM 2 Abstract The introduction of GST in Malaysia has called many arguments from various parties including academics‚ professionals and the nation (would become the taxpayers) on how GST affect goods pricesincrease or decrease. The consumers are worrying of the significant price increases on basic needs when the GST has fully implemented. With the relatively high living costs particularly
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The Value-Added Tax: Is It Good for the United States? Michael D. Cobb BUS490 Business Policy Professor: Robert Brown May 29‚ 2011 The individual federal income tax system used in our country is currently extremely complicated. It is so complicated that the tax code started with about 400 pages long in 1913 to over 70k pages long today (CCH‚ 2010). It benefits higher income individuals leaving those that are at or below the poverty line in a struggle. Our government
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Michael McHugh Composition II Julie Herskovitz 08/10/2011 Should Governments Legalize and Tax Marijuana? Marijuana Legalization and the Revenue from Marijuana Sales The war on drugs is an expensive battle‚ as a great deal of resources and time go into catching those who buy or sell illegal drugs on the black market‚ prosecuting them in court‚ and housing them in jail. These costs seem particularly exorbitant when dealing with the drug marijuana‚ as it is widely used‚ and is likely no
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removed from the tax base by law Deductions- subtracted from the tax base rather than fully excluded. Flat tax- one single rate applied to the entire tax base. Progressive tax- rates increase as tax base increases. (Federal income tax) Tax credit- authorized deduction in gross tax liability Real and personal property taxes- Real (real estate) Personal (difficult to enforce because property is easily concealed or moved‚ with the exception of vehicles which must be registered) Excise tax- imposed on
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praises Gov. Perry’s tax commission for its recommendations to improve the state’s current tax structure. The Texas Tax Reform Commission‚ chaired by former state Comptroller John Sharp‚ has developed a plan to provide long-term property tax relief and improve public school funding. Texas Realtors support the panel’s key proposalsreducing homeowners’ tax rate for school operations and maintenance by approximately one-third and imposing a low-rate‚ broad-based business tax. These tax changes proposed
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read with Rule 7 of Service Tax Rules‚ 1994) Following issues have been found in your return : PART A GENERAL INFORMATION A1 ORIGINAL RETURN A2 STC Number Address of Registered Unit Commissionerate A4 Yes REVISED RETURN AAGPA5176PSD002 No Name of the Assess- K K AGGARWALA & CO ee G BLOCK G-6A MILAP NAGAR ROAD UTTAM NAGAR UTTAM NAGAR UTTAM NAGAR SERVICE TAX - DELHI Financial Year Division 2013-2014 A3 SERVICE TAX Range RANGE-XVI DIVISION-II
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Convention‚ October 12th‚ 2002‚ Washington DC‚ USA Review of the Tax System in Bangladesh A Prerequisite for Industrial Growth T. A. M. Nurul Basher* E-mail: nurul-basher@betelco.com Abstract - This paper has been written to highlight the sustainable industrial growth problems being faced by the entrepreneurs in Bangladesh. There are multifarious problems for Industrial growth in Bangladesh but the major bottleneck is the adverse tax system. There exists no consideration for industrial raw materials
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