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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civilization imposition of tax within the framework of logical structure is utmost necessary. Revenue raised is utilised for meeting the expenses of government as well as to carry out developmental works. In this context the felicitous version of Justice Holmes is worth–mentioning - “Taxes are what we pay for civilized society. I like to pay taxes. With them I buy civilization”. In India too‚ attempts are being incessantly made to formulate a simplified and rational tax structure although the effectiveness
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Tax Avoidance Analysis Tax Avoidance is a legally manipulation for the corporations to lower their tax bill by structuring transactions‚ is also called tax planning. Different with Tax Evasion‚ the Tax Evasion is Criminal and completely illegal. And in generally‚ company which have more profit should have higher tax rate‚ but with the growth of the company‚ many tax avoidance strategy were used by management as result of minimize the tax bills and also without obey the law‚ There are 3 strategies
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A SUMMARY OF GOOD AND SERVICES TAX (GST) WHAT IS GST? Good and service tax is a direct tax code to be implemented by the government. It is a comprehensive indirect tax to be levied on manufacture‚ sale and consumption of goods as well as services at a national level. 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 taxation treatments of manufacturing and service sector. The
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empirical research on tax evasion‚ delineating the variety of factors affecting noncompliance and examining possible remedies. Particular emphasis is placed on the institutional and procedural rules governing the tax enforcement policy. JEL classification: K34 Keywords: Tax Enforcement‚ Compliance‚ Taxpayer’s Behavior‚ Tax Gap 1. Introduction Tax evasion is said to occur when individuals deliberately fail to comply with their tax obligations. The resulting tax revenue loss may cause
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Definition of Tax Evasion: Tax evasion usually entails taxpayers deliberately misrepresenting or concealing the true state of their affairs to the tax authorities to reduce their tax liability and includes in particular dishonest tax reporting‚ such as declaring less income‚ profits or gains than actually earned or overstating deductions‚. It is an illegal practice where a person‚ organization or corporation intentionally avoids paying his/her/its true tax liability. Examples of practices which
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Chapter 6 Tax matters 1、 Why have tax? The Collins Concise English Dictionary (1992. P 1383) defines the word “tax” as: “a compulsory financial contribution imposed by a government to raise revenue‚ levied on income or property‚ on the prices of goods and services‚ etc. and to levy a tax on (persons‚ companies‚ etc.)” (Clinton Alley‚ 2008). there are several reasons can explain the existence of tax: The main function of taxation is the fiscal one. It is through fiscality that taxes play their
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GHANA Introduction & Definition of taxation: To tax (from the Latin taxo; "I estimate") is to impose a financial charge or other levy upon a taxpayer (an individual or legal entity) by a state or the functional equivalent of a state such that failure to pay is punishable by law. A tax may be defined as a "pecuniary burden laid upon individuals or property owners to support the government [...] a payment exacted by legislative authority." A tax "is not a voluntary payment or donation‚ but an enforced
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Service Tax Service Tax is a form of indirect tax imposed on specified services called "taxable services". Service tax cannot be levied on any service which is not included in the list of taxable services. Over the past few years‚ service tax been expanded to cover new services. The objective behind levying service tax is to reduce the degree of intensity of taxation on manufacturing and trade without forcing the government to compromise on the revenue needs. The intention of the government
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Ashanti there were taxes like “assaseto” it was to raise revenue through direct tax so during the assembly of chiefs summoned at Cape Coast in 19th April 1852‚ the Governor Major Hill passed a Poll Tax Ordinance. The poll tax ordinance imposed tax of one shilling per head on each man‚ woman and child in the colony. The poll tax was to be collected by officers appointed by the Governor with assistance of the chiefs. This tax was intended for the establishment of schools‚ markets etc. It is also for the
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