Security And The Goods And Services Tax Research Assignment - 550 Words

Security And The Goods And Services Tax Research Assignment (Research Paper Sample) Content: What is GST?The Goods and Services Tax will replace a confusing jumble of central and state levies to create a common market across India for the first time. At present, anything from film tickets to a car is subject to a multitude of taxes that vary from state to state and sometimes double up. This is one of the reasons why doing business in India is complicated.Its meaning in for India:Experts say GST could enhance annual GDP growth by one to two percentage points - a huge uplift.The inefficiency of the current system leads lots of tax collection to fall through the cracks, while a fragmented market encourages local protectionism.The business lobby is extremely keen on GST, as the current situation makes it difficult for companies to grow and take advantage of economies of scale.A system of tax credits will encourage more businesses to file returns -- bringing many transactions in the so-called shadow economy into the mainstream and widening the tax base.What happe ns next:Once the bill has been passed by both houses of Parliament, at least 15 of India's 29 states have to ratify the document for it to go forward.Then a further bill, likely to be introduced in the winter session of Parliament, is required to enshrine the tax in law.Several key details, including the standard rate of GST, h...