After long years of battle GST has finally been introduced on July 1st, 2017. GST bill is focused to remove tax barriers between states and creates a single market i.e. One nation One Tax. In the pre-gst regime, multiple indirect taxes were levied by centre as well as state governments.
The government of any country collects its revenue from taxes; hence for the development of the economy of the state, a well structured taxation system is necessary. If we look at the World Bank report on the ease of paying taxes, India was ranked 172 among 190 countries.
Prior to the introduction of Insolvency and Bankruptcy Code, 2016, India did not have a robust insolvency law to deal with the state of indebtedness of a business enterprises, winding up being the only insolvency procedure available.
Intergovernmental financial relationship is a vital, or one may say, even a critical matter since it touches the very heart of modern federalism. With growing economies and rapid development in technology, various disputes can arise.
Condition of Manufacturing for 100% EOU Units- The business has started to look at the market in a global sense for some years now and cross-border trade has become a routine business today. In such a scenario exporters of goods whether manufactured or traded, play a huge role in improving the economic status of this country owing to Foreign – Exchange Inflow which is a key factor in determining the strength of the Indian Currency.
Goods imported into India are cleared for home consumption by payment of custom duty under Section 12 of the Customs Act, 1962 on the value determined under Section 14 of the Act.
The federal character of the Indian Constitution is one of its the salient features however, the term Federation has not been incorporated anywhere in the Constitution of India. The Indian Constitution provides for a structure of governance, which is essentially federal in nature.
The demarcation of power in the respective lists clearly shows the intention of constitution makers that all states must be free to adjust the rate of the sales tax according to their respective requirements. Earlier
Evolution of disruptive technologies is fast shipping the global economies or should we say, rewriting the rules of global businesses. Disruptive technologies are not only creating new products, services, business models but also providing vast amount of data for carrying out various analysis from different perspectives suitable to a variety of users and purposes.
Now, in the GST Regime, the service of transportation of goods by a vessel from a place outside India up to the customs station of Clearance in India (Import Ocean Freight) is taxable @ 5% (IGST) by virtue of Notification 8/2017 – IGST (Rate) dt. 28th June 2017 read with the IGST Act, 2017 & relevant provisions of CGST Act, 2017.
