Introduction Of GST Research Articles

The Influence of Taxation and Economic Growth on Consumers’ Burden in Malaysia

The tax reformation and economic development in Malaysia have sparked the motivation of this study to understand the influence of such reform on consumers’ burden. An investigation into these relationships is important due to the current increase on consumers burden which had become a popular issue since the introduction of GST in 2015, and the comeback of SST in 2018 to replace the GST. This study intends to provide evidence concerning Malaysian tax reform and economic growth on consumers burden by examining the influence on price level. It employs the Autoregressive Distributed Lag Error Correction Model (ARDL-ECM) estimation to analyze quarterly data for the period 1996-2020. The findings reveal that indirect taxes have negative relationship both in the short and long run while economic growth is positively related with consumers’ burden. This outcome rules out the public accusation that the tax reform would cause the price level to increase hence worsen the consumer’s burden. Nevertheless, it is the economic growth that consumers need to take advantage of as it positively influences the demand for goods and services hence increase the price. The study shed further direction for the government in formulating taxation and economic policies so as not to compromising the burden of consumers.

EXAMINE THE EFFECTS OF GOODS AND SERVICES TAX (GST) AND ITS COMPLIANCE: REFERENCE TO SIERRA LEONE

This study analyzes the effects of (GST) and how it is being implemented in Sierra Leone. GST replaces previous taxes, including domestic sales tax, import sales tax, entertainment tax, hotel room tax, restaurant tax, food tax etc. The objectives of this study are to know the effect of GST on the Sierra Leone Economy, to know if GST implementation will lead to an increase in prices of goods and services; to assess GST compliance rate in Sierra Leone; and to know the reasons for GST implementation in Sierra Leone. The data collection method used both primary and secondary sources the study's participants were 89 employees of NRA and business owners in Sierra Leone 2021 to 2023. Questions were analyzed using SPSS in the form of descriptive analysis, chart, and correlation coefficient. The results showed that GST implementation has positive effects on Sierra Leone Economy. The introduction of GST is to boost revenue and promote economic growth in Sierra Leone. GST introduction in Sierra Leone has resulted in increased prices of goods and services. It is recommended that the NRA should provide tax education and awareness and provide availability and accessibility of technological infrastructure for GST implementation in the country.

EXAMINE THE EFFECTS OF GOODS AND SERVICES TAX (GST) AND ITS COMPLIANCE: REFERENCE TO SIERRA LEONE

This study analyzes the effects of (GST) and how it is being implemented in Sierra Leone. GST replaces previous taxes, including domestic sales tax, import sales tax, entertainment tax, hotel room tax, restaurant tax, food tax etc. The objectives of this study are to know the effect of GST on the Sierra Leone Economy, to know if GST implementation will lead to an increase in prices of goods and services; to assess GST compliance rate in Sierra Leone; and to know the reasons for GST implementation in Sierra Leone. The data collection method used both primary and secondary sources the study's participants were 89 employees of NRA and business owners in Sierra Leone 2021 to 2023. Questions were analyzed using SPSS in the form of descriptive analysis, chart, and correlation coefficient. The results showed that GST implementation has positive effects on Sierra Leone Economy. The introduction of GST is to boost revenue and promote economic growth in Sierra Leone. GST introduction in Sierra Leone has resulted in increased prices of goods and services. It is recommended that the NRA should provide tax education and awareness and provide availability and accessibility of technological infrastructure for GST implementation in the country.

Some Aspects of Karnataka State Finances : A Critical Analysis

In Indian fiscal federalism states play important role by shouldering responsibility of social and economic development activities. With the progress in economic development, fiscal burden of states is increasing over the years. On the other hand, fiscal sector reforms like introduction of GST have affected the revenues of states. As a result, most of the state governments are finding it difficult to manage finances effectively. This paper tries to analyse the financial position of Karnataka state by taking into consideration revenue and expenditure aspects. It is concluded that due to proactive policies and efficient fiscal management Karnataka state was able sustain prudent fiscal management

India’s GST Paradigm and the Trajectory of Fiscal Federalism: An Analysis with Special Reference to Kerala

Since the design and implementation of GST is often perceived as a difficult task, especially in developing countries with federal constitutional structures, the introduction of GST in India in 2017 has been considered a great achievement. Against this background, this article explored the characteristics of India’s GST paradigm from a fiscal federal perspective, its implementation and the tax performance of States under GST. The Indianized GST paradigm, built on the edifice of GST Council and three key pillars of revenue neutrality, tax sharing between the Centre and the States and the provision for GST compensation, has been designed towards fostering cooperative federalism. Our analysis revealed that the revenue neutrality has not been ensured and there were also issues with tax sharing and GST compensation. Both the edifice and the pillars of GST, therefore, were fraught with fault lines in both the design and implementation. Tax effort of the States did not increase indicating that GST has not been helpful in improving the revenue position of the States. Although India’s GST paradigm was destined to foster cooperative federalism the outcomes appear to lead us towards coercive federalism. JEL Codes: H71, H73, H77

Impact of GST on Hotel Industry- A Study in Bhubaneswar City in Odisha

Three decades later, indirect taxation modifications took place in India on 1 July 2017. Goods and service tax is a uniform indirect tax to be applied across the country for the purpose of a nation – one This study seeks to show the effect on the Indian hospitality industry of the goods and services tax. The Indian market is integrated with the introduction of GST and the company costs will be lowered in the foreseeable future. The hotel industry was in burden with multiple taxes on amount charged for different services. Previously, additional charges were charged for different activities in hotel industry in India. But now in GST, single tax charged with clearly stated slab rates for various services. Slab rate increases with increase in number of services charged i.e., for basic services rates are less and luxurious services are under high GST slab rate. Here we try to explain the impact of GST system on hoteliers of Bhubaneswar city. For this purpose, researcher collected samples from 15 hotels of the city. This paper is aimed at assessing the observation and experience of hotel owners after GST in interacting with consumers.

Goods and Services Tax efficiency across Indian States: panel stochastic frontier analysis

In public finance, estimation of tax potential of a government—either federal or provincial—has immense importance to understand future streams of tax revenue. Tax potential depends on tax capacity and tax effort (TE) and, therefore, joint estimation of both the functions is desirable. There are several frameworks to estimate tax capacity and tax efficiency (tax effort); in the present paper, time-variant-truncated panel Stochastic Frontier Approach (SFA) is adopted to estimate the functions jointly for the period 2012–13 to 2019–20. The findings of the study could be useful for policy and especially for the sitting Fifteen Finance Commission. The results of the study show that GST capacity of states depends on size and structural composition of the economy. Introduction of GST has reduced states’ GST capacity and the impact is restricted to scale only. The study has used data from GST Network (GSTN) database for the post-GST period and given all other factors at their levels, GSTN data show lower GST capacity for high-income states and higher capacity for low-income states. The relationship between per capita income (PCI) of states and tax efficiency is non-linear and as PCI rises, TE falls and thereafter it rises. Minor states (special category states and UTs with legislative assembly) have lower tax efficiency. Delhi and Goa have the highest GST gap and on average major states could increase their GST collection by 0.52 percent of GSVA and minor states by 1.15% if they increase their tax efforts.

Slowdown and Crisis in the Indian Economy - A Study of the Macroeconomic Developments between the Global Financial Crisis and the COVID-19 Crisis (2011-12 to 2019-20)

Slowdown and Crisis in the Indian Economy - A Study of the Macroeconomic Developments between the Global Financial Crisis and the COVID-19 Crisis (2011-12 to 2019-20)

A structural equation model of financial accounting practices and use of it impacting msmes performance: Moderation by entrepreneurial skills

In order to remain creditworthy and investable, the entrepreneurs should be able to produce high quality and standardised financial information on a regular basis. This information can be fed further into formal business plans in order to optimise management decisions and improve business processes. The critical question that needs to be answered is: Do the entrepreneurs possess adequate financial literacycompetencies, to gather and utilize the financial information, to achieve their business objectives? Does their level of financial literacy significantly explain their use of information technology for gaining competitive advantage? With the introduction of GST, there has been a change in the accounting environment of business through increased usage of computerised accounting systems (CAS) and heavy reliance on accountants for this purpose. This paper specifically aims to assess the financial literacy skills of MSME entrepreneurs in creation and utilisation of financial information using CAS and digital skills, to achieve better financial management and control over business activities. The structural model developed in this paper confirmed the positive association of financial accounting practices and use of IT with the business performance of MSMEs. Since entrepreneurial skills are intended to complement the financial literacy competencies of entrepreneurs, the paper also examined and confirmed the moderating effect of entrepreneurial skills on financial accounting practices and business performance relationship.

Impact of GST on Industry with Special Reference to the Real Estate Sector

The introduction of GST in India has ensured uniform exemption list, uniform rates and uniform collection procedures throughout the country. For the industry, this implies a shift from a complex system of multiple tax rates and collection procedures to a new system that is technology-based, transparent and free from distortions. This paper outlines the benefit of GST for the industrial sector with special emphasis on the real estate sector. Real estate is an important sector of the Indian economy in terms of contribution to GDP and employment. With various concessions announced by the GST Council from time to time for the real estate sector, the sector is bound to get a boost. At the same time, the government will also ensure proper monitoring of one of the most unregulated sectors in India, by ensuring that the rate cut benefits are passed on to the neo and middle-class home buyers.

The Recital Relationship between Share Prices of Indian Industries during the GST Implementation

In India, earlier we pay various taxes i.e. Direct and Indirect taxes, which are felt as burden on people and due to these taxes, the corruption is increasing. To avoid this issue Indian Government is decided to have the changes in the Tax payment. So the decision what they have took is to have the unique tax percentage across the country.Before the GST introduced, there are different types of taxes has to be paid by the public as well as the people who do the business. GST is successfully implemented in various countries. GST tax will combine all the direct and indirect taxes paid by the individuals. This tax will help to increase the Gross Domestic Product GDP of the country. It is proven in the countries which are adopted the GST method in the Tax. And also the pain of paying multiple taxes for product or services will get reduce. This tax is the comprehensive tax of central and state government. This paper analyse the what kind of changes happened in the share market after the introduction of GST in India. It provide the variation of share price before and after the GST.

Impact of GST on Indirect Tax Revenue: Appraisal of Literature

Tax constitutes a major source of revenue to the Government for public spending. Among different types of taxes, indirect tax contributes a substantial part in the total revenue. There were more than 27 types of indirect taxes in India till July 2017. Further, the indirect tax system in India was very complex and cumbersome to comply with and resulted in disparity of prices of goods and services in different states. The introduction of goods and services tax, from 1st July 2017, is the single biggest indirect tax reforms undertaken since our independence to promote commerce and industry. Further, it brought all indirect taxes into one single tax to mitigate cascading or double taxation problems and pave the way for a common national market. From the consumer point of view, the biggest advantage would be in terms of a reduction in the overall tax burden on goods, which was estimated to be around 25–30%. Introduction of GST would also make Indian products competitive in the domestic and international markets. Studies show that this would have a positive impact on economic growth. The objective of this paper is to study the related literatures on goods and services tax in India. It also aims to identify the problems in Goods and Services Tax system even after 1 year since it was implemented.

Skill India to Leverage Make in India-New Horizon and Challenges

On assuming power, Prime Minister Narendra Modi promised many economic reforms including ease of doing business, inflation control, fiscal defect, trade deficit, job creation, manufacturing revival etc. The Prime Minister has seemingly tried to address two major issues -falling job creation and slow down in manufacturing industry by introducing Make India, Skill India, and Start up India. Demonetisation of high denomination currency notes and introduction of GST are termed as the revolutionary economic reforms in the history of independent India. This paper throws light on the multi dimensional of these economic achievements in these three years.

A study on Impact of Implementation of GST on Inflation in selected countries: An Intervention Model

GST, also known as Value Added Tax (VAT), is a multi-stage consumption tax charged on value added at every stage of production. The manufacturer or distributor charges GST on its sales (output tax) and gets credit for GST paid on the purchases made (input tax). In India, the basic idea is to create a single, cooperative and undivided market which has a simplified tax structure that strengthens the economy. GST has been recommended by IMF for improving the efficiency of the tax system and for increasing the tax revenue in any country. Implementation of GST in over 160 countries has drawn the attention of various researchers towards the variable impact on inflation in their respective economies. The present study aims to evaluate the postimplementation impact of GST on inflation for eleven developing and developed countries. The study uses Intervention model to evaluate the post-implementation impact of GST on inflation in the short run and long run. Overall results showed that except for China, there was no significant evidence of increase in inflation after the introduction of GST both in the short run (one year) and in the long run (3 years). The study found that countries like Portugal and New Zealand experienced a significant drop in inflation after introducing GST.

Value Added Tax and Inflation: A Graphical and Statistical Analysis

The US has been considering introducing a National Consumption Tax federally. This would be in addition to the states’ sales taxes. Since a consumption tax would be an added cost to the consumer, it would be expected that inflation would be increased. This paper uses graphs and statistical methods to ascertain whether inflation in the UK and Canada was affected by the introduction or change in rate of the Value Added Tax (or Goods and Services Tax). It was found that the introduction of a VAT in the UK showed no significant effect on the rate of change of CPI, whereas the introduction of GST in Canada did have a significant increase in the rate of CPI. It was also found that when the tax rates were changed substantially, inflation was affected; however, modest changes in the tax rate did not affect inflation.

Goods and Services Tax and State Revenue: Case Study of Uttar Pradesh

One of the problems in the introduction of GST relates to loss of revenue to the States, given the base and the rates of the tax. In the context of two different structures suggested by the Empowered Committee of State Finance Ministers and the Central Government, this paper is an exercise in different methodologies for estimating probable loss of revenue to the States. Three different approaches, viz., revenue approach, turnover approach and consumption approach, are adopted with finer details to estimate the revenue from GST. The projected revenue is presented for Uttar Pradesh for the period of award of the Thirteenth Finance Commission, i.e., 2010-2011 to 2014- 2015.

The Effect of GST on Farm Management Information Systems and Business Management Skills

In 1989 New Zealand farmers were confronted by the introduction of a GST. Despite the short to medium term difficulties, many farmers have benefited from the experience. The introduction of the GST forced many New Zealand farmers to improve their record systems as they were required to submit more extensive and accurate information to comply with their new GST requirements. This increase in sophistication of their record systems also meant that farmers had a larger store of more accurate information available to support their farm business management decision-making. It is expected that the introduction of GST and PAYG reporting requirements in Australia is also acting as a catalyst in the evolution of dairy farm record systems and increase in dairy farmer’s store of business management skills. This paper reports the results of a survey that describes the characteristics of dairy farm management information systems and indicates the business management skills that dairy farmers perceive they need to acquire in the short term in order to improve their farm management information systems and comply with their GST requirements. Overall, the importance of bookkeeping/ accounting skills is strongly related to BAS. However, the results also show that as the level of sophistication of dairy farm record systems grows the demand for business skills shifts from accounting/ bookkeeping skills to computer and analytical skills.

Calm after the storm? Supply‐side contributions to New Zealand's GDP volatility decline

The variance of New Zealand's real GDP has fallen by a third since the mid 1980s. Decomposing the variance of chain‐weighted estimates of production‐based real GDP growth since 1977 into sector shares, sector growth rate variances and co‐variances, this paper concludes that the principal reason for the decline in GDP volatility is a fall in the sum of sector variances. This is due to declining variances for Services and Manufacturing production growth. Sector co‐variances have had a dominant influence on the profile of GDP volatility and this influence has not diminished. Despite marked changes in sector shares, notably increases in Services and Primary sector shares and a decrease in the share of Manufacturing, this has not been a factor influencing the decline in GDP volatility. We postulate that policy interventions such as “Think Big”, regulatory interventions during the early 1980s, and the introduction of GST are key explanations for the higher volatility until the mid 1980s. Cessation of these policy interventions and responses to deregulation of several Services and Manufacturing industries after the mid 1980s appear to be important factors contributing to the decline in New Zealand GDP volatility since the mid 1980s.