The Management Accountant - July 2024
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6 The Management Accountant - July 2024
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Goods and Services Tax - A Gateway to rationalise Indirect Tax Ecosystem
even years ago, on
1st July 2017, GST
came into reality as
a simplified indirect
tax regime across India. GST in
India has changed the perspective
of the indirect tax system
consolidating most of the taxes
on goods and services levied on
traders, manufacturers and sale
and consumption of goods and
services into a single tax called
GST. GST has subsumed almost
all the then existing indirect taxes
such as Excise, Central Sales Tax,
VAT and Service Tax.
The main reason behind the
implementation of the GST is
to smoothen and simplify the
indirect taxation system and
rationalize tax administration to
generate more revenues for social
security, infrastructure and several
other developmental activities.
There have been multiple
a m e n d m e n t s
t o
t h e
provisions of GST laws. The
latest GST Council meeting,
held in June 2024 under the
Chairpersonship of Union
Minister for Finance and
Corporate Affairs marked a
pivotal moment in the evolution
of the GST framework in India. It
is refining the GST framework for
the greater benefit of tax payers.
Several major changes have
been introduced to streamline
GST compliance and address
industry-specific concerns aimed
at enhancing the taxpayers’
experience, improving the ease
of doing business and reducing
litigations.
This issue of Management
Accountant is focusing on Goods
and Services Tax – A Gateway
to rationalize Indirect Tax Eco
System.
Glimpses of Articles:
Goods and Services Tax – A
Gateway to Rationalise Indirect
Tax Ecosystem focuses on the
most important section in the
Goods and Services Act in which
the principles of valuations are
outlined namely section 15 read
with Determination of Value of
Supply Rules 2017. This forms
the basis for determining the
taxable value of supply and
collection of tax.
Tactical Gambit of ITC
Discontinuation on CSR Spends
– Does it Affect Corporate Value
Addition in Philanthropic Causes
states that GST, being a unified
taxation framework in India, has
resulted in increased revenues for
the Government and has simplified
the returns. CSR activities mainly
focused on development sectors
like education, health, rural
development, and others are
mostly exempt from GST. Further
input tax credit (ITC) integral to
GST, has reduced the tax burden.
The study Textile Taxation
Transformation: Perspectives
from Ahmedabad’s Textile
Manufacturers and Traders
on GST seeks to identify the
perceptions towards GST
among textile manufacturers
and traders in Ahmedabad and
analyse the relationship between
their demographic profiles and
GST perceptions. The findings
offer insights as to how GST has
influenced business operations,
financial management and
compliance practices within the
textile industry, shedding light on
opportunities and challenges for
stakeholders.
GST and Logistic Industry: The
Protagonists of Good Economy
examines the possible growth
potential in logistic industry in
India after the introduction of
GST, especially keeping in mind
that GST has eliminated octroi
posts at State borders, introduced
e-way Bills, centralised
warehousing, construction of
national highways/corridors
etc, which have helped the
industry to grow further by even
reducing trip-time of truckers to
a considerable extent.
The Formation of The GST
Appellate Tribunal: Charting
the Path Ahead states that the
formation of the GST Appellate
Tribunal represents a significant milestone in
the implementation of GST law. The effective
functioning of the Tribunal will not only
streamline the dispute resolution process but
also help in enhancing the efficiency, fairness,
and transparency in the GST law.
Goods & Services Tax: Role in Developing
The Economy of the Country concludes that
GST has impacted our economy greatly and
streamlined the tax system by removing the age
old complex tax system. Despite the challenges,
this has helped the growth of the economy by
increasing the production of goods and services
as well as export earnings.
The research study Implication of GST on GI
Tag Products: Special Reference to Aranmula
Mirror probes how GST impacts Aranmula
Kannadi with reference to taxonomy, incentives
and changes that must be made for sustainable
development of this product and its traditional
values.
The GST Council constantly improvises
the mechanisms of GST. An Insight of GST
Appellate Tribunal provides an overview of
GSTAT, its working mechanisms and also puts
forth some valuable recommendations for GST
practitioners.
Transforming India’s Tax Landscape: A
Deep Dive into GST Valuation explores the
core principles of GST, its journey since
implementation, and delves into the critical
aspect of GST valuation - a cornerstone in
ensuring fair and accurate tax assessment.
Apart from these, this issue contains few
more articles on other contemporary matters
providing valuable reading material.
This issue also features an interview with
CMA Rajesh Shukla, Head (Indirect Taxation),
Tata Motors Ltd, Pune.
Enjoy reading and send your views and
suggestions to the Editor at editor@icmai.in
From the Editor’s Desk
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