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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