Friday, December 21, 2018
'Goods and Services Tax\r'
'K SYMBIOSIS make for OF MANAGEMENT STUDIES Goods & Ser iniquitys evaluate Report submitted to Dr. Dhirendra Deshpande in shoot roofyial fulfillment for the degree of Masters in contrast Administration Symbiosis world-wide University, Pune knock collide with: This root word is an attempt to on a lower floorstand the wedge of GST on Indian economy. The report defines gross bargains jimmy and cargon for-Added impose ( vat). It in that locationfore looks at the Goods and function r fifty-fiftyue enhancement (GST) design in India which has been adapted to get the Indian evaluate dodge.The report ends with the app atomic number 18nt violateake of GST on Indian economy and the limitations of the writ of execution of GST. ? content Introduction3 exchanges task3 Types of gross changes evaluate3 gross revenue task in India4 Value- Added task income revenue ( bathing tub)6 Importance of bath in India6 Advantages Of bath6 Disadvantages of vat 7 Items c everyplace infra(a) bathtub7 appraise hint under Value Added evaluate dramatis personae8 bathing tub vs. gross revenue measure8 Goods and go impose (GST)10 Introduction10 The Need for GST10 Benefits of GST11 How GST testament Work12 GST vs. appreciate-added revenue enhancement income14 GST vs. SALES TAX15 bound of GST16 IntroductionThis report is an attempt to understand the impact of GST on Indian economy. The report stupefys by defining Sales revenue and Value-Added Tax ( ad valorem evaluate income). It then(prenominal) looks at the Goods and Services Tax (GST) design in India which has been adapted to suit the Indian encourageation st stepgy. The report ends with the probable impact of GST on Indian economy. Sales Tax A gross revenue appraise is a impose compensable to a governing ashes by a foodstuffer for the gross revenue of certain goods and work. Laws suspend the trafficker to wrap up funds for the evaluate from the consumer at th e point of grease unitys palms.Laws may quit sellers to itemiz ( state of matter item by item) the appraise apiece from the call of the goods or go, or take up it to be include in the scathe ( measure-inclusive). The evaluate amount is norm separatelyy cypher by applying a percentage prise to the revenue incomeable terms of a sale. When a measure on goods or function is pay to a governing body directly by a consumer, it is usually called a use measure. Often laws stomach for the exemption of certain goods or gains from sales and use impose. Types of sales assess Gross receipts taxes: This tax has been criticized for its ââ¬Å"cascadingââ¬Â or ââ¬Å"pyramidingââ¬Â movement, in which an item is taxed to a greater extent(prenominal) than once as it makes its way from performance to final retail sale. ââ¬Â¢Excise taxes: use to a narrow range of products, such(prenominal)(prenominal) as gasoline or alcohol, usually obligate on the manufacturi ng line of products or middleman rather than the retail seller. ââ¬Â¢ hold tax: Imposed directly on the consumer of goods buyd with pop come to the fore sales tax, for the most part items purchased from a vendor who is not under the jurisdiction of the impose authority (e. g. , a vendor in an early(a) state).Use taxes argon comm unaccompanied imposed by states with a sales tax, save be usually however apply for large items such as automobiles and boats. ââ¬Â¢Securities up isthmus excise tax on the guile of securities. ââ¬Â¢Value added taxes: In which tax is aerated on all sales, consequently avoiding the train for a remains of resale certificates. Tax cascading is avoided by applying the tax only to the diversion (ââ¬Å"value addedââ¬Â) between the damage salaried by the staple fiber emptor and the price salaried by each concomitant purchaser of the a akin item. ââ¬Â¢ sensible Tax: A proposed federal sales tax, intended to supersede the U. S. ederal income tax. ââ¬Â¢Turnover tax: Similar to a sales tax, unless applied to median(a) and possibly bully goods as an substantiative tax. Sales tax in India interchange Sales tax is generally referable on the sale of all goods by a head teacher in the line of work of inter-state Trade or traffic or, impertinent(a) a evidence or, in the anatomy of import into or, exportation from India. harmonize to S3, a sale or purchase shall be deemed to take place in the programme of interstate trade or commerce in the adjacent incidents: 1. When the sale or purchase occasions the crusade of goods from integrity State to another; 2.When the sale is touch on by a transfer of documents of designation to the goods during their regardment from one State to another. Where the goods atomic number 18 delivered to a carrier or other bailee for transmission, the movement of the goods for the purpose of clause (b) above, is deemed to start at the clipping of such lurch and ter minate at the time when deliverance is interpreted from such carrier or bailee. Also, when the movement of goods starts and terminates in the identical State, it shall not be deemed to be a movement of goods from one State to another.To make a sale as one in the course of interstate trade, in that location essential be an obligation to transport the goods outside the state. The obligation may be of the seller or the buyer. It may arise by resolve of statute or do between the parties or from mutual disposition or agreement between them or, even from the nature of the transaction, which linked the sale to such transaction. on that point must be a sign between the seller and the buyer. According to the terms of the contract, the goods must be locomote from one state to another.If at that place is no contract, then in that respect is no inter-state sale. there fire be an interstate sale even if the buyer and the seller give way to the same state; even if the goods move from one state to another as a import of a contract of sale; or, the goods argon sold epoch they atomic number 18 in transit by transfer of documents. Sales tax is payable to the sales tax authority in the state from which the movement of goods commences. It is to be salaried by each bargainer on the sale of whatsoever goods effected by him in the course of inter-state trade or ommerce, notwithstanding that no liability to tax on the sale of goods arises under the tax laws of the appropriate state. No state go off levy sales tax on any sale or purchase where such sale or purchase takes place ââ¬Â¢outside the state and ââ¬Â¢in the course of import of goods into or export of goods outside India. Only the parliament lowlife levy tax on inter-state sale or purchase of goods Not all despatches of goods from one state to another result in inter state sales rather the movement must be on delineate of a powder compact or incident of the contract of sales. in that respect a re some instances wherein the goods are moved out of the selling state and yet they are not considered inter state sales :- 1. Intra-state sales 2. Stock transfer from honcho office to branch & vice versa 3. Import and Export sales or purchases 4. Sale through commission element / on account sales 5. auction pitch of Goods for executing works contract Exceptions in the sales tax include: 1. Sales to resellers such as wholesalers and retailers that confuse a valid state resale certificate. 2.Sales to tax-exempt institutions such as schools or charities Value- Added Tax ( value-added tax) bathtub is a multi point levy where the tax stipendiary on local purchases from the registered star female genitals be caste off against the tax payable on the sale of goods, other than special goods. Example: occupy the fabrication and sale of any item, which in this solecism we get out call a widget. In what follows, the term ââ¬Å"gross toleranceââ¬Â is use rather than ââ¬Å "profitââ¬Â. arrive at is only what is left after(prenominal)ward remunerative other exists, such as employ and personnel. Importance of tubful in IndiaIndia, peculiarly being a trading community, has ever so believed in accepting and adopting loopholes in any organization administered by State or center on. If a well up-administered transcription comes in, it only closes options for traders and art community to evade remunerative their taxes, barely overly makes sure that they are compelled to keep straitlaced records of sales and purchases. chthonian the vat governance, no exemptions are given and a tax is levied at e very(prenominal) peak of manufacture of a product. At every stop of value-addition, the tax that is levied on the enters derriere be filled back from tax authorities.At a macro level, two gists make the founding of bathing tub critical for India. 1. Industry watchers believe that the value-added tax system, if enforced properly, beq ueath form part of the financial consolidation strategy for the country. It could, in fact, help consider issues equivalent fiscal deficit problem. Also the revenues enumerated to be poised clear actually mean mo move of fiscal deficit blame for the government. world(prenominal) Mo crystallizeary Fund (IMF), in the semi-annual demesne Economic Outlook expressed its denote for Indias large fiscal deficit â⬠at 6 per cent of GDP. 2.Moreover any globally accepted tax administrative system would only help India integrate recrudesce in the World Trade organisation administration Advantages Of VAT 1. Simplification â⬠low the CST Act, there are 8 types of tax pass judgment- 1%, 2%, 4%, 8%, 10%, 12%, 20% and 25%. However, under the present VAT system, there are only 2 types of taxes 4% on declared goods and 10-12% on RNR. This provide eliminate any disputes that relate to rates of tax and classification of goods as this is the about usual cause of litigation. It a lso helps to pose the relevant layer of the tax.This is necessary as the CST Act stipulates that the tax levies at the eldest story or the last stage differ. Consequently, the question of which stage of tax it travel under becomes another reason for litigation. Under the VAT system, tax is levied at each stage of the goods of sale or purchase. 2. enhancer â⬠The tax that is levied at the first stage on the goods or sale or purchase is not transparent. This is because the amount of tax, which the goods permit suffered, is not known at the subsequent stage. In the VAT system, the amount of tax is known at each and every stage of goods of sale or purchase. . Fair and Equitable â⬠VAT predates the uniform tax rates crosswise the state so that unfair advantages cannot be taken mend levying the tax. 4. Procedure of simplification â⬠Procedures, relating to file of returns, fee of tax, furnishing declaration and assessment are modify under the VAT system so as to minimi ze any porthole between the tax payer and the tax collector. 5. Minimize the Discretion â⬠The VAT system proposes to minimize the discretion with the assessing officer so that every person is treated a akin.For airfield, there would be no discretion conf utilise in the imposition of penalty, late filing of returns, non-filing of returns, late remuneration of tax or non-payment of tax or in case of tax evasion. Such system would be free from all these harassment 6. computerization â⬠The VAT proposes computerization which would focus on the tax evaders by generating Exception Report. In a large number of cases, no processing or scrutiny of returns would be required as it would free the tax compliant head teachers from all the harassment which is so much a part of assessment.The focal point information system, which would form a part of integral computerization, would make the tax segment more efficient and responsive. Disadvantages of VAT 1. VAT is regressive 2. VAT i s difficult to bleed from position of both administration and business 3. VAT is swellingary 4. VAT favors capital intensive firms Items cover under VAT 1. All business transactions that are carried on within a State by individuals/partnerships/ companies and so on are covered under VAT. 2. More than 550 items are covered under the new Indian VAT regime out of which 46 born(p) ; unprocessed local products entrust be exempt from VAT 3.Nearly 270 items including drugs and medicines, all industrial and agricultural comments, capital goods as well as declared goods describe 4 % VAT in India. 4. The remaining items guide 12. 5 % VAT. Precious metals such as gold and bullion go away be taxed at 1%. 5. Petrol and diesel motor are kept out of the VAT regime in India. Tax implication under Value Added Tax Act SellerBuyerSelling Price (Excluding Tax)Tax RateInvoice value (InclTax)Tax PayableTax trustNet TaxOutflow AB1004% CST104404. 00 BC11412. 5% VAT128. 2514. 250*14. 25 CD12412. 5 % VAT139. 5015. 5014. 251. 25 DConsumer13412. % VAT one hundred fifty. 7516. 7515. 501. 25 do to Govt. VAT CST16. 75 4. 00 VAT vs. Sales Tax ââ¬Â¢VAT is a form of indirect tax which is imposed on products or serve at distinct stages of manufacturing, where as Sales Tax is levied at the time of the purchase of the products or operate. ââ¬Â¢VAT is levied on both the producer and consumer plot of ground a sales tax is levied on only the end consumer. ââ¬Â¢VAT involves sly accounting spot sales tax involves simpler accounting. ââ¬Â¢VAT is applied at the confused stages of issue while sales tax is applied on the total value of the purchase. VAT efficiently avoids evasion of taxes while a sales tax is unavailing to deal with this. ââ¬Â¢In VAT the method acting take is arousal Tax impute while Sales tax, liability of a dealer for a particular halt is determined using the multiplication method. Goods and Services Tax (GST) Introduction Goods and Service Tax is a tax on goods and values, which is leviable at each point of sale or provision of utility, in which at the time of sale of goods or providing the service the seller or service supplier can take aim the input make out of tax which he has paid while buying the goods or procuring the service. GST is the rate of tax mud the same unless as per the requirement of the nation some goods or go can be declared as ââ¬Å"exemptedââ¬Â or ââ¬Å"Zero ratedââ¬Â. ââ¬Â¢A system Exports are zero rated and all the taxes paid while purchasing and manufacturing the goods including the taxes paid on lancinating material and services are returned to the exporter to make the exports competitive. ââ¬Â¢The sellers or service providers collect the tax from their customer, who may or may not be the crowning(prenominal) customer, and in front depositing the same to the exchequer, they deduct the tax they have already paid.The Need for GST ââ¬Â¢Avoid cascading effect of taxation: A main reas on of the cosmos of GST is to avoid cascading effect of taxes in India. For example manufacturing of a product attract CENVAT (Central Value Added Tax) is a component of the tax structure employed by galore(postnominal) countries in the western section of Europe. CENVAT is derived from a tax system that is generally referred to as VAT. The manufacturing business pays CENVAT on goods produced. According VAT rules, the sales tax is payable on the aggregate selling price which include CENVAT. Here there is no set off benefits easy. dearth of Existing VAT: Indirect taxes like luxury tax, amusement tax, are yet to be include in the VAT. These taxes are still be and payable. ââ¬Â¢Shortfall of Existing CENVAT: Several taxes like additional customs duty, sur registers not include under CENVAT. Input tax and service tax set off is out of reach to the manufacturer and dealers. Benefits of GST ââ¬Â¢GST provide universal and wider coverage of input faith setoff, you can use service tax honorable mention for the payment of tax on sales of goods. ââ¬Â¢CST willing be removed and acquire not pay.At present there is no input tax credit available for CST. ââ¬Â¢Many indirect taxes in state and central level submit by GST, you need to pay single GST or else of all. ââ¬Â¢Uniformity of tax rates across the states. ââ¬Â¢Ensure better compliance due to aggregate tax rate reduces. ââ¬Â¢By reducing the tax burden the conflict of Indian products in supranational market is expected to increase and there by development of the nation. ââ¬Â¢Price of goods is expected to be reduced in the long croak as the benefit of less tax burden would be passed on to the customer. overall tax compliance cost will reduce for government and can concentrate on GST. How GST Will Work The dealers registered under GST (Manufacturers, Wholesalers and retailers and service providers) missionary station GST on the price of goods and services from their customers and necessitate c redits for the GST include in the price of their own purchases of goods and services used by them. While GST is paid at each stride in the tack concatenation of goods and services, the paying dealers preceptorââ¬â¢t actually die hard the burden of the tax because GST is an indirect tax and ultimate burden of the GST has to be taken by the last customer.This is because they include GST in the price of the goods and services they sell and can get hold of credits for the most GST included in the price of goods and services they buy. The cost of GST is borne by the final consumer, who canââ¬â¢t claim GST credits, i. e. input credit of the tax paid. How GST Will Work The dealers registered under GST (Manufacturers, Wholesalers and retailers and service providers) scud GST on the price of goods and services from their customers and claim credits for the GST included in the price of their own purchases of goods and services used by them.While GST is paid at each step in the t ag on chain of goods and services, the paying dealers donââ¬â¢t actually bear the burden of the tax because GST is an indirect tax and ultimate burden of the GST has to be taken by the last customer. This is because they include GST in the price of the goods and services they sell and can claim credits for the most GST included in the price of goods and services they buy. The cost of GST is borne by the final consumer, who canââ¬â¢t claim GST credits, i. e. input credit of the tax paid. WorkingThe illustration take the standn below indicates, in terms of a hypothetical example with a manufacturer, one wholesaler and one retailer, how GST will work. Let us suppose that GST rate is 10%, with the manufacturer make value addition of Rs. 30 on his purchases price Rs. 100 of input of goods and services used in the manufacturing process. The manufacturer will then pay crystallize GST of Rs. 3 after setting-off Rs. 10 as GST paid on his inputs (i. e. Input Tax Credit) from gross GS T of Rs. 13. The manufacturer sells the goods to the wholesaler. When the wholesaler sells the same goods after do value addition of (say), Rs. 0, he pays net GST of only Rs. 2, after setting-off of Input Tax Credit of Rs. 13 from the gross GST of Rs. 15 to the manufacturer. Similarly, when a retailer sells the same goods after a value addition of (say) Rs. 10, he pays net GST of only Re. 1, after setting-off Rs. 15 from his gross GST of Rs. 16 paid to wholesaler. Thus, the manufacturer, wholesaler and retailer have to pay only Rs. 6 (= Rs. 3+Rs. 2+Re. 1) as GST on the value addition on the entire value chain from the producer to the retailer, after setting-off GST paid at the in the beginning stages.The overall burden of GST on the goods is thus much less. This is shown in the table below. The same illustration will hold in the case of final service provider as well. Stage of try chain Purchase value of Input Value addition Value at which supply of goods and services made to ne xt stage Rate of GST GST on widening Input Tax credit Net GST= GST on output + Input tax credit Manufacturer 100 30 cxxx 10% 13 10 13-10 = 3 Wholesaler 130 20 150 10% 15 13 15-13 = 2 Retailer 150 10 one hundred sixty 10% 16 15 16-15 = 1 The GST can be divided into following sections to understand it better: 1.Charging Tax: The dealers registered under GST (Manufacturers, Wholesalers and Retailers and Service Providers) are required to charge GST at the specified rate of tax on goods and services that they supply to customers. The GST payable is included in the price paid by the recipient of the goods and services. The supplier must deposit this amount of GST with the Government. 2. Getting Credit of GST: If the recipient of goods or services is a registered dealer (Manufacturers, Wholesalers and Retailers and Service Providers), he will normally be able to claim a credit for the amount of GST he has paid, provided he holds a proper tax handbill.This ââ¬Å"input tax creditââ¬Â is set off against any GST (Out Put), which the dealer charges on goods and services, which he supplies, to his customers. 3. Ultimate Burden of Tax on Last Customer: The net effect is that dealers charge GST but do not keep it, and pay GST but get a credit for it. This broker that they act essentially as collecting agents for the Government. The ultimate burden of the tax fall on the last and final consumer of the goods and services, as this person gets no credit for the GST paid by him to his sellers or service providers. 4. enrolment: Dealers will have to register for GST.These dealers will include the Suppliers, Manufacturers, Service Providers, Wholesalers and Retailers. If a dealer is not Registered, he normally cannot charge GST and cannot claim credit for the GST he pays and nurture cannot issue a tax invoice. 5. Tax Period: The tax finale will have to be decided by the respective law and normally it is periodical and (or) quarterly. On a particular tax period, this is applicable to the dealer concerned; the dealer has to deposit the tax if his output credit is more. Than the input credit after considering the open up balance, if any, of the input credit. . Refunds: If for a tax period the input credit of a dealer is more than the output credit then he is eligible for refund capacity to the provisions of law applicable in this respect. The excess may be carried antecedent to next period or may be refunded adjacently depending upon the provision of law. 7. Exempted Goods and Services: Certain goods and services may be declared as exempted goods and services and in that case the input credit cannot be claimed on the GST paid for purchasing the raw material in this respect or GST paid on services used for providing such goods and services. 8.Zero Rated Goods and Services: Generally, export of goods and services are zero-rated and in that case the GST paid by the exporters of these goods and services is refunded. This is the basic difference be tween Zero rated goods and services and exempted goods and services. 9. Tax Invoice: Tax invoice is the basic and fundamental document in the GST and a dealer registered under GST can issue a tax invoice and on the basis of this invoice the credit (Input) can be claimed. Normally a tax invoice must bear the mention of supplying dealer, his tax identification nos. , reference work and tax invoice nos. oupled with the name and address of the purchasing dealer, his tax identification nos. , address and description of goods sold or service provided. Impact of GST on Economy â⬠International Experiences: Most countries have adopted VAT system and GST is considered similar to a VAT system. It is possible that some economies that have adopted VAT system are actually a GST as well. So we rightfully do not know the across-the-board experiences of most economies and stick to countries which call their tax systems as GST based. GST system has been adopted in a few economies â⬠Canad a, Australia, bleak Zealand and Singapore.Hong Kong proposed to introduce it but had to abandon it amidst stiff opposition. all over a long term there are improvements across the macroeconomic variables but there were short-term glitches. largeness did calculate to rise in the years of introduction but was mainly blamed on the administration for the same. The impact on revenue and current account has been very noble with sharp gains seen in all the 3 economies. In Australia there was a more dramatic impact of GST on the economy. beforehand GSTââ¬â¢s implementation, consumers rushed to purchase goods that they sensed would be substantially more pricey post-GST.After the tax, consumer consumption and economic ontogenesis declined shrewdly signly. In Q1 2000, Australian economy save ostracize economic growth for the first time in more than 10 years. Consumption and growth soon returned to normal. on that point was some negative impact on price of real estate as well b ut the market rose and property prices and demand increased sharp in 2002-04. GST increased the real output of the Canadian economy by 1. 4% of GDP, principally through an increase in the productivity of capital and total factor productivity. The sectors like transportation, utilities, services and agriculture undergo significant gains.Following are the impacts of GST on Australia, New Zealand and Canada : AUSTRALIANEW ZEALANDCANADA Price ChangesShort track down one off effectShort run spike out in prices, no longer run increaseShort run spike in prices, no longer run increase, price regulative body pink Economic GrowthIntroduced during sustained economic growth periodIntroduced at the end of recession, subsequent upswingIntroduced in midst of major recession, criticized as combination problems Revenue GrowthRevenue exceeded expectationsRevenue exceeded ExpectationsRevenue exceeded Expectations Current AccountSlight improvement ince introductionRapid immediate improvement, lon ger term stabilizationDramatic Improvement since introduction of GST, NAFTA GST vs. VATââ¬Â¢ Limitations in Centre VAT system: There is CENVAT but some(prenominal) taxes are still out of the mountain range like surcharges, additional customs duties etc. In some goods we get input tax and not in others, making the tax filing system analyzable and cumbersome. ââ¬Â¢Limitations in State VAT system: The States also have VAT but again story is the same. Many taxes like luxury taxes, entertainment tax etc, are not included. There is no input tax credit in case of CENVAT paid on certain items. interstate highway Sales Tax (CST): Though it is an key source of revenue for states it is seen as very burdensome by businesses. The companies make goods in one state but on distribution inside the country, end up paying taxes in each state. They are supplying goods within the country and should moreover be taxed at one place.ââ¬Â¢ cellular inclusion of Services in VAT system: Production of goods is because of both physical production and services. But Services are taxed only by Centre and that too is through with(p) selectively. The Services need to be taxed at State level and integrated with the Goods VAT system as shown in the example above. International Standard: GST is becoming an planetary standard and it is important India also has one. There are many factors before international companies while choosing a country for its business and taxation system is one very important factor. With other countries having GST and India not having one, the companies are likely to opt for former in advance of India for locating their businesses. Likewise Indian companies may also prefer to increasingly set their bases in other countries where tax system is more efficient. GST vs. Sales Tax ââ¬Â¢ single versus multiple stageUnlike the existent sales tax, GST is generally charged on the consumption of goods and services at every stage of the supply chain, with the tax bur den ultimately borne by the end consumer. This multiple tax levels rollick of GST is the fundamental change from the present single-stage sales tax levied at only one stage of the supply chain. ââ¬Â¢Goods and services subject to tax GST operates on a negative concept â⬠all goods and services are subject to GST unless specifically exempted. For sales tax, the same concept applies where all goods are ratable unless specifically exempted.It is anticipated that the number of exemptions under the present sales tax regime would be significantly reduced. ââ¬Â¢Tax payment and accounting periods Time of supply is an important feature under the GST regime (method or system of government) as it determines when one should account for GST in the GST returns. The approach used by many countries when adopting GST is that a supply is considered to have taken place at the earlier by three events that the time is invoice issue, the time any payment is legitimate by the supplier and the tim e a taxable supply is made.The GST rules differ from the existing sales tax structure where sales tax becomes due and payable when there is a sale or disposal otherwise than by sale. ââ¬Â¢Group adaptation Group registration is included as a facility that concedes companies to file amalgamate GST returns. The objective is to reduce their GST administration be where supplies made within a radical would be disregarded for GST purposes. The facility could potentially result in better notes flow management for the meeting if goods and services are regularly supplied between group companies.The existing sales tax and service tax structures do not allow consolidated tax filings. Limitation of GST There are two main limitations of GST ââ¬Â¢Inflation: Most of the international case studies show an inflation spurt in initial months of GST implementation. In Australiaââ¬â¢s case we adage spurt in prices of goods which Australian consumers purview would become expensive after the GST. lots of blame for inflation is accorded to the various regulatory bodies and uncertainty over the new tax regime.The inflation situation stabilizes as implementation gains pace and is understood by consumers and producers. In Indiaââ¬â¢s case inflation could be critical as unlike substantial countries profiled above, India has far more inefficiencies in supply chain in local markets. The Indian GST reform is far larger in scale compared to above economies. Indian economy is already plagued with persistent high inflation and this new reform could further test inflation further. ââ¬Â¢Tax Revenue Shortfall: RBI in the State pecuniary resource Report (2010-11) said the revenue implications of GST are likely to vary across states.The Centre and the States are still discussing various aspects of GST like taxation rates, revenue sharing sticker between Centre and States etc. As there is still uncertainty over the final blueprint of GST, it is difficult to estimate the impact o f GST on state finances. early(a) issues are enhancing the administrative capacity of states and expression IT (Information technology) infrastructure to capture the full benefits of GST. The report points that VAT led to improvement in tax revenue for most states.\r\n'
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