After 11 long years, the journey to introduce a Goods and Services Tax (GST) in India is now nearly complete. The Dual GST Model will see the Central Government, 31 State Governments and 5 Union Territories levy and collect GST concurrently on a common tax base. The final hurdle was passed on 29 March when the lower house of the Union Parliament, Lok Sabha, approved the follow-up implementation related to the CGST Act, UTGST Act and IGST Act. Additionally, the act relating to compensation by the Centre to the States for possible revenue loss due to GST has also been passed. Continue reading “GST – Long-Awaited Step in India’s Economic Reforms”
Source: 2017 Index of Economic Freedom, Interactive Heat Map (The Heritage Foundation)
On 15 February, the Heritage Foundation published its annual report entitled, 2017 Index of Economic Freedom, comparing the performance of 186 economies. One key factor influencing the conclusions and rankings is the Tax Burden parameter of the Government Size performance measurement criterion. Continue reading “2017 Index of Economic Freedom”
In August 2016, the Indian Constitution was amended to empower both the center and the states to levy and collect goods and services tax (GST). The GST Council is a constitutional body created to steer the GST implementation; it is made up of Finance Ministers from the center and the states, and it is chaired by the Union Finance Minister. The GST Council recently announced that GST will be rolled out on 1 July 2017. Continue reading “GST in India: An Update”
On 25 July in Hanoi, the Vietnam Tax Consultants’ Association (VTCA) and the International Tax and Investment Center (ITIC) signed an agreement to cooperate on joint programs in Vietnam and ASEAN to advance common research and educational missions as nongovernmental organizations (NGOs). The fundamental aim of the joint programs is to foster mutual understanding and trust between government agencies and taxpayers. Continue reading “ITIC Signs Cooperation Agreement with Vietnam Tax Consultants Association”
On 26 January 2016, several leading Indian newspapers reported on a speech by Minister of Finance Arun Jaitley at the Platinum Jubilee celebration of the Income Tax Appellate Tribunal (ITAT).
Referring to the report of the Tax Administration Reform Commission (TARC) chaired by Dr. Parthasarathi Shome, Minister Jaitley said, “The Shome Committee report…has suggested reforms in tax administration…(it) has given several recommendations that we are at a very advanced stage of looking into.” There was widespread media speculation that the Finance Minister would address TARC recommendations in the forthcoming Union (national) Budget on 28 February. Continue reading “Partho Shome, ITIC Board Member, leads Indian Tax Administration Reform Commission”