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The passing of the historic GST Bill by both Houses of Parliament has paved the way for a single tax that would not only subsume all indirect levies but also enable a unified and seamless market. The Goods and Services Tax Constitution (122nd Amendment) Bill when its legislative process gets completed is expected to provide a boost to the Digital India initiative, and eventually to e-governance services which will emerge as a tool to bring a revolution in the digital economy of our country.

The Bill has enlightened the Central Government’s vision of providing convenient and reliable services through the Digital India campaign. It will allow a robust digital platform for the Indian population to enjoy e-governance facilities with great satisfaction.

E-governance services are going to explore the opportunity of rapid cross- border transactions which will emerge as a game-changing platform for e-commerce marketplace. The GST regime could bring higher compliance burden for digital platforms in order to deal with tax evasion. However, the regime will surely witness more benefits as compared to challenges. Moreover, the GST will increase competition among various e-players across the digital space to ensure best services and customer satisfaction.

The GST will successfully subsume various taxes such as Excise Duty, Countervailing Duty, Special Additional Duty, Service Tax, State VAT, Entry Tax, Entertainment Tax, Luxury Tax, Purchase Tax and Impost on Lottery & Gambling but will exclude alcohol and electricity under its regime. It will simply abolish the “tax on tax” system and is forecasted to bring phenomenal changes in almost all major sectors of the Indian economy.

Rapid innovation in technology has led to a gradual shift in the way goods or services are marketed and sold by various key players to end-customers. E-governance is one such sector where major technological developments could bring remarkable changes as it has ruled the e-grounds as one of the most acceptable areas where consumers can leverage e-governance technology with a great ease.Moreover, Indian consumers are looking forward to exploring the GST regime in order to lead a quality life.

WILL ATTRACT MORE INVESTORS

The push towards e-governance will have a significant impact on the Indian IT industry as it brings into play the entire range of hardware and software products and services. This will attract more investors, including private ones, to invest in the IT field and thus strengthen the sector even more.

The GST Bill entertains the power to provide customer-centric services and e-governance portals will prove as major technology partners to support the Government’s vision while spreading words. These web portals will make complex processes easier for customers and also conduct research and analysis to keep a track of demand as well as experience at the consumer end.

The Government is likely to introduce the GST by April 2017 and taxpayers need to be GST-compliant to be able to keep a record of changes in their systems. GST introduction will be a matter of its successful implementation by the Government. In this context almost every aspect of business operations in India, such as supply chain optimization, the pricing of products and services; IT and the accounting and tax compliance systems should contribute towards making this move a true economic reform in our country.

As a whole, the GST is a great package of attractive offerings in diversified fields and has a tremendous appeal to have a positive impact on the Indian economy. The Central and State Governments could now exercise their powers to start a tax dispensation era in the private and public sectors by leveraging the exceptional potential embedded in the GST move.

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Autor(en)/Author(s): Ankit Agarwal

Quelle/Source: Bureaucracy Today, 19.08.2016

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