Top 10 Advantages and Disadvantages of GST Tax in India The tax system is one of the major concerns of government all around the globe. Since ages, we are implementing different tax systems and techniques to run the government without a hiccup. The infrastructure of a government depends a lot on the tax system and it is not only today but running from ancient times. We came to know a lot about different ancient tax systems from various pundits of history. India has done something new by implementing the GST tax system in India. There are some people who like the system and some who don’t like it. Here we will discuss about the advantages and disadvantages of the GST tax system but before that, we must know what GST is? GST: There are a lot of indirect taxes in many goods across the country, GST is the single replacement for them. The tax is divided equally between state and central …show more content…
The less developed states will get a push: As per the previous tax system the state can keep 2% of the production tax which is very low if we are thinking of transformation of some poor states. But with the changing GST state government will get a heavy chunk which will help them for the development of the state. Now, like the advantages, there are some disadvantages of the system too. We are going to discuss them below. Disadvantages of GST: 1. Real-Estate will be impacted highly: One of the biggest cons of the GST can be seen in the Real-Estate market and the effects will be very negative. As per GST, the tax for a new home will increase to 8%, which will decrease the demand for a new home to up to 12%, so isn’t that a big blunder in the Real-Estate market. 2. Same laws with a new package: Some of the experts who are saying that the GST is just like an old wine in a newly polished bottle. They are claiming that the features of GST which are SGST, IGST, and CGST are the same as the existing tax system. So ultimately it’s just coming with a new name having same
Delaware’s individual income tax system consists of six brackets with a top rate of 6.6%. The top rate ranks 17th highest among states levying an individual income tax. Delaware’s state and local tax collections per person were $1,283 in 2013, which ranked 10th highest nationally. In the 1500s, the Spanish brought peaches to Delaware.
From my perspective, the Virginia Plan seems fair because the bigger the state, the bigger the population, and that
All 50 states make different choices about how to bolster their budget by collecting tax revenues needed to provide services that their residents need and demand. With income taxes, property taxes, and sales taxes among the revenue-collecting tools at their disposal, most states collect a combination of all three to meet their yearly budgeting goals. Alaska is one of seven states (Alaska, Florida, Nevada, South Dakota, Texas, Washington, Wyoming) that does not require its residents to file a personal income tax, and one of only five states(Oregon, Delaware, New Hampshire, Montana, Alaska) that does not have a state sales tax, and the only state with neither. Alaska relies on two main sources of revenue, oil tax royalties and federal funding,
It would be unfair for the small states to be taxed as much as the large states. The constitution also claims that each state has to have at least one Representative in Congress, and there can be a maximum of one Representative for every 30,000 free people (Doc D). These rights are based on democratic views because if they had based the taxes and number of Representatives on the number of states, the rich and important people/states would have had all the power in the government. But with equal representation, the people would be able to help control the decisions made in Congress.
The United States needed to look at the future of the Tax Act that has come together to see if it will be beneficial to the citizens of the United States. Second I believe it was great that the Republican Party and the Democratic Party could come together a little more and work more out, because I believe with both parties of the government working together it will give citizens of the United States more trust, because there is no fight around between the parties. When discussing economic outcomes, all social classes should be evaluated with this, because it is the social classes that make up the U.S. economy. If this tax act ends up affecting the social class, then you can have a harmful decline in your economy which no one
The Indian Act is a part of Canadian legislation that is intended to elucidate how the federal government handles its responsibilities to the Aboriginal population of Canada. The Indian Act was created to civilize, protect and assimilate the Aboriginal people; however, in the past the Canadian government perceived Aboriginal people as wards, and thought that the Native communities and governments were unqualified of running their affairs (Coates, 2008). In the past the Indian Act was also utilized as an instrument to limit rights of the Aboriginal population. It banned Aboriginal people from practicing their cultural practices, denied them the right to vote, controlled who was permitted to travel from reserve settings, and decided where
Some people with be mad about getting taxed more and some people wouldn’t mind getting taxed more as long as it is doing something like helping someone that needs help or saving their lives. “About 800 000 people commit suicide every year… Mental disorders and harmful use of alcohol contribute to many suicides around the world. ”(www.who.int) The people I think that won’t like getting taxed the most are people like Lennie and George who are struggling with money as is
(closetheloophole.com/history) The California now distributes local property tax which affects the state general funds in the county and school system. (closetheloophole.com/history) The
In addition, the counties are also responsible for the collection of some of the state taxes, building and maintenance of roads and bridges, law enforcement among other
General revenue sharing “refers to money provided to state and local governments on an essentially unconditional basis” (159). Special revenue sharing “refers to grants to state and local governments provided in broad functional areas – community development, education, employment and training, law enforcement, and social services – with relatively few conditions attached” (159). The general revenue scheme of splitting tax revenue was passed by Congress, however in 1987, it was discontinued by President Ronald Reagan (159). The concept of special revenue sharing did pass Congress, but the term was changed to a more politically acceptable term, block
A voting U.S. citizen does not directly elect the President and Vice President; instead, these voters directly elect designated intermediaries called "electors," who almost always have pledged to vote for particular presidential and vice presidential candidates. Many Americans believe that their vote directly affects who leads the election but that is simply not true. They are voting for their state Electoral College to vote for that candidate. The Electoral College was made way back when, so it has its pros and cons. Is this the right way to vote for the president of the United States.
This includes building highways, streets, rails, and providing public transportation. Also, something different that differs national government and state governments that that each state has its own rules of the rate of income state taxes they collect. In Texas we only collect federal taxes, but New York, California, Louisiana, and other states are taken federal and state income taxes. The national government and state government share power in many areas, but in order to control the power given to the executive branch the Tenth amendment in the Bill of Rights, “The powers not delegated to the United States by the Constitution, nor prohibited by it to the States, are reserved to the states respectively, or to the people” allowed equal power to the federal government, the state government and the people.
1) What are the cultural dimensions Hofstede proposes? Please include a definition of each and how is each one rated? The Cultural dimensions Hofstede proposes are four dimensions that represent elements of common structure in the cultural systems of the countries. They are based on four very fundamental issues in human societies to which every society should find its answers.
In order to compare and contrast varying types of government within two or more countries, one must have a clear definition of Government and know the purposes it serves. Therefore, I did some research and I have established that Government is a group that exercises dominant power over a nation, state, society or other body of people. Governments are commonly responsible for constructing and implementing laws, handling money, and defending the general population from external threats, and may have other obligations or privileges. All over the world, there are many different types of government within countries. Each kind has its advantages as well as disadvantages regarding the general well-being of its peoples and economy.
Government Government is a system of social control under which the right to make laws, and the right to enforce them, is given to a particular group in society. Government power can be held by one individual, a few, or a majority. Government come in different forms. The basic law determining the form of government is called the constitution and may be written, as in the United States, or largely unwritten, as in Great Britain.