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GST-SME Sector © 2018 JETIR October 2018, Volume 5, Issue 10 www.jetir.org (ISSN-2349-5162) GST – The Game Changer for Indian Economy: GST-SME sector Naaharavaar Lakshmishree Dharmendra –Research scholar Dr Gaurav Khanna- Research Guide Madhav University, Abu road , Sirohi , Rajasthan Abstract: In this paper my aim is to study about GST, journey of GST, foreign countries who have adopted GST model , impact of GST on SME sector . Indian government has structured GST for efficient tax collection, reduction in corruption, easy inter-state movement of goods, Make in India promotion etc. because of all these factor Indian SME will be more competitive in international market which will compete with China, Bangladesh etc .New emerging market in FMCG ,textile, ecommerce ,automobile sector will be benefited in future Main issue in GST is tax evasion arising out of small businesses not registering, under- reporting of actual sales by traders; traders collecting tax but not remitting to the government; and traders making false claims for refunds. Finally I just want to suggest that government should focus on cyber security ,strong IT infrastructure ,GST learning programmes for local people then and only we will get long term benefit. Keyword : SME, foreign countries ,tax evasion , cyber security ,IT infrastructure ,Learning programmes Introduction of GST In India, GST is proposed to have a dual structure— a Central GST levied and collected by the Centre and a state GST administered by States. The Goods and Service Tax will bring into place a unified taxation system, which would merge most of the existing taxes into a single taxation system. It replaces the taxes levied by the central and state governments separately and at different stages of sale and purchase including State Value-Added Tax (VAT), Central Excise, Service Tax, Entry Tax or Octroi and a few other indirect taxes. GST is expected to completely restructure the way India does business by introducing a single platform, the GST Network (GSTN), where businesses can upload their invoices for tax processing and availing tax benefits.The goods and services tax comes under Constitution (122nd) Amendment Bill .The move will create uniformity in taxes across states, increasing efficiency and compliance and also boost Modi government’s big push towards ease of doing business. Journey of GST in India February 1986: Finance Minister Vishwanath Pratap Singh proposes a major overhaul of the excise taxation structure in the budget for 1986-87. 2000: Prime Minister Atal Bihari Vajpyee introduces the concept, sets up a committee headed by the then West Bengal Finance Minister Asim Dasgupta to design a GST model. 2003: The Vajpayee government forms a task force under Vijay Kelkar to recommend tax reforms. 2004: Vijay Kelkar, then advisor to the Finance Ministry, recommends GST to replace the existing tax regime. 2008: Empowered Committee of State Finance Ministers constituted. April 30, 2008: The Empowered Committee submits a report titled 'A Model and Roadmap Goods and Services Tax (GST) in India' to the government November 10, 2009: Empowered Committee submits a discussion paper in the public domain on GST welcoming debate. 2009: Finance Minister Pranab Mukherjee announces basic structure of GST as designed by Dasgupta committee; retains 2010 deadline. BJP opposes GST basic structure. February 2010: Finance Ministry starts mission-mode computerisation of commercial taxes in states, to lay the foundation for GST rollout. Pranab Mukherjee defers GST to April 1, 2011. March 22, 2011: UPA-II tables 115th Constitution Amendment Bill in the Lok Sabha for bringing GST. March 29, 2011: GST Bill referred to Parliamentary Standing Committee on Finance led by Yashwant Sinha. Asim Dasgupta resigns, replaced by the then Kerala Finance Minister KM Mani. November 2012: Finance Minister P Chidambaram holds meetings with state finance ministers; decides to resolve all issues by December 31, 2012 for GST rollout. JETIR1810502 Journal of Emerging Technologies and Innovative Research (JETIR) www.jetir.org 694 © 2018 JETIR October 2018, Volume 5, Issue 10 www.jetir.org (ISSN-2349-5162) February 2013: Declaring UPA government's resolve to introducing GST, Chidambaram in his Budget speech makes provision for Rs 9,000 crore to compensate states for losses incurred because of GST. August 2013: Parliamentary standing committee submits report to Parliament suggesting improvements on GST. GST Bill gets ready for introduction in Parliament. October 2013: Gujarat Chief Minister Narendra Modi opposes GST Bill saying state would incur losses worth Rs 14,000 crore every year due to GST. 2014: GST Bill cleared by Standing Committee lapses as Lok Sabha dissolves; BJP-led NDA government comes to power. December 18, 2014: Cabinet approves 122nd Constitution Amendment Bill to GST. December 19, 2014: Finance Minister Arun Jaitley introduces the Constitution (122nd) Amendment Bill in the Lok Sabha; Congress objects. February 2015: Jaitley sets April 1, 2016 as deadline for GST rollout. May 6, 2015: Lok Sabha passes GST Constitutional Amendment Bill. May 12, 2015: The Amendment Bill presented in the Rajya Sabha. Congress demands the Bill be sent to Select Committee of Rajya Sabha; demands capping GST rate at 18 per cent. May 14, 2015: The GST Bill forwarded to joint committee of Rajya Sabha and Lok Sabha. August 2015: Government fails to win the support of Opposition to pass the bill in the Rajya Sabha where it lacks sufficient number. July 2016: Centre opposes capping GST rate at 18%; gets states around. August 2016: Congress, BJP agree to pass the Constitution Amendment Bill. August 3, 2016: Rajya Sabha passes the Constitution Amendment Bill by two-thirds majority. September 2, 2016: 16 states ratify GST Bill; President Pranab Mukherjee gives assent to the Bill. September 12: Union Cabinet clears formation of GST Council September 22-23: Council meets for first time. November 3: GST Council agrees on four slab tax structure of 5, 12, 18 and 28% along with an additional cess on luxury and sin goods. January 16, 2017: Jaitley announces July 1 as GST rollout deadline. Centre, states agree on contentious issue of dual control and taxing rights on goods at high sea. February 18: GST Council finalises draft compensation bill providing to make good any revenue loss to states in first five years of GST rollout. March 4: GST Council approves CGST and Integrated-GST bills. March 20: Cabinet approved CGST, IGST and UT GST and Compensation bills. March 27: Jaitley tables CGST, IGST, UT GST and Compensation bills in Parliament. Lok Sabha and Rajya Sabha pass all the four key GST Bills - Central GST (CGST), Integrated GST (IGST), State GST (SGST) and Union Territory GST (UTGST). May 18: GST Council fits over 1,200 goods in one of the four tax slabs of 5, 12, 18 and 28%. Over 80% of goods of mass consumption either exempted or taxed under 5% slab. GST Council fixes cess on luxury and sin goods to create kitty for compensating states. May 19: GST Council decides on 5, 12, 18 and 28% as service tax slabs. June 21: All states except Jammu and Kashmir pass SGST law. June 28: Mamata Banerjee announces her party's decision to skip midnight launch of GST. June 29: Congress, Left too decide to skip launch. June 30 Midnight: GST rollout. It took almost 30 year for implementing GST in India. The credit should be given to the Prime Minister Atal Bihari Vajpyee who introduces the concept, sets up a committee headed by the then West Bengal Finance Minister Asim Dasgupta to design a GST model and now Modi who is taking all credit for implementing GST was opposing when he was Gujarat CM by saying GST Bill would incur losses worth Rs 14,000 crore every year due to GST in OCT 2013 to state . GST in Other Countries It is a known fact that more than 160 nations have brought up GST and as a matter of fact, European tax economy has conceived the GST more than 50 years ago. In the Asia Pacific geography, the taxation scheme is a popular and broadly accepted subject of taxation. But the most important and questionable thought over this discussion concludes that there are above 40 models of GST applications which are currently running through the system of various economies in the world which includes a diverse set of rules and regulation New Zealand GST has been implemented in New Zealand in 1986 and after that, it had been applying the taxes on everything at a single and consistent rate which is 10% till 2010. The tax rate after 2010 has increased to 15% which is applicable to all purchases. There is no GST on residential rents and financial services. Here businesses can also recover the GST as an input cost. JETIR1810502 Journal of Emerging Technologies and Innovative Research (JETIR) www.jetir.org 695 © 2018 JETIR October 2018, Volume 5, Issue 10 www.jetir.org (ISSN-2349-5162) Singapore Singapore also follows the single and consistent rate system on every purchase. GST was initiated in Singapore in 1994 with the flat GST rate of 3% which was lowest in the market. With effect from 2007, the GST rate has been increased to 7% which is still very less compared to GST rates of India. The government committed not to raise tax for next 5 years which came in as a important decision in reviving consumer spending.Also, Singapore introduced a compensation scheme under the GST which provided support to the needy and underprivileged.However, in initial stage of GST, the country faced uptick in inflation to 3.1% in 1994 from 2.3% in 1993. But after that it moderated below 2% between 1995 – 1996. Indonesia In Indonesia, imports are subject to VAT and GST, but most of the exports are exempted from the list of it.
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