Vijay's Vision

-* Dr. S. Vijay Kumar                                                         The Goods and Service Tax ( GST ) is a Value Added Tax (VAT) to be implemented in   India from July, 2017. It   is a comprehensive tax mechanism where in all major indirect taxes are clubbed into one, whether they are levied on services (service tax) or goods (excise and vat). Amalgamating several Central and State taxes into a single tax would mitigate cascading or double taxation, facilitating a common national market. In simple terms, GST means the state will share the Central Sales Taxes that it is currently receiving fully with the Center. The Center in return will share the Service Tax with the States. Presently, there are around 160 countries  in the world that have implemented   GST/VAT in some form or other . In some countries, VAT is the substitute for GST, but   conceptually it is a destination based tax   levied on consumption of goods and services. France was the first in the world to intr

                                                                                                                               -* Dr. S. Vijay Kumar                  India is considered as one of the fastest growing economies in the world . Agriculture is the mother of any economy, whether it is rich or poor. Much of its influence is on the other sectors of economy - industry and service. India is the second largest in farm output. Hence, I ndia’s economic security continues to be predicated upon the agriculture sector, and the situation is not likely to change in the near future. Even today, the share of agriculture in employment is about 49% of the population, as against around 75% at the time of independence.  In the same period, the contribution of agriculture and allied sector to the Gross Domestic Product (GDP) has fallen from 61% to 17% in 2015-16. Around 51% of India’s geographical area is already under cultivation as compared to 11% of the world average. China with lesse