Goods and Services Tax on Financial Institutions: A Comparative Study of India with Select Developed Countries.

Chhaya, Rupal; Sneha, Srishti; Routray, Anisha

Goods and services tax in India has been a concept which is still at its toddler stages while in nations such as Australia, New Zealand, and Canada, the taxation system has been in place for more than a decade or two. There remains to be no ambiguity in the taxing system in those countries. With financial institutions forming the backbone of an economy, it is essential to see how it is taxed. In the present paper, the authors undertake a study of these institutions and their taxing in India, Australia, Singapore and New Zealand. We would see how the concept of zero GST or taxing on the financial sector in the aforesaid developed countries acted as a simulator for boosting the economy. Unlike in India, we have zero GST only on essential commodities which restricts our investments opportunities to a large extent.

AUSTRALIA; NEW Zealand; INDIA; VALUE-added tax; FINANCIAL institutions

Vision: Journal of Indian Taxation, 2021, Vol 8, Issue 1, p54

2347-4475

Academic Journal

10.17492/jpi.vision.v8i1.812104