Author: admin_gst

Goods and Services Tax – GST – By: – SKP IDT – Dated:- 18-6-2016 Last Replied Date:- 30-12-1899 – Hope for GST being a reality in April 2017 rekindled with a positive meeting of the Empowered Committee of State Finance Ministers on 14 June 2016. Statement of the Union Finance Minister Mr. Jaitley stating a broad consensus have been built over GST bill and all the States barring one – Tamil Nadu are onboard for implementing GST. The Model GST Law would act as a broad framework and Central GST as well as State GST Acts would be based on the same. In this article we would like to focus on Section 145 of the Model GST Law which enlists provisions in relation to Credit of eligible duties and taxes in respect of inputs held in stock to be allowed in certain situations and evaluate whether the same would open up avenues to claim tax credit which is otherwise unavailable in the current indirect tax regime. Relevant extract of Section 145 is reproduced below for ease of reference: (1) A regist

= = = = = = = =

Plain text (Extract) only
For full text:-Visit the Source

= = = = = = = =

lier law in respect of inputs held in stock and inputs contained in semi-finished or finished goods held in stock on the appointed day; and (v) such invoices and /or other prescribed documents were issued not earlier than twelve months immediately preceding the appointed day. (2) The amount of credit under sub-section (1) shall be calculated in accordance with generally accepted accounting principles in such manner as may be prescribed. (3) The amount taken as credit under sub-section (1) shall be recovered as an arrear of tax under this Act from the taxable person if the said amount is found to be recoverable as a result of any proceeding instituted, whether before or after the appointed day, against such person under the earlier law. Now, when we decode the aforesaid provision, the following emerges – Eligibility of Input Tax Credit of the following: Tax Credit of Pertaining to Inputs held in stock Manufacture of goods which are exempt under the current indirect tax regime Inputs con

= = = = = = = =

Plain text (Extract) only
For full text:-Visit the Source

= = = = = = = =

es engaged in manufacture of goods which are currently exempt (say Pharma companies engaged in manufacture of medicines or vaccines) and are therefore unable to claim CENVAT credit/ input tax credit of the taxes paid on procurement of inputs. Companies which have opted for concessional duty rate of 2% (subject to non-availment of CENVAT credit on inputs) would also benefit from the said provision. A look at other transitional provisions Section 143 of the Model Law provides for carry forward of CENVAT credit and VAT credit lying in the balance in the return furnished under the current tax regime to the GST regime. This is a much needed clarity and shall put to rest the numerous questions of industry and other stakeholders on fate of tax credit balance accumulated under current tax regime. A separate Section 144 provides clarity on eligibility of unavailed CENVAT credit on capital goods in the current tax regime under the GST regime. This provision is also a relief as issue of restricti

= = = = = = = =

Plain text (Extract) only
For full text:-Visit the Source

= = = = = = = =

ate reports of taxes paid on procurement. This aforesaid is a welcome provision; however, it would reap benefits only if an assessee ensures that a proper system is in place to record the taxes paid on procurement. One-to-one correlation of inputs used for manufacturing process and units lying in stock or in the stock of semi-finished or finished goods is equally important. The taxpayers may have to retain and maintain invoices and supporting documents evidencing payment of taxes on procurement. Thus, the taxpayers may also review the supporting invoices and check for all the prescribed parameters are present on the invoices to claim input tax credit under the GST regime. Looking at the pace of activities at backend to roll out GST from April 2017, it would not be an overstatement that the government is ahead with GST preparedness than majority of the industry. Therefore, it is high time that businesses evaluate the aforesaid along with other provisions under Model GST law and analyse

= = = = = = = =

Plain text (Extract) only
For full text:-Visit the Source

= = = = = = = =

Goods and Services Tax – GST – By: – Mr. M. GOVINDARAJAN – Dated:- 17-6-2016 – Introduction Followed by the model Goods and Service Tax Act, 2016, ( Act for short) the Finance Ministry brings in its domain the draft The Integrated Goods and Service Tax, 2016 , which contains XI chapters and 33 sections. Chapter I – Preliminary – Sections 1 and 2; Chapter II – Principles for determining supply of goods and/or services in the course of interstate trade or commerce – Sections 3 and 3A; Chapter III – Levy and Collection of Tax – Section 4; Chapter IV – Place of Supply of goods and service – Section 5 and 6; Chapter V – Payment of Tax – Section 7; Chapter VI – Input tax credit – Section 8 and 9; Chapter VII – Apportionment of Tax and Settlement of Funds – Section 10; Chapter VIII – Settlement of cases – Section 10 to Section 26; Chapter IX – Miscellaneous – Section 27 to 30; Chapter X – Transitional provisions – Section 31; Chapter XI – Administration – Sections 32 and 33. Integrated Goods

= = = = = = = =

Plain text (Extract) only
For full text:-Visit the Source

= = = = = = = =

vered by the supplier to a recipient or any other person, on the direction of a third person, whether acting as an agent or otherwise, before or during movement of goods, either by way of transfer of documents of title to the goods or otherwise, it shall be deemed that the said third person has received the goods and the place of supply of such goods shall be the principal place of business of such person; where the supply does not involve movement of goods, whether by the supplier or the recipient, the place of supply shall be the location of such goods at the time of the delivery to the recipient; where the goods are assembled or installed at site, the place of supply shall be the place of such installation or assembly; where the goods are supplied on board a conveyance, such as a vessel, an aircraft, a train or a motor vehicle, the place of supply shall be the location at which such goods are taken on board. Where the place of supply of goods cannot be determined as above, the same

= = = = = = = =

Plain text (Extract) only
For full text:-Visit the Source

= = = = = = = =

campsite, by whatever name called and including a house boat or any other vessel; or by way of accommodation in any immovable property for organizing any marriage or reception or matters related therewith, official, social, cultural, religious or business function including services provided in relation to such function at such property;or any services ancillary to the services referred to in clause (a), (b) and (c), shall be the location at which the immovable property or boat or vessel is located or intended to be located. Where the immovable property or boat or vessel is located in more than one State, the supply of service shall be treated as made in each of the States in proportion to the value for services separately collected or determined, in terms of the contract or agreement entered into in this regard or, in the absence of such contract or agreement, on such other reasonable basis as may be prescribed in this behalf. Catering services Section 6(5) provides that the place of

= = = = = = = =

Plain text (Extract) only
For full text:-Visit the Source

= = = = = = = =

ting, scientific, educational or entertainment event including supply of service in relation to a conference, fair, exhibition, celebration or similar events; or services ancillary to organization of any of the above events or services, or assigning of sponsorship of any of the above events, to a registered person, shall be the location of such person; a person other than a registered person, shall be the place where the event is actually held. Where the event is held in more than one State and a consolidated amount is charged for supply of services relating to such event, the place of supply of such services shall be taken as being in the each of the States in proportion to the value of services so provided in each State as ascertained from the terms of the contract or agreement entered into in this regard or, in absence of such contract or agreement, on such other reasonable basis as may be prescribed in this behalf. Transportation of goods Section 6(9) provides that the place of sup

= = = = = = = =

Plain text (Extract) only
For full text:-Visit the Source

= = = = = = = =

ssued at the same time. Conveyance Section 6(11) provides that the place of supply of services on board a conveyance such as vessel, aircraft, train or motor vehicle, shall be the location of the first scheduled point of departure of that conveyance for the journey. Telecommunications service Section 6(12) provides that the place of supply of telecommunication services including data transfer, broadcasting, cable and direct to home television services to any person shall- in case of services by way of fixed telecommunication line, leased circuits, internet leased circuit, cable or dish antenna, be the location where the telecommunication line, leased circuit or cable connection or dish antenna is installed for receipt of services; in case of mobile connection for telecommunication and internet services provided on post-paid basis, be the location of billing address of the recipient of services on record of the supplier of services; in cases where mobile connection for telecommunication

= = = = = = = =

Plain text (Extract) only
For full text:-Visit the Source

= = = = = = = =

gistered person, be the location of the recipient of services on the records of the supplier of services. Advertisement services to Governments Section 6(15) provides that the place of supply of advertisement services to the Central Government, a State Government, a statutory body or a local authority meant for identifiable States, shall be taken as located in each of such States and the value of such supplies specific to each State shall be in proportion to amount attributable to service provided by way of dissemination in the respective States as may be determined in terms of the contract or agreement entered into in this regard or, in the absence of such contract or agreement, on such other reasonable basis as may be prescribed in this behalf. Other services Section 6(2) provides that the place of supply of services, except the services specified in sub-sections (4), (5), (6), (7), (8), (9), (10), (11), (12), (13), (14) and (15), made to a registered person shall be the location of

= = = = = = = =

Plain text (Extract) only
For full text:-Visit the Source

= = = = = = = =

cation of the supplier and the place of supply are in the same State. Levy and Collection of IGST Section 4(1) provides for the collection of IGST on all supplies of goods and/or services made in the course of inter-State trade or commerce at the rate specified in the Schedule to this Act and collected in such manner as may be prescribed. Section 4(2) provides that the IGST shall be paid by every taxable person in accordance with the provisions of this Act. Section 4(4) provides that notwithstanding anything contained in sub-section (1) but subject to such conditions as may be notified in this behalf, no tax under this Act shall be payable by any taxable person in respect of such supplies of goods and/or services as are specified in Schedule . . . to the Act. Reverse charge mechanism Section 4(3) provides that notwithstanding anything contained in sub-section (2), the Central Government may, on recommendation of the Council, by notification, specify categories of supply of goods and/or

= = = = = = = =

Plain text (Extract) only
For full text:-Visit the Source

= = = = = = = =

Goods and Services Tax – GST – By: – CA Akash Phophalia – Dated:- 17-6-2016 – 1. Background GST is a comprehensive VAT on the supply of goods or services or both. All goods and services will be subject to GST unless specifically exempted i.e. operating on negative concept. It is a tax on supply of goods or services or both except taxes on supply of the alcoholic liquor for human consumption . Draft Goods and Service Tax Act 2016 was released few days ago. The relevant provisions related to levy and collection of GST are discussed hereunder. 2. Levy This act proposed to levy tax which may be called as CGST or SGST on all the intra-State supplies of goods or services or both. The rate of tax will be applicable as per the categorisation and c

= = = = = = = =

Plain text (Extract) only
For full text:-Visit the Source

= = = = = = = =

rse charge would be having an option to pay tax at such rate as may be prescribed but not less than one percent. Further, this scheme is available only to the assessees who are not affecting any inter-state supply of goods or services. Another point to note is that if the assessee with the same PAN number is having multiple registrations than it had to exercise this compounding option in all the registrations. Assessee was restricted to collect this tax from the recipients on supplies made by it. Assessee would also not be eligible for input credit. 4. Taxable person Unlike earlier law, there is a separate section defining the meaning of the term taxable person . Taxable person means a person who carries on any business at any place in Indi

= = = = = = = =

Plain text (Extract) only
For full text:-Visit the Source

= = = = = = = =

ified persons In the situation other than above- (l) Suppliers liable to be registered where it makes a taxable supply of goods of services if its aggregate turnover in a financial year exceeds ₹ 9 lacs. (m) Supplier liable to be registered where it makes a taxable supply of goods of services if its aggregate turnover in a financial year exceeds ₹ 4 lacs. (for NE states including Sikkim) (n) Persons who were already registered under the earlier law subject to point (l) and (m) above. (o) Transferee in case where business is transferred. 5. Not considered as taxable persons The following persons will not be considered as taxable persons for the purpose of this act – (a) Employee providing service in the course of employment (b) P

= = = = = = = =

Plain text (Extract) only
For full text:-Visit the Source

= = = = = = = =

Goods and Services Tax – GST – By: – Saurabh Singhal – Dated:- 16-6-2016 – Taxable Event – Supply The taxable event for levy of GST shall be supply of goods and/ or services. The term supply is defined inclusively to cover general supply and deemed supply. General supply includes all forms of supply of goods and/or services such as sale, transfer, barter, exchange, license, rental, lease or disposal made for a consideration. Deemed supply includes specified transactions made without consideration. Impact Supply of services by CA, CS and CMA for a consideration shall be leviable to GST. Nature of Supply – Inter-state vs. Intra-state supplies Central GST (CGST) and State GST (SGST) will be leviable on intra-State supplies and Integrated GST

= = = = = = = =

Plain text (Extract) only
For full text:-Visit the Source

= = = = = = = =

re more or less on the same lines as existing in the current service tax regime. Impact Accordingly, time of supply of services shall be date of invoice or date of receipt of payment, whichever is earlier. In case invoice is not issued within prescribed time, time of supply will shift to the date of completion of service. The value of service shall be the price actually paid or payable for supply. Place Where Tax to be Deposited Taxable person is one who carries on business at any place in India and who is liable to be registered. Person is liable to be registered in the State from where supplies are made. Impact Tax is to be deposited in the State from where supply is made by the supplier. There are no clear provisions to determine the pla

= = = = = = = =

Plain text (Extract) only
For full text:-Visit the Source

= = = = = = = =

e ITC shall be reversed with interest. Interest is from the date of wrong availment or utilization. Returns Professionals like CA, CS and CMA are liable to file GSTR 1 (Statement of outward supplies), GSTR 2 (Statement of inward supplies), GSTR 3 (Statement of final tax and GSTR 8 (Annual return). Further, they may also be required to file GSTR 7 (Statement of TDS). Payment of Taxes Prioritization rule has been inserted for payment of taxes whereby taxes for the current period cannot be paid until the taxes/interest/late-fee/penalty in relation to returns of previous tax periods have not been deposited. Transitional Provisions Amount of CENVAT credit carried forward in a service tax return will be allowed as ITC under GST. However such carr

= = = = = = = =

Plain text (Extract) only
For full text:-Visit the Source

= = = = = = = =

Procedure of Settlement Commission – Section 26 – Draft-Bills-Reports – SETTLEMENT OF CASES – Draft – INTEGRATED GOODS AND SERVICES TAX ACT, 2016 ( IGST Act) – Draft June 2016 – Section 26 – 26. Proce

= = = = = = = =

Plain text (Extract) only
For full text:-Visit the Source

= = = = = = = =

Section 24 – Draft-Bills-Reports – SETTLEMENT OF CASES – Draft – INTEGRATED GOODS AND SERVICES TAX ACT, 2016 ( IGST Act) – Draft June 2016 – Section 24 – 24. Rectification of mistakes by Settlement Commission The Settlement Commission may amend any order passed by it under section 16 so as to rectify any mistake apparent from the record, if such mistake is noticed by the Settlement Commission on its own accord, or is brought to its notice by the jurisdictional IGST officer or the applicant with

= = = = = = = =

Plain text (Extract) only
For full text:-Visit the Source

= = = = = = = =

Section 25 – Draft-Bills-Reports – SETTLEMENT OF CASES – Draft – INTEGRATED GOODS AND SERVICES TAX ACT, 2016 ( IGST Act) – Draft June 2016 – Section 25 – 25. Powers of Settlement Commission (1) The Settlement Commission shall, for the purpose of exercising its powers regarding discovery and inspection, enforcing the attendance of any person and examining him on oath, issuing commissions and compelling production of books of account and other records, have all the powers of a civil court under t

= = = = = = = =

Plain text (Extract) only
For full text:-Visit the Source

= = = = = = = =

Section 22 – Draft-Bills-Reports – SETTLEMENT OF CASES – Draft – INTEGRATED GOODS AND SERVICES TAX ACT, 2016 ( IGST Act) – Draft June 2016 – Section 22 – 22. Order of settlement to be conclusive Every order of settlement passed under sub-section (5) of section 16 shall be conclusive as to the matters stated therein and no matter covered by such order shall, save as otherwise provided in this Chapter, be reopened in any proceeding under this Act or under any other law for the time being in force

= = = = = = = =

Plain text (Extract) only
For full text:-Visit the Source

= = = = = = = =

Section 23 – Draft-Bills-Reports – SETTLEMENT OF CASES – Draft – INTEGRATED GOODS AND SERVICES TAX ACT, 2016 ( IGST Act) – Draft June 2016 – Section 23 – 23. Bar on subsequent application for settlement in certain cases (1) Where- (i) after the passing of an order of settlement under sub- section (5) of section 16, in relation to a case, such person is convicted of any offence under this Act in relation to that case; or (ii) the case of such person is sent back to the jurisdictional IGST Office

= = = = = = = =

Plain text (Extract) only
For full text:-Visit the Source

= = = = = = = =

Section 19 – Draft-Bills-Reports – SETTLEMENT OF CASES – Draft – INTEGRATED GOODS AND SERVICES TAX ACT, 2016 ( IGST Act) – Draft June 2016 – Section 19 – 19. Inspection, etc. of reports The Settlement Commission shall, on an application made in this behalf, and on payment of the prescribed fee bythe applicant, for the purpose of rebutting any evidence brought on record against him in any report made by any IGST Officer or Designated officer, furnish to him a certified copy of any such report or

= = = = = = = =

Plain text (Extract) only
For full text:-Visit the Source

= = = = = = = =

Section 20 – Draft-Bills-Reports – SETTLEMENT OF CASES – Draft – INTEGRATED GOODS AND SERVICES TAX ACT, 2016 ( IGST Act) – Draft June 2016 – Section 20 – 20. Power of Settlement Commission to grant immunity from prosecution and penalty (1) The Settlement Commission may, if it is satisfied that any person who made the application for settlement under section 15 has co-operated with the Settlement Commission in the proceedings before it and has made a full and true disclosure of his tax liability, grant to such person, subject to such conditions as it may think fit to impose, immunity from prosecution for any offence under this Act and also either wholly or in part from the imposition of any penalty and fine under this Act, with respect to t

= = = = = = = =

Plain text (Extract) only
For full text:-Visit the Source

= = = = = = = =

Section 21 – Draft-Bills-Reports – SETTLEMENT OF CASES – Draft – INTEGRATED GOODS AND SERVICES TAX ACT, 2016 ( IGST Act) – Draft June 2016 – Section 21 – 21. Power of Settlement Commission to send a case back to the IGST officer (1) The Settlement Commission may, if it is of opinion that any person who made an application for settlement under section 15 has not co-operated with the Settlement Commission in the proceedings before it, send the case back to the jurisdictional IGST officer or the First Appellate Authority, as the case may be, who shall thereupon dispose of the case in accordance with the provisions of this Act as if no application under section 15 had been made. (2) For the purpose of sub-section (1), the jurisdictional IGST O

= = = = = = = =

Plain text (Extract) only
For full text:-Visit the Source

= = = = = = = =

Section 17 – Draft-Bills-Reports – SETTLEMENT OF CASES – Draft – INTEGRATED GOODS AND SERVICES TAX ACT, 2016 ( IGST Act) – Draft June 2016 – Section 17 – 17. Power of Settlement Commission to order provisional attachment to protect revenue (1) Where during the pendency of any proceeding before it, the Settlement Commission is of the opinion that for the purpose of protecting the interests of revenue it is necessary so to do, it may, by order, attach provisionally any property belonging to the a

= = = = = = = =

Plain text (Extract) only
For full text:-Visit the Source

= = = = = = = =

Section 18 – Draft-Bills-Reports – SETTLEMENT OF CASES – Draft – INTEGRATED GOODS AND SERVICES TAX ACT, 2016 ( IGST Act) – Draft June 2016 – Section 18 – 18. Power of Settlement Commission to reopen completed proceedings If the Settlement Commission is of the opinion (the reasons for such opinion to be recorded by it in writing) that, for the proper disposal of the case pending before it, it is necessary or expedient to reopen any proceeding connected with the case but which has been completed

= = = = = = = =

Plain text (Extract) only
For full text:-Visit the Source

= = = = = = = =

Section 16 – Draft-Bills-Reports – SETTLEMENT OF CASES – Draft – INTEGRATED GOODS AND SERVICES TAX ACT, 2016 ( IGST Act) – Draft June 2016 – Section 16 – 16. Procedure for settlement on receipt of an application under section 15 (1) On receipt of an application under sub-section (1) of section 15, the Settlement Commission shall, within seven days from the date of receipt of the application, issue a notice to the applicant to explain in writing as to why the application made by him should be allowed to be proceeded with, and after taking into consideration the explanation provided by the applicant, it shall, within a period of forty five days from the date of the notice, by an order, allow the application to be proceeded with, or reject the application as the case may be, and the proceedings before the Settlement Commission shall abate on the date of rejection : Provided that an application shall not be rejected unless an opportunity has been given to the applicant of being heard; Pro

= = = = = = = =

Plain text (Extract) only
For full text:-Visit the Source

= = = = = = = =

fficer received under subsection (3), if the Settlement Commission is of the opinion that any further enquiry or investigation in the matter is necessary, it may, within 15 days of the receipt of the report, direct, for reasons to be recorded in writing, the Designated Officer to make such further enquiry or investigation and furnish a report within a period of ninety days of the receipt of such direction, on the matters covered by the application and any other matter relating to the case : Provided that where the Designated Officer does not furnish the report within the aforesaid period, the Settlement Commission shall proceed to pass an order under subsection (5) without such report. (5) After examination of the records and the report of the jurisdictional IGST officer received under sub-section (3), and the report, if any, of the Designated Officer under sub-section (4), and after giving an opportunity to the applicant and to the jurisdictional IGST officer to be heard, either in pe

= = = = = = = =

Plain text (Extract) only
For full text:-Visit the Source

= = = = = = = =

ll dispose of the case in accordance with the provisions of this Act as if no application under section 15 had been made. Provided that the period specified under this sub- section may, for reasons to be recorded in writing, be extended by the Settlement Commission for a further period not exceeding three months. (7) For the purposes of the time limit under section 51 or section 79, as the case may be, of the CGST Act and for the purposes of interest under section 36 of the said Act, in a case referred to in sub-section (1) or sub-section (6), as the case may be, the period commencing on and from the date of the application to the Settlement Commission under section 15 and ending with the date of abatement, shall be excluded. (8) The order passed under sub-section (5) shall provide for the terms of settlement including any demand by way of tax, interest, fine or penalty, the manner in which any sums due under the settlement shall be paid and all other matters to make the settlement eff

= = = = = = = =

Plain text (Extract) only
For full text:-Visit the Source

= = = = = = = =

Section 15 – Draft-Bills-Reports – SETTLEMENT OF CASES – Draft – INTEGRATED GOODS AND SERVICES TAX ACT, 2016 ( IGST Act) – Draft June 2016 – Section 15 – 15. Application for settlement of cases (1) A taxable person may, in respect of a case or identical cases involving periodical show cause notices relating to him and pending before the adjudicating authority or the First Appellate Authority under the Act, make an application, in such form and in such manner as may be prescribed, containing a full and true disclosure of his tax liability which has not been disclosed before the jurisdictional IGST officer, the manner in which such liability has been derived, the additional amount of tax accepted to be payable by him and such other particula

= = = = = = = =

Plain text (Extract) only
For full text:-Visit the Source

= = = = = = = =

epted by him along with interest due thereon under section 36 of the CGST Act: Provided further that the Settlement Commission, if it is satisfied that the circumstances exist for not filing the return(s) referred to in clause (a) of the first proviso to subsection (1), may, after recording the reasons thereof, allow the applicant to make such application. (2) No application shall be entertained by the Settlement Commission under sub-section (1) in cases which are pending with the Appellate Tribunal or any Court. (3) No application under sub-section (1) shall be made for determination of any question having a bearing on the rate of tax or determination of liability to pay tax on goods and/or services under the Act. (4) Every application mad

= = = = = = = =

Plain text (Extract) only
For full text:-Visit the Source

= = = = = = = =

Section 29 – Draft-Bills-Reports – MISCELLANEOUS – Draft – INTEGRATED GOODS AND SERVICES TAX ACT, 2016 ( IGST Act) – Draft June 2016 – Section 29 – 29. Interest on delayed payment of tax (1) Every person liable to pay tax in accordance with the provisions of this Act or rules made there under, who fails to pay the tax or any part thereof to the account of the Central Government within the period prescribed, shall, on his own, for the period for which the tax or any part thereof remains unpaid,

= = = = = = = =

Plain text (Extract) only
For full text:-Visit the Source

= = = = = = = =

Section 28 – Draft-Bills-Reports – MISCELLANEOUS – Draft – INTEGRATED GOODS AND SERVICES TAX ACT, 2016 ( IGST Act) – Draft June 2016 – Section 28 – 28. Power to make rules (1) The Central Government may, on the recommendation of the Council, by notification, make rules for carrying out the purposes of this Act. (2) In particular and without prejudice to the generality of the foregoing power, such rules may (i) provide for settlement of cases in accordance with Chapter VIIA of this Act; (ii) pro

= = = = = = = =

Plain text (Extract) only
For full text:-Visit the Source

= = = = = = = =

Section 27 – Draft-Bills-Reports – MISCELLANEOUS – Draft – INTEGRATED GOODS AND SERVICES TAX ACT, 2016 ( IGST Act) – Draft June 2016 – Section 27 – CHAPTER- IX MISCELLANEOUS 27. Application of certain provisions of the CGST Act, 2016 The provisions relating to registration, valuation, time of supply of goods, time of supply of services, change in rate of tax in respect of supply of services, exemption from payment of tax, input tax credit and utilization thereof, accounts and records, payment,

= = = = = = = =

Plain text (Extract) only
For full text:-Visit the Source

= = = = = = = =

Section 30 – Draft-Bills-Reports – MISCELLANEOUS – Draft – INTEGRATED GOODS AND SERVICES TAX ACT, 2016 ( IGST Act) – Draft June 2016 – Section 30 – 30. Tax wrongfully collected and deposited with the Central or a State Government A taxable person who has paid IGST on a transaction considered by him to be an interstate supply, but which is subsequently held to be an intra-state supply, shall, upon payment of CGST and SGST in the appropriate State, be allowed to take the amount of IGST so paid as

= = = = = = = =

Plain text (Extract) only
For full text:-Visit the Source

= = = = = = = =

Section 31 – Draft-Bills-Reports – TRANSITIONAL PROVISIONS – Draft – INTEGRATED GOODS AND SERVICES TAX ACT, 2016 ( IGST Act) – Draft June 2016 – Section 31 – CHAPTER- X TRANSITIONAL PROVISIONS 31. Import of services or inter-state supply of goods and/or services made on or after the appointed day Notwithstanding anything contained in section 12 and 13 of the CGST Act, import of services or inter-state supply of goods and/or services made after the appointed day shall be liable to tax under the

= = = = = = = =

Plain text (Extract) only
For full text:-Visit the Source

= = = = = = = =

Section 33 – Draft-Bills-Reports – ADMINISTRATION – Draft – INTEGRATED GOODS AND SERVICES TAX ACT, 2016 ( IGST Act) – Draft June 2016 – Section 33 – 33. Appointment of officers under the Integrated Goods and Services Tax Act, 2016 (1) The Board may appoint such persons as it may think fit to be officers under the Integrated Goods and Services Tax Act, 2016. (2) Without prejudice to the provisions of sub-section (1), the Board may authorize a Principal Chief Commissioner/Chief Commissioner of Ce

= = = = = = = =

Plain text (Extract) only
For full text:-Visit the Source

= = = = = = = =

Section 32 – Draft-Bills-Reports – ADMINISTRATION – Draft – INTEGRATED GOODS AND SERVICES TAX ACT, 2016 ( IGST Act) – Draft June 2016 – Section 32 – CHAPTER- XI ADMINISTRATION 32. Classes of officers under the Integrated Goods and Services Tax Act, 2016 (1) There shall be the following classes of officers under the Integrated Goods and Services Tax Act, 2016 namely; (a) Principal Chief Commissioners of IGST or Principal Directors General of IGST, (b) Chief Commissioners of IGST or Directors Gen

= = = = = = = =

Plain text (Extract) only
For full text:-Visit the Source

= = = = = = = =

Section 13 – Draft-Bills-Reports – SETTLEMENT OF CASES – Draft – INTEGRATED GOODS AND SERVICES TAX ACT, 2016 ( IGST Act) – Draft June 2016 – Section 13 – 13. Jurisdiction and powers of Settlement Commission (1) The jurisdiction of the State Settlement Commission constituted under this Act shall extend to the …… (name(s) of States). (2) Each Bench shall be presided over by the State Chairman and shall consist of two other Members. (3) Notwithstanding anything contained in the foreg

= = = = = = = =

Plain text (Extract) only
For full text:-Visit the Source

= = = = = = = =

Section 14 – Draft-Bills-Reports – SETTLEMENT OF CASES – Draft – INTEGRATED GOODS AND SERVICES TAX ACT, 2016 ( IGST Act) – Draft June 2016 – Section 14 – 14. Decisions to be by majority (1) If the Members of a Bench differ in opinion on any point, the point shall be decided according to the opinion of the majority. (2) In a case where the decision is taken by a two member Bench as provided under sub-section (3) of section 13 and Members are equally divided, the matter will be referred to the th

= = = = = = = =

Plain text (Extract) only
For full text:-Visit the Source

= = = = = = = =