Goods and Services Tax – GST – By: – Mr. M. GOVINDARAJAN – Dated:- 3-4-2017 – Finance Commission Article 280 of the Constitution of India provides for the establishment of the Finance Commission. According to Article 280(1) the President of India shall, within four years from the commencement of the Constitution and thereafter at the expiration of every 5th year or at such earlier time as the President considers necessary constitute a Finance Commission. 14 Finance Commissions have so far constituted. Currently the 14th Finance Commission is functioning. Distribution of tax proceeds among Central and States Among the various functions, the Finance Commission is to suggest the criteria of distribution between the Union and States of the net proceeds of taxes which are to be or may be divided between them and the allocation of shares of the proceeds of such taxes in percentages between them. The Finance Commission recommends to the President in the above matter. The President normally w
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IX Finance Commisison 85% 90 10 X Finance Commission 77.5% 90 10 Source: Finance Commission Reports Recommendations of Finance Commission on excise duty Finance Commission State share of Excise duty Distribution of excise duty to the States on the basis of Population Backwardness of States % of the poor in the States etc., I Finance Commission 40% of 3 duties 40 60 II Finance Commission 25% of 8 duties 40 60 III Finance Commission 20% of 35 duties 40 60 IV Finance Commission 20% of 45 duties 80 20 V Finance Commission 20% of 45 duties 80 20 VI Finance Commission 20% of 45 duties 75 25 VII Finance Commission 40% of all duties 25 75 VIII Finance Commission 45% of all duties 25 75 IX Finance Commission 45% of all duties 25 75 X Finance Commission 45% of all duties 20 80 Source: Finance Commission Reports Apart from the income tax, excise duty the Central has levied and collected additional excise duties and the entire proceeds after deducting the share of the Union territories are distri
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ere the registered person is not eligible for input tax credit; in respect of inter-State supply of goods or services or both made in a financial year to a registered person, where he does not avail of the input tax credit within the specified period and thus remains in the integrated tax account after expiry of the date for furnishing of annul returns for such year in which the supply was made; in respect of import of goods or services or both by an unregistered person or by a registered person paying tax under Section 10 of CGST Act; in respect of import of goods or services or both where the registered person is not eligible for input tax credit; in respect of import of goods or services or both made in a financial year by a registered person, where he does not avail of the said credit within the specified period and thus remains in the integrated tax account after expiry of the due date for furnishing of annual return for such year in which the supply was received the amount of tax
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entral Government in proportion to the amount collected as State tax or, as the case may be, Union territory tax, by the respective State or, as the case may be, by the Central Government during the immediately preceding financial year. Apportionment of interest, penalty and compounding Section 17(3) of the Bill provides that the provisions of Section 17(1) and 17(2) relating to appointment of integrated tax shall, mutatis mutandis apply to the apportionment of interest, penalty and compounding amount realized in connection with the tax so apportioned. Transfer of apportioned amount Section 17(4) provides that where an amount has been apportioned to the Central Government or a State Government, the amount collected as integrated tax shall stand reduced by an amount equal to the amount so apportioned and the Central Government shall transfer to the central tax account or Union territory tax account, an amount equal to the respective amounts apportioned to the Central Government and shal
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