READING DOWN MODEL IGST ACT (PART-8) (PAYMENT OF TAX) – Goods and Services Tax – GST – By: – Dr. Sanjiv Agarwal – Dated:- 29-7-2016 Last Replied Date:- 8-8-2016 – Chapter V of the Model IGST Act comprises of section 7 which contains provisions for payment of tax, interest, penalty and other amounts. The manner of maintenance of books and procedural requirements shall be prescribed by the Central Government after the legislation is enacted. Manner of Payment Section 7 provides for deposit or payment of – tax (i.e.) IGST interest on delayed payment of tax interest fee any other amount Accordingly, taxable person shall be required to deposit aforementioned amounts by way of / by – Internet banking, or Using debit / credit card, or National Electronic Funds Transfer (NEFT), or Real Time Gross Settlement (RTGS), or Any other mode which will be credited to the electronic cash ledger of such taxable person maintained under the Act. The date of deposit in bank shall be deemed to be that date o
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ed in an electronic register Utilization of Credit Sub-section (5) provides for the manner in which input tax credit on account of IGST, CGST and SGST could be utilized. Accordingly, The amount of input tax credit on account of IGST available in the electronic credit ledger shall first be utilized towards payment of IGST and the amount remaining, if any, may be utilized towards the payment of CGST and SGST, in that order. The amount of input tax credit on account of CGST available in the electronic credit ledger shall first be utilized towards payment of CGST and the amount remaining, if any, may be utilized towards the payment of IGST. The amount of input tax credit on account of SGST available in the electronic credit ledger shall first be utilized towards payment of SGST and the amount remaining, if any, may be utilized towards the payment of IGST. This manner of utilization of input tax credit amongst three taxes inter se, can be understood by way of following diagrams – The follow
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e refund will be allowed as provided in section 38 of CGST Act as a consequence of which IGST balance will stand reduced. According to section 38 of CGST Act, any person claiming refund of any tax and interest, if any, paid on such tax or any other amount paid by him, may make an application in that regard to the proper officer of IGST/CGST/SGST before the expiry of two years from the relevant date in such form and in such manner as may be prescribed. The limitation of two years shall not apply where such tax or interest or the amount referred to above has been paid under protest. Order of Discharge Sub-section 8 provides for discharge of dues in the prescribed order and assessee can not appropriate tax demand under any other order of preference. Accordingly, every taxable person is required to discharge his tax and other dues in the following order- (a) self-assessed tax, and other dues related to returns of previous tax periods; (b) self-assessed tax, and other dues related to the re
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him, be deemed to have passed on the full incidence of such tax to the recipient of such goods and/or services. This deeming provision shall apply unless the taxpayer is able to prove to the contrary. The onus of proof will lie on the taxpayer. It appears to be a grey area and we can see continuation of disputes arising out of unjust enrichment. (To be continued…..) – Reply By swaminathan venkataraman – The Reply = OFFHANDAccording to own independent perception,- as often canvassed before, -the inherently dubious / patently distortional concept- 'DEEMED' – widely and impulsively employed in legal circles , in general, and mindlessly resorted to in modern- days- legislation, in particular, has most certainly the otherwise avoidable 'grey areas' ; which is potent with scope for controversies galore, and the resulting disputes and litigation.In the context herein, what calls for a special focus is the very much wanting political will and apathy in such matters; whic
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c of stock exchange , as he very rightly pointed out, that is one source commonly resorted to for speculation, making more money (gains), without earning it. Said, quoting the warning by Lord Keynes:- Speculators may do no harm as bubbles on a steady stream of enterprise. But the position is serious when enterprise becomes the bubble on a whirlpool of speculation. When the capital development of a country becomes a by-product of the activities of a casino, the job is likely to be ill (un !) done. (SOURCE: For more inspiring wise thoughts, suggest reading incisively through published speeches/writings of N A Palkhivala – We, the Nation THE LOST DECADES )Side Dish:25 years of reforms: Why India needs an administrative innovationAfter 25 years of liberalisation, India s rich are growing richer and the poor poorerqz.comA quarter century of market reform leaves India richer with wider inequality. – Reply By Dr. Sanjiv Agarwal – The Reply = Agree with your views , Mr Swaminathan, now the law
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