Goods and Services Tax

Rule 2 – Final Rules (Draft) – TAX INVOICE, CREDIT AND DEBIT NOTES – GST – TAX INVOICE, CREDIT AND DEBIT NOTES – Final Draft Rules 18-5-2017 – Rule 2 – 2. Time limit for issuing tax invoice The invoice referred to in rule 1, in case of taxable supply of services, shall be issued within a period of thirty days from the date of supply of service: Provided that where the supplier of services is an insurer or a banking company or a financial institution, including a non-banking financial company, t

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Rule 1 – Final Rules (Draft) – TAX INVOICE, CREDIT AND DEBIT NOTES – GST – TAX INVOICE, CREDIT AND DEBIT NOTES – Final Draft Rules 18-5-2017 – Rule 1 – Chapter- TAX INVOICE, CREDIT AND DEBIT NOTES 1. Tax invoice Subject to rule 7, a tax invoice referred to in section 31 shall be issued by the registered person containing the following particulars:- (a) name, address and GSTIN of the supplier; (b) a consecutive serial number not exceeding sixteen characters, in one or multiple series, containing alphabets or numerals or special characters hyphen or dash and slash symbolised as – and / respectively, and any combination thereof, unique for a financial year; (c) date of its issue; (d) name, address and GSTIN or UIN, if registered, of the recip

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territory tax or cess); (m) place of supply along with the name of State, in case of a supply in the course of inter-State trade or commerce; (n) address of delivery where the same is different from the place of supply; (o) whether the tax is payable on reverse charge basis; and (p) signature or digital signature of the supplier or his authorized representative: Provided that the Commissioner may, on the recommendations of the Council, by notification, specify – (i) the number of digits of HSN code for goods or the Accounting Code for services, that a class of registered persons shall be required to mention, for such period as may be specified in the said notification, and (ii) the class of registered persons that would not be required to

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Rule 4 – Final Rules (Draft) – TRANSITIONAL PROVISIONS – GST – TRANSITIONAL PROVISIONS – Final Draft Rules 04-06-2017 – Rule 4 – 4. Details of goods sent on approval basis Every person having sent go

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Rule 3 – Final Rules (Draft) – TRANSITIONAL PROVISIONS – GST – TRANSITIONAL PROVISIONS – Final Draft Rules 04-06-2017 – Rule 3 – 3. Declaration of stock held by a principal and agent Every person to whom the provisions of section 141 or sub-section (14) of section 142 apply shall, within ninety days of the appointed day, submit a declaration electronically in FORM GST TRAN-1, specifying therein, the stock of the inputs, semi-finished goods or finished goods, as applicable, held by him on the ap

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Rule 2 – Final Rules (Draft) – TRANSITIONAL PROVISIONS – GST – TRANSITIONAL PROVISIONS – Final Draft Rules 04-06-2017 – Rule 2 – 2. Declaration to be made under clause (c) of sub-section (11) of section 142 Every person to whom the provision of clause (c) of sub-section (11) of section 142 applies, shall within a period of ninety days of the appointed day, submit a declaration electronically in FORM GST TRAN-1 furnishing the proportion of supply on which VAT or service tax has been paid before

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Rule 1 – Final Rules (Draft) – TRANSITIONAL PROVISIONS – GST – TRANSITIONAL PROVISIONS – Final Draft Rules 04-06-2017 – Rule 1 – CHAPTER – TRANSITIONAL PROVISIONS 1. Tax or duty credit carried forward under any existing law or on goods held in stock on the appointed day (1) Every registered person entitled to take credit of input tax under section 140 shall, within ninety days of the appointed day, submit a declaration electronically in FORM GST TRAN-1, duly signed, on the Common Portal specifying therein, separately, the amount of input tax credit to which he is entitled under the provisions of the said section: Provided that the Commissioner may, on the recommendations of the Council, extend the period of ninety days by a further period not exceeding ninety days. Provided further that where the inputs have been received from an Export Oriented Unit or a unit located in Electronic Hardware Technology Park, the credit shall be allowed to the extent as provided in sub-rule (7) of rule

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er each of the existing laws till the appointed day, and (ii) the amount of tax or duty yet to be availed or utilized by way of input tax credit under each of the existing laws till the appointed day; (b) in the case of a claim under sub-section (3) or the proviso thereto or clause (b) of sub-section (4) or sub-section (6) or sub-section (8) of section 140, specify separately the details of stock held on the appointed day; (c) in the case of a claim under sub-section (5) of section 140, furnish the following details- (i) the name of the supplier, serial number and date of issue of the invoice by the supplier or any document on the basis of which credit of input tax was admissible under the existing law, (ii) the description and value of the goods or services, (iii) the quantity in case of goods and the unit or unit quantity code thereof, (iv) the amount of eligible taxes and duties or, as the case may be, the value added tax [or entry tax] charged by the supplier in respect of the good

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goods of the central tax applicable on supply of such goods after the appointed date and shall be credited after the central tax payable on such supply has been paid: Provided that where integrated tax is paid on such goods, the amount of credit shall be allowed at the rate of thirty per cent. and twenty per cent. respectively of the said tax (iii) The scheme shall be available for six tax periods from the appointed date. (b) Such credit of central tax shall be availed subject to satisfying the following conditions, namely,- (i) such goods were not unconditionally exempt from the whole of the duty of excise specified in the First Schedule to the Central Excise Tariff Act, 1985 or were not nil rated in the said Schedule. (ii) the document for procurement of such goods is available with the registered person. (iii) the registered person availing of this scheme and having furnished the details of stock held by him in accordance with the provisions of clause (b) of sub-rule (2) of rule 1,

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at the rate of sixty per cent. on such goods which attract State tax at the rate of nine per cent. or more and forty per cent. for other goods of the State tax applicable on supply of such goods after the appointed date and shall be credited after the State tax payable on such supply has been paid: Provided that where integrated tax is paid on such goods, the amount of credit shall be allowed at the rate of thirty per cent. and twenty per cent. respectively of the said tax. (iii) The scheme shall be available for six tax periods from the appointed date. (b) Such credit of State tax shall be availed subject to satisfying the following conditions, namely,- (i) such goods were not wholly exempt from tax under the <Name of the State> Value Added Tax Act,….. (ii) the document for procurement of such goods is available with the registered person. (iii) the registered person availing of this scheme and having furnished the details of stock held by him in accordance with the prov

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Rule 10 – Final Rules (Draft) – Input Tax Credit – GST – Input Tax Credit – Final Draft Rules 18-5-2017 – Rule 10 – 10: Conditions and restrictions in respect of inputs and capital goods sent to the job worker (1) The inputs, semi-finished goods or capital goods shall be sent to the job worker under the cover of a challan issued by the principal, including where such goods are sent directly to a job-worker. (2) The challan issued by the principal to the job worker shall contain the details specified in rule Invoice.8: (3) The details of challans in respect of goods dispatched to a job worker or received from a job worker during a tax period shall be included in FORM GSTR-1 furnished for that period.

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Rule 9 – Final Rules (Draft) – Input Tax Credit – GST – Input Tax Credit – Final Draft Rules 18-5-2017 – Rule 9 – 9. Manner of reversal of credit under special circumstances (1) The amount of input tax credit relating to inputs held in stock, inputs contained in semifinished and finished goods held in stock, and capital goods held in stock shall, for the purposes of sub-section (4) of section 18 or sub-section (5) of section 29, be determined in the following manner namely,- (a) for inputs held in stock and inputs contained in semi-finished and finished goods held in stock, the input tax credit shall be calculated proportionately on the basis of corresponding invoices on which credit had been availed by the registere

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ted to the inputs held in stock are not available, the registered person shall estimate the amount under sub-rule (1) based on the prevailing market price of goods on the effective date of occurrence of any of the events specified in sub-section (4) of section 18 or, as the case may be, sub-section (5) of section 29. (4) The amount determined under sub-rule (1) shall form part of the output tax liability of the registered person and the details of the amount shall be furnished in FORM GST ITC-03, where such amount relates to any event specified in sub-section (4) of section 18 and in FORM GSTR-10, where such amount relates to cancellation of registration. (5) The details furnished in accordance with sub-rule (3) shall

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Rule 8 – Final Rules (Draft) – Input Tax Credit – GST – Input Tax Credit – Final Draft Rules 18-5-2017 – Rule 8 – 8. Manner of determination of input tax credit in respect of capital goods and reversal thereof in certain cases (1) Subject to the provisions of sub-section (3) of section 16, the input tax credit in respect of capital goods, which attract the provisions of sub-sections (1) and (2) of section 17, being partly used for the purposes of business and partly for other purposes, or partly used for effecting taxable supplies including zero rated supplies and partly for effecting exempt supplies, shall be attributed to the purposes of business or for effecting taxable supplies in the following manner, namely,- (

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eful life of such goods shall be taken as five years from the date of invoice for such goods: Provided that where any capital goods earlier covered under clause (a) is subsequently covered under this clause, the value of A shall be arrived at by reducing the input tax at the rate of five percentage points for every quarter or part thereof and the amount A shall be credited to the electronic credit ledger; Explanation: An item of capital goods declared under clause (a) on its receipt shall not attract the provisions of sub-section (4) of section 18 if it is subsequently covered under this clause. (d) the aggregate of the amounts of A credited to the electronic credit ledger under clause (c), to be denoted as

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aggregate of Tm for all such capital goods. (g) the amount of common credit attributable towards exempted supplies, be denoted as Te , and calculated as: Te= (E÷ F) x Tr where, E is the aggregate value of exempt supplies, made, during the tax period, and F is the total turnover of the registered person during the tax period: Provided that where the registered person does not have any turnover during the said tax period or the aforesaid information is not available, the value of E/F shall be calculated by taking values of E and F of the last tax period for which details of such turnover are available, previous to the month during which the said value of E/F is to calculated;

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Rule 7 – Final Rules (Draft) – Input Tax Credit – GST – Input Tax Credit – Final Draft Rules 18-5-2017 – Rule 7 – 7. Manner of determination of input tax credit in respect of inputs or input services and reversal thereof (1) The input tax credit in respect of inputs or input services, which attract the provisions of sub-section (1) or sub-section (2) of section 17, being partly used for the purposes of business and partly for other purposes, or partly used for effecting taxable supplies including zero rated supplies and partly for effecting exempt supplies, shall be attributed to the purposes of business or for effecting taxable supplies in the following manner, namely,- (a) total input tax involved on inputs and input services in a tax period, be denoted as T ; (b) the amount of input tax, out of T , attributable to inputs and input services intended to be used exclusively for purposes other than business, be denoted as T1 ; (c) the amount

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culated as: C2 = C1- T4; (i) the amount of input tax credit attributable towards exempt supplies, be denoted as D1 and calculated as: D1= (E÷F) × C2 where, E is the aggregate value of exempt supplies during the tax period, and F is the total turnover in the State of the registered person during the tax period: Provided that where the registered person does not have any turnover during the said tax period or the aforesaid information is not available, the value of E/F shall calculated by taking values of E and F of the last tax period for which details of such turnover are available, previous to the month during which the said value of E/F is to calculated; Explanation: For the purposes of this clause, the aggregate value of exempt supplies and total turnover shall exclude the amount of any duty or tax levied under entry 84 of List I of the Seventh Schedule to the Constitution and entry 51 and 54 o

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has been identified and segregated at invoice level by the registered person, the same shall be included in T1 and T2 respectively, and the remaining amount of credit on such inputs or input services shall be included in T4 . (2) The input tax credit determined under sub-rule (1) shall be calculated finally for the financial year before the due date for furnishing of the return for the month of September following the end of the financial year to which such credit relates, in the manner prescribed in the said sub-rule and, (a) where the aggregate of the amounts calculated finally in respect of D1 and D2 exceeds the aggregate of the amounts determined under sub-rule (1) in respect of D1 and D2 , such excess shall be added to the output tax liability of the registered person in the month not later than the month of September following the end of the financial year to which such credit relates and the said person shall be liable to pay interest on the said excess am

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Rule 6 – Final Rules (Draft) – Input Tax Credit – GST – Input Tax Credit – Final Draft Rules 18-5-2017 – Rule 6 – 6. Transfer of credit on sale, merger, amalgamation, lease or transfer of a business (1) A registered person shall, in the event of sale, merger, de-merger, amalgamation, lease or transfer or change in ownership of business for any reason, furnish the details of sale, merger, de-merger, amalgamation, lease or transfer of business, in FORM GST ITC-02, electronically on the Common Portal along with a request for transfer of unutilized input tax credit lying in his electronic credit ledger to the transferee: Provided that in the case of demerger, the input tax credit shall be apportioned in the ratio of the

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Rule 5 – Final Rules (Draft) – Input Tax Credit – GST – Input Tax Credit – Final Draft Rules 18-5-2017 – Rule 5 – 5. Manner of claiming credit in special circumstances (1) Input tax credit claimed in accordance with the provisions of sub-section (1) of section 18 on the inputs held in stock or inputs contained in semi-finished or finished goods held in stock, or the credit claimed on capital goods in accordance with the provisions of clauses (c) and (d) of the said sub-section, shall be subject to the following conditions – (a) The input tax credit on capital goods, in terms of clauses (c) and (d) of sub-section (1) of section 18, shall be claimed after reducing the tax paid on such capital goods by five percentage p

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date from which he becomes liable to pay tax under the provisions of the Act, in the case of a claim under clause (a) of subsection (1) of section 18, (ii) on the day immediately preceding the date of grant of registration, in the case of a claim under clause (b) of sub-section (1) of section 18, (iii) on the day immediately preceding the date from which he becomes liable to pay tax under section 9, in the case of a claim under clause (c) of sub-section (1) of section 18, (iv) on the day immediately preceding the date from which supplies made by the registered person becomes taxable, in the case of a claim under clause (d) of subsection (1) of section 18. (d) The details furnished in the declarati

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Rule 4 – Final Rules (Draft) – Input Tax Credit – GST – Input Tax Credit – Final Draft Rules 18-5-2017 – Rule 4 – 4. Procedure for distribution of input tax credit by Input Service Distributor (1) An Input Service Distributor shall distribute input tax credit in the manner and subject to the conditions specified below- (a) the input tax credit available for distribution in a month shall be distributed in the same month and the details thereof shall be furnished in FORM GSTR-6 in accordance with the provisions of Chapter (Return Rules); (b) the Input Service Distributor shall, in accordance with the provisions of clause (d), separately distribute the amount of ineligible input tax credit (ineligible under the provisions of sub-section (5) of section 17 or otherwise) and the amount of eligible input tax credit; (c) the input tax credit on account of central tax, State tax, Union territory tax and integrated tax shall be distributed separatel

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t of integrated tax shall be distributed as input tax credit of integrated tax to every recipient; (f) the input tax credit on account of central tax and State tax or Union territory tax shall, (i) in respect of a recipient located in the same State or Union territory in which the Input Service Distributor is located, be distributed as input tax credit of central tax and State tax or Union territory tax respectively; (ii) in respect of a recipient located in a State or Union territory other than that of the Input Service Distributor, be distributed as integrated tax and the amount to be so distributed shall be equal to the aggregate of the amount of input tax credit of central tax and State tax or Union territory tax that qualifies for distribution to such recipient in accordance with clause (d); (g) The Input Service Distributor shall issue an ISD invoice, as prescribed in sub-rule (1) of rule invoice-7, clearly indicating in such invoice th

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riginal invoice was distributed in terms of clause (d) above, and the amount so apportioned shall be,- (i) reduced from the amount to be distributed in the month in which the credit note is included in the return in FORM GSTR-6; or (ii) added to the output tax liability of the recipient where the amount so apportioned is in the negative by virtue of the amount of credit under distribution being less than the amount to be adjusted. (2) If the amount of input tax credit distributed by an Input Service Distributor is reduced later on for any other reason for any of the recipients, including that it was distributed to a wrong recipient by the Input Service Distributor, the process prescribed in clause (j) of sub-rule (1) shall apply, mutatis mutandis, for reduction of credit. (3) Subject to sub-rule (2), the Input Service Distributor shall, on the basis of the ISD credit note specified in clause (h) of sub-rule (1), issue an ISD Invoice to the re

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Rule 3 – Final Rules (Draft) – Input Tax Credit – GST – Input Tax Credit – Final Draft Rules 18-5-2017 – Rule 3 – 3. Claim of credit by a banking company or a financial institution A banking company or a financial institution, including a non-banking financial company, engaged in supply of services by way of accepting deposits or extending loans or advances that chooses not to comply with the provisions of sub-section (2) of section 17, in accordance with the option permitted under sub-section (4) of that section, shall follow the procedure specified below – (a) the said company or institution shall not avail the credit of,- (i) tax paid on inputs and input services that are used for non-business purposes,

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Rule 2 – Final Rules (Draft) – Input Tax Credit – GST – Input Tax Credit – Final Draft Rules 18-5-2017 – Rule 2 – 2. Reversal of input tax credit in case of non-payment of consideration (1) A registered person, who has availed of input tax credit on any inward supply of goods or services or both, but fails to pay to the supplier thereof the value of such supply along with the tax payable thereon within the time limit specified in the second proviso to sub-section (2) of section 16, shall furnish the details of such supply, the amount of value not paid and the amount of input tax credit availed of proportionate to such amount not paid to the supplier in FORM GSTR-2 for the month immediately following the period of one hundred an

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Rule 1 – Final Rules (Draft) – Input Tax Credit – GST – Input Tax Credit – Final Draft Rules 18-5-2017 – Rule 1 – CHAPTER Input Tax Credit 1. Documentary requirements and conditions for claiming input tax credit (1) The input tax credit shall be availed by a registered person, including the Input Service Distributor, on the basis of any of the following documents, namely:- (a) an invoice issued by the supplier of goods or services or both in accordance with the provisions of section 31; (b) an invoice issued in accordance with the provisions of clause (f) of sub-section (3) of section 31, subject to payment of tax; (c) a debit note issued by a supplier in accordance with th

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Goods and Services Tax – GST – Dated:- 3-4-2017 – New Delhi, Apr 2 (PTI) The Finance Ministry today placed 8 set of rules in public domain, which will be applicable once the Goods and Services Tax (GST) is implemented from July 1. The government has sought comments from industry on the 4 set of new rules on – GST Composition, GST Valuation, GST Transition and GST ITC. These rules had received the tentative approval at the the GST Council meeting on March 31. Further, the Central Board of Excise and Customs (CBEC) has come out with 4 set of revised rules on – GST Invoice, GST Payment, GST Refund and GST Registration. These rules had secured final approval at the Council meeting last week. However, the CBEC is yet to place the final rules on

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invoice value shall be accepted for valuation of inter-state supplies within the same entity, it needs to be clarified as to any value declared by the companies would be acceptable by the authorities. There is an indication that insurance companies, banking company, and telecom operator, would get some relief in case of self-supplies as they can issue the invoice on a quarterly basis, Mohan said. Also, the CBEC has put up on its website 223-page FAQs on the basis of CGST, SGST, IGST, UTGST and Compensation Cess laws, along with a host of rules approved by GST Council. The Lok Sabha last month had approved the Central GST (CGST), Integrated GST (IGST), Union Territory GST (UTGST) and the Compensation to states law. Now, the state assemblies

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Goods and Services Tax – GST – Dated:- 3-4-2017 – New Delhi, Apr 2 (PTI) Tax evasion of over ₹ 5 crore under the GST regime would be non-bailable offence with the police having authority to make an arrest without a warrant. The Central GST (CGST) Act provides that if the offences relating to taxable goods and/or services where the amount of tax evaded or the amount of input tax credit wrongly availed or the amount of refund wrongly taken exceeds ₹ 5 crore, shall be cognizable and non-bailable. In a 223-page FAQ on Goods and Services Tax (GST), the CBEC said other offences under the act are non-cognizable and bailable. The government has set a target date of July 1 for roll out of the GST, which will subsume central excise, serv

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t. If a person is arrested for a non-cognizable and bailable offence, the Deputy/ Assistant Commissioner of CGST/SGST can release him on bail and he will be subject to the same provisions as an officer in-charge of a police station under section 436 of the Code of Criminal Procedure, 1973. The FAQ provides that, if a person does not appear before a CGST/SGST officer who has issued the summon, he is liable to a penalty of up to ₹ 25,000. Also, the tax department have guidelines to ensure that summon provisions are not misused by field officers. As per the guidelines, summons are to be issued as a last resort where assessees are not co-operating and this should not be used for the top management. Also the language of the summons should

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Goods and Services Tax – GST – FAQ – CBEC issues Frequently Asked Questions on GST – TMI Updates – Highlights

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Goods and Services Tax – GST – By: – Bijay Shrestha – Dated:- 3-4-2017 Last Replied Date:- 3-4-2017 – As we all know that the whole nation has been dreaming for the biggest indirect tax reform i.e. implementation of the Goods and Service Tax (GST) for a decade, it is going to become a reality soon. Ever since the thunder of GST has hit the nation, there are various assumptions, presumptions, and expectations etc. among the different stakeholders such as government, consumers, companies etc. as to how this biggest indirect tax regime is going to affect them. Named as One Nation One tax (though not, due to different rate structure), since the GST is going to have a huge impact in various sectors such as manufacturing, trading, banking and finance, telecommunication, real estate etc., every sector is busy in migrating to the GST, preparing the road map for GST implementation, formulating the plans to encounter any negative impacts and coming up with new designing and projections to boost

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sequently, many tribunals, high courts and the Supreme Court have given different judgments with regard to such issues. Moreover, the Real Estate Builder/Developer is not eligible to take credit of custom duty, excise duty which will add to the cost of constructions ultimately increasing the prices of apartments, flats etc. Also there is no provision to take credit of VAT against Service tax and vice versa. Due to the multiple taxes, the Builder/Developer has to maintain various books and records under different taxes, file multiple returns/forms and many times has to encounter with various tax authorities, which will ultimately increase the compliance cost and time. To reduce such harassment that is there due to multiple taxes, GST is expected to be the game changer which will subsume or replace various existing indirect taxes. The implementation of GST is likely to improve transparency and reduce tax evasion on account of better enforcement and compliance and possibly reduce cost of

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ee the correct picture of GST and its impact on the Real Estate Sector. After passing of these four Bills, still State Assemblies have to pass the respective State GST i.e. SGST Bills. Also the Government has yet to decide classification of goods and services under different rate structure; Valuation methods and rules; abatements and exemptions (currently available under service tax); reverse charge implications; implication of stamp duty on under-construction properties etc. etc. Because of these reasons, the exact magnitude of impact of GST on the sector cannot be determined as of now but would have to depend upon the actual implementation of the GST. But yes, the GST, a long awaited tax reform which is expected to improve India's GDP by at least 2% to 3% aims to consolidate various state and central taxes into a single tax thus making it one of the biggest tax reforms and making the country one unified market. Let s hope and see what GST will bring in coming days. Disclaimer: Th

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Goods and Services Tax – GST – By: – Bimal jain – Dated:- 3-4-2017 Last Replied Date:- 30-12-1899 – Dear Professional Colleague, 13th GST Council Meeting: Important Takeaways The prospects of rollout of the Goods and Services Tax (GST) from July 1, 2017 has been brightened further, when the all-powerful GST Council chaired by the Hon ble Finance Minister, Mr. Arun Jaitley met for the thirteenth time in a row to clear all gathered clouds over the GST and brightening its prospects of implementation soon. With the conclusion of the 13th GST Council meet on March 31, 2017, the gist of the key takeaways from the meeting of the GST Council are as under: Five set of Draft Rules originally approved to be altered in consonance with the GST legislat

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will be finalised in the GST Council s next meeting. Final approval to these 4 Draft Rules and rate structure to be taken up in next meeting: The Hon ble Finance Minister said that The next meeting will be held on 18-19 May in Srinagar where besides these rules which will be given final approval, the rate structure in relation to individual commodities will be taken up for consideration. In the meanwhile, the officers committee will start working on the fitment of those rates . Thus, the final nod to the new 4 sets of Draft Rules as well as fixation of GST rates for goods and services will be done in the next meeting of the GST Council scheduled on 18-19 May, 2017. From the recent series of steps that out of 9 Draft Rules, 5 Draft Rules we

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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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FREQUENTLY ASKED QUESTIONS (FAQs) ON GOODS AND SERVICES TAX (GST) – 2nd Edition. 31st March, 2017 – News and Press Release – Dated:- 3-4-2017 – FREQUENTLY ASKED QUESTIONS (FAQs) ON GOODS AND SERVICES

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GST – REGISTRATION – Draft Rules 31-3-2017 – Goods and Services Tax – GST – Dated:- 2-4-2017 – GST – REGISTRATION – Draft Rules 31-3-2017 – News – Press release

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GST – REFUND – Draft Rules 31-3-3017 – Goods and Services Tax – GST – Dated:- 2-4-2017 – GST – REFUND – Draft Rules 31-3-3017 – News – Press release

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