READING DOWN MODEL IGST ACT (PART-5)
By: – Dr. Sanjiv Agarwal
Goods and Services Tax – GST
Dated:- 21-7-2016<\/p>\n
Chapter III of the Model IGST Act provides for levy and collection of tax (IGST) vide section 4. Section 4 is the charging section for levy of IGST corresponding to section 6 of CST Act, 1956 dealing with liability to tax on inter-state sales.
\nFor the purpose of charging IGST, following points are important –
\n * Tax to be levied shall be called IGST
\n * IGST shall be levied on all supplies of goods and \/ or services made in course of inter-state trade on commerce
\n * Rate of IGST shall be as per Schedule to the Act (yet to be prescribed)
\n * IGST shall be collected in the prescribed manner for which rules shall be <\/p>\n
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Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n s which will be specified in Schedule to Act, i.e., on such supplies, no tax shall be payable. = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n","protected":false},"excerpt":{"rendered":" READING DOWN MODEL IGST ACT (PART-5)By: – Dr. Sanjiv Agarwal Goods and Services Tax – GSTDated:- 21-7-2016 Chapter III of the Model IGST Act provides for levy and collection of tax (IGST) vide section 4. Section 4 is the charging section for levy of IGST corresponding to section 6 of CST Act, 1956 dealing with … Continue reading “READING DOWN MODEL IGST ACT (PART-5)”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-880","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/880","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=880"}],"version-history":[{"count":0,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/880\/revisions"}],"wp:attachment":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=880"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=880"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=880"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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\nIt may be noted that sub-section (1) on levy of IGST shall be subject to provisions of sub-section (3) and (4) as these are over riding provisions.
\nSub-section (3) which provides for payment of IGST under Reverse Charge Mechanism (RCM) provides that reverse charge shall apply subject to the following –
\n * GST Council shall have to recommend the RCM.
\n * Central Government shall notify the RCM by way of a notification after GST Council has recommended
\n * RCM may be notified for specified categories of supplies of goods and \/ or services
\n * In RCM, tax shall be paid by the person receiving such goods and\/ or services
\n * In RCM, all the provisi<\/p>\n
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