READING DOWN MODEL IGST ACT (PART-8) (PAYMENT OF TAX)
By: – Dr. Sanjiv Agarwal
Goods and Services Tax – GST
Dated:- 29-7-2016<\/p>\n
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.
\nManner of Payment
\nSection 7 provides for deposit or payment of –
\n * tax (i.e.) IGST
\n * interest on delayed payment of tax
\n * interest
\n * fee
\n * any other amount
\nAccordingly, taxable person shall be required to deposit aforementioned amounts by way of \/ by –
\n * Internet banking, or
\n * Using debit \/ credit card, or
\n * National Electronic Funds Transfer (NEFT), or
\n * Real Time Gross Settlement (RTGS), or
\n * Any other mode
\nwhich will be credited to the electronic cash ledger of such taxable person maintained under the Act.
\nThe date of deposit in bank shall be<\/p>\n
= = = = = = = =<\/p>\n
Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n n under this Act shall be recorded and maintained in an electronic register = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n hus, the balances of electronic cash or credit ledgers will be reduced after the payment to taxes etc are made through such ledgers. The refund will be allowed as provided in section 38 of CGST Act as a consequence of which IGST balance will stand reduced. = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n ing provisions for passing of tax incidence. Every person who has paid the tax on goods and\/or service under this Act shall, unless the contrary is proved by him, be deemed to have passed on the full incidence of such tax to the recipient of such goods and\/or services. = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n now reached the danger point when the laws are made almost entirely by the bureaucracy , and Parliament has only a formal role to play in law -making.” = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n","protected":false},"excerpt":{"rendered":" READING DOWN MODEL IGST ACT (PART-8) (PAYMENT OF TAX)By: – Dr. Sanjiv Agarwal Goods and Services Tax – GSTDated:- 29-7-2016 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 … Continue reading “READING DOWN MODEL IGST ACT (PART-8) (PAYMENT OF TAX)”<\/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-884","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/884","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=884"}],"version-history":[{"count":0,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/884\/revisions"}],"wp:attachment":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=884"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=884"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=884"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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\nUtilization of Credit
\nSub-section (5) provides for the manner in which input tax credit on account of IGST, CGST and SGST could be utilized. Accordingly,
\n * 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.
\n * 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.
\n * 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.
\nThis manner of utilization of input tax credit amongst three taxes inter s<\/p>\n
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\nAccording 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.
\nOrder of Discharge
\nSub-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-<\/p>\n
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\nThis 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.
\n(To be continued…..)
\n Reply By swaminathan venkataraman as =
\nOFFHAND
\nAccording 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 result<\/p>\n
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\nOn the topic 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:-
\n“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.”
\n(SOURCE: For more inspiring wise thoughts, suggest reading incisively through published speeches\/writings of N A Palkhivala – “We, the Nation THE LOST DECADES”)
\nSide Dish:
\n25 years of reforms: Why India needs an administrative innovation
\nAfter 25 years of liberalisation, India's rich are growing richer and the poor poorer
\nq<\/p>\n
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