Obtaining an advance ruling helps the applicant in planning his activities which are liable for payment of GST, well in advance. It also brings certainty in determining the tax liability, as the ruling given by the Authority for Advance Ruling is binding on the applicant as well as Government authorities.
The purpose of this write-up is to provide an overall basic understanding of the statutory provisions (contained in the Model GST Law) which deal with the processes of tax appeals at various levels. Why do we at all need appeal mechanisms? Or, more generally, why do we need dispute resolution mechanisms? The simple answer is: because there are disputes.
The proper officershall set out the relevant facts and the basis of his decision. Under no circumstances, the amount of tax, interest and penalty demanded in the order shall be in excess of the amount specified in the notice and no demand shall be confirmed on grounds other than the grounds specified in the notice.
VAT is a multi-stage tax levy system which envisages collection of tax at each stage of the value addition chain, with a provision to allow input tax credit (ITC) on tax paid at an earlier stage (ie.for inputs), which can be appropriated against the VAT liability on subsequent sale. Under VAT system, the dealer has to pay Net tax on his taxable transactions.
Assessment is the process of determination of the tax liability of a tax payer. Section 6203 of the Revenue and Taxation Code of the Internal Revenue Service of the USA defines it as the statutorily required recording of tax liability. Analysis of this definition reveals that assessment is a.
A return is a statement of specified particulars relating to business activity undertaken by the taxable person during a prescribed period. Return is a very critical aspect of any tax administration since it is the formal mode for submission of information important for administration of tax in a structured and time bound manner. Return provides a framework for working out the tax that becomes payable in the prescribed period applying the legal principles laid down in the tax law to the transactions during the period. A taxable person has a legal obligation.
The Special Judge, CBI cases, Dehradun (Uttarakhand) has today sentenced Shri Vikash Jatav , then Inspector, Central Excise, Roorkee to undergo seven years Rigorous Imprisonment with total fine of Rs.20,000 in a bribery case.
Recently, while dealing with the situation with regard to adjournment of Annual General Meeting (hereinafter referred to as AGM) due to lack of quorum availability, OR inadequacy to conduct AGM due to non-availability of audited accounts, few concepts were discussed about its practicality and possibilities.
The Jewellery sector plays a significant role in the growth of Indian economy. It is contributing around 6-7 per cent in the pool of country’s GDP (Gross domestic product). This is the fastest growing sectors and is extremely export oriented and labour intensive. It is creating a high degree of potential for the value addition and growth of the country.
Petroleum Products is currently out of the GST ambit ,However, petroleum and petroleum products shall only be subject to GST later depending on the GST Councils recommendation. States will continue to have power to impose sales tax on sale within state on petroleum products & alcoholic liquor for human consumption vide Entry no 54 of List II of Seventh Schedule to COI. Simultaneously
