The Constitutional (122nd Amendment) Bill, 2014 which is now pending in Rajya Sabha for passage faces challenge from main opposition party, Indian National Congress. It mainly wants the GST rate capped at 18 percent in the Amendment itself, removal of additional one percent tax for the manufacturing states (Gujarat, Maharashtra etc) and a...
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The GST is a taxation system where there is a single tax in the economy for goods and services. This Taxation System is meant to create a single taxation system in the entire country for all goods and services. GST is destination based tax. The GST is called Single biggest tax reforms after independence. ...
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No. F.3(25)/Fin(Rev-I)/2015-2016/dsvi/954 -
(18/12/2015) -
No. F.3(25)/Fin(Rev-I)/2015-2016/dsvi/954 Provided that in case of following goods, the tax credit shall be reduced by 100 percents: (i) Un-manufactured tobacco, tobacco and tobacco products in all forms such as cigarettes (irrespective of form and length), chewing tobacco, gutkha, cigars, hooka tobacco, khaini, zarda, surti, bidis etc.;...
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In this article I have discussed the provisions related to Input Tax Credit (ITC), Returns and Matching of ITC as proposed in report of Sub-Committee-II on Model GST Law. A. Input Tax Credit:-Section 18 of GST Act, 2016, deals with provisions related to Input Tax Credit (ITC). Sec. 2(36) states that Input tax means IGST/CGST/SGST paid/cha...
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It is a known fact that Dual VAT/GST Model has been sought to be brought in place in India. The common thought of people of the country is that why National VAT/GST has been brought instead of Dual VAT/GST and does the lawmaker’s were not farsighted enough about the option of National GST rather than Dual GST. ...
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♠ Input Tax Credit means credit of input tax. ♠ Every taxable person is entitled to take credit of input tax. ♠ Input tax means the IGST, CGST or SGST/ IGST and CGST/ IGST and SGST charged on any supply of goods/ services which are used, or are to be used, in the course or furtherance of business....
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The broad framework of GST model proposed for India now being clear, well-designed and well-functioning Information Technology (IT) infrastructure facility would be a precondition and pre-requisite for smooth administration of taxpayers, processing of returns, controlling collections, making refunds, auditing taxpayers, levying penalties ...
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Goods and Service Tax-A dual tax system, proposed in the report submitted by the Joint Working Group of the Empowered Committee of the State Finance Ministers in November 2007, was to be implemented in April 2010,one for the Centre and other for the states replacing the state VAT...
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CIRCULAR NO. 32 of 2015-16 -
(15/12/2015) -
CIRCULAR NO. 32 of 2015-16 In partial modification to this department's Circular No.28 of 2015-16 on the subject cited, above and in exercise of the powers conferred under Rule 49A of the Delhi Value Added Tax Rules, 2005 read with section 9(2) of Central Sales Tax Act, 1956, I, S.S.Yadav, Commissioner, Value Added Tax, do hereby extend ...
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Arun Jaitly (Finance Minister) introduced the Constitution (One Hundred and Twenty second Amendment) Bill, 2014, in Lok Sabha on 19 December, 2014 that was passed by House in 6 May, 2015. After passing the Bill by Lok Sabha, Government attempted to move the Bill for consideration in the Rajya Sabha on 11 May, 2015, but member of oppositio...
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