Goods And Services Act 2017
With effect from 1st July 2017 Goods And Services Act has been implemented. It is not one / single act but are five acts as under :
- Integrated Good And Services Tax Act 2017.
- Central Goods And Services Tax Act 2017.
- State Goods And Services Tax Ac 2017.
- Union Territory Goods And services Tax Act 2017–
- The Goods And Services Tax ( Compensation To States ) Act 2017.
Following Existing Central And State Tax Acts have been subsumed into the Goods And Services Tax Act.
Central Acts :
Central Excise Duty
Additional Duties Of Excise
Excise Duty Levied under Medicinal & Toiletries Preparation Act
Additional Duties Of Customs ( CVD And SAD – Countervailing Duty and Special Additional Duty )
Service Tax
Surcharge And Cess
State Acts :
State VAT / Sales Tax
Central Sales Tax
Purchase Tax
Entertainment Tax ( Other than those levied by local bodies )
Luxury Tax
Entry Tax ( All Forms)
Taxes on lottery, betting and gambling
Surcharges and cesses.
In addition to the Goods And Services Tax Act 2017, as above, one also needs to understand the following Acts which have been mentioned in the said Act. Out of these 18 Acts, 4 are directly related to GST and other 14 are the one which are not related Directly to GST but few terms used in these acts been incorporated in GST Act.
| Sl. No. | Act | As defined in the Goods And services Tax Act 2017. |
| 1 | Transfer Of Property Act 1882 | “Actionable Claim” shall have the same meaning as assigned to it in Section three of the Transfer Of Property Act 1882 |
| 2 | Income Tax Act 1961 | “Associated Enterprises” shall have the same meaning as assigned ti it in Section 92 A of the Income Tax Act 1961 |
| 3 | Central Boards Of Revenue Act 1963 | “Board” means the Central Board Of Excise And Customs constituted under the Central Boards Of Revenue Act 1963 |
| 4 | Goods And Services Tax ( Compensation To States) Act | “Cess” shall have the same meaning as assigned to it in the Goods And Services Tax ( Compensation To States) Act |
| 5 | Chartered Accountants Act 1949 | “Chartered Accountant” means a chartered accountant as defined in clause (b) of sub section (1)of section 2 of the Chartered Accountants Act 1949. |
| 6 | Company Secretaries Act 1980 | “Company Secretary” means a company secretary as defined in clause ( c ) of sub section (1) of section 2 of the Company Secretaries Act 1980. |
| 7 | Cost And Works Accountants Act 1959 | “Cost Accountant” means a cost accountant as defined in clause ( c ) sub section (1) of section 2 of the Cost And Works Accountants Act 1959. |
| 8 | Information Technology Act 2000 | “Document” includes written or printed record of any sort and electronic record as defined in clause (t) of section 2 of the Information Technology Act 2000. |
| 9 | Indian Constitution and Territorial Waters, Continental Shelf, Exclusive Economic Zone, And Other Maritime Zones Act 1976. | “India” means the territory of India as defined in article 1 of the Constitution, its territorial waters, seabed and sub soil underlying such waters, continental shelf, exclusive economic zone or any other maritime zone as referred to in The Territorial Waters, Continental Shelf, Exclusive Economic Zone, And Other Maritime Zones Act 1976,and the air space above its territory and territorial waters. |
| 10 | Integrated Goods And Services Tax Act 2017 | Integrated Goods And Services Tax Act means the Integrated Goods And Services Tax Act 2017 |
| 11 | Cantonments Act 2006 | Cantonment Board as defined in section 3 of the Cantonment Act 2006. |
| 12 | Motor Vehicles Act 1988 | “Motor Vehicle” shall have the same meaning as assigned to it in clause (28) of section 2 of the Motor Vehicles Act 1988. |
| 13 | Companies Act 2013 | Any corporation established by or under any Central or State Act or Provincial Act or a Government Company as defined in clause (45) of section2 of the Companies Act 2013. |
| 14 | Co-operative Societies Act | A co-operative society registered under any law relating to co-operative societies. |
| 15 | Societies Registration Act 1860 | Society as defined under the Societies Registration Act 1860. |
| 16 | Securities Contracts (Regulation) Act 1956 | “securities” shall have the same meaning as assigned to it in clause (h) of section 2 of the Securities Contracts (Regulation) Act 1956. |
| 17. | State Goods And Services Tax Act 2017 | The State Goods And Services Tax Act means the respective State Goods And Services Tax Act |
| 18. | Union Territory Goods And services Tax Act 2017 | Union Territory Goods And services Tax act means Union Territory Goods And Services Tax Act 2017. |
Chapters
Central Goods And services Tax Act 2017 is divided into twenty one Chapters and has one hundred seventy four sections
| Chapter | Subject | Sections |
| I | Preliminary | 1 to 2 |
| II | Administration | 3 to 6 |
| III | Levy And Collection Of Tax | 7 to 11 |
| IV | Time And Value Of Supply | 12 to 15 |
| V | Input Tax Credit | 16 to 21 |
| VI | Registration | 22 to 30 |
| VII | Tax Invoice, Credit And Debit Notes | 31 to 34 |
| VIII | Accounts And Records | 35 to 36 |
| IX | Returns | 37 to 48 |
| X | Payment Of Tax | 49 to 53 |
| XI | Refunds | 54 to 58 |
| XII | Assessment | 59 to 64 |
| XIII | Audit | 65 to 66 |
| XIV | Inspection, Search, Seizure And Arrest | 67 to 72 |
| XV | Demands And Recovery | 73 to 84 |
| XVI | Liability To Pay In Certain Cases | 85 to 94 |
| XVII | Advance Rulings | 95to 106 |
| XVIII | Appeals And Revisions | 107 to 121 |
| XIX | Offences And Penalties | 122 to 138 |
| XX | Transitional Provisions | 139 to 142 |
| XXI | Miscellaneous | 143 to 174. |
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