ITAT Mumbai held that when the department has not disputed the sales transactions disclosed by the supplier in its books who is an income tax assessee then it cannot assume the same as bogus purchases made by the buyer more so when the transaction has been supported by proper documentary evidences and payments are made to suppliers through proper banking channels.
till then there was nobody talking about the Excise Duty and its existence. GST has not yet been rolled out. Even the law is under preparation as yet. Then suddenly on 16.09.2016 what happened that everybody seems to be talking about it.
Krishna, the opportunity for disclosing black money will end on 30th September 2016. Also, the income tax department is carrying on survey, raid on the taxpayers evading tax. Also the department is conducting inquiry and collecting information from financial institutions, banks, co-operative banks, etc..
The present article deals with the provisions of job work provided under Model GST Law. Let us first take a look at the job work provisions prevailing under current laws and their comparison with Model GST Law in a nutshell;
GST is levied on Supply of goods or services. Concept of sale is not relevant in GST regime and definition of supply as given u/s 3 of the GST is inclusive under GST regime.
This Act may be called the *Central / State Goods and Services Tax Act, 2016. It extends to the *whole of India (CGST Act) / State wise (SGST Act) .It shall come into force on such date as the Central or a State Government may, by notification in the Official Gazette, appoint in this behalf.
As per the view of author, The Duty of Excise shall be now levied on production or manufacture of only petroleum or tobacco products and not on all the goods. This would be with effect from 16/09/2016. Thus the article is based on the interpretation of Author and his views on Constitution Amendment.
Eligibility of input tax credit on inputs held in stock and contained in semi-finished and finished goods held in stock: The credit on inputs held in stock and inputs contained in semi-finished goods and finished goods held in stock is available in the following manner:
Maharashtra Notification Amends Schedule C, D, & E Enhance tax rate to 6% and 13.5% from existing 5.50% and 12.50 w.e.f. 17-9-2016 which in effect Results in 0.50 to 1% increase in VAT Rates, vide Notification No. VAT. 1516/CR-123/Taxation-1- Dated 16th September, 2016. Text of the Notification is as follows :-
Objective of the article is To understand the reporting requirements under proposed GST legislation so that teams can start working on development of necessary IT infrastructure.
