This document is a bill that proposes to provide compensation to states for any loss of revenue from the implementation of GST for a period of five years. It defines key terms and outlines how the base year revenue will be calculated for each state. It also describes how the projected revenue and compensation amounts will be determined annually. States will receive provisional compensation amounts quarterly with final amounts calculated after audited revenue figures are available. A GST Compensation Cess will be levied on certain supplies to fund the compensation, and returns and payments will generally follow CGST procedures. Proceeds will go to a GST Compensation Fund to pay states as per the calculations, with unused funds transferred after five years.
This document is the Goods and Services Tax (Compensation to States) Act, 2017 from India. It provides compensation to States for loss of revenue due to the implementation of GST for a period of 5 years. The key points are:
1) It establishes the base year as 2016-2017 and projects a nominal growth rate of 14% per year to calculate projected revenue for States.
2) The compensation amount is calculated as the difference between the projected revenue and actual revenue collected by the State as certified by auditors.
3) A GST compensation cess is levied on certain goods and services to fund the compensation amount payable to States.
Section 206AA – Rule 37BC
Central Board of Direct Taxes vide Notification No. 53/2016 dated 24.06.2016 has amended the Income Tax Rules, 1962 by inserting a new Rule 37BC through the IT (17th Amendment) Rules, 2016.
1. The document discusses the transitional provisions under GST for existing taxpayers migrating to GST. It provides details on the provisional registration process, input tax credit provisions such as carry forward of CENVAT credit and availing of credits on stock, and other miscellaneous provisions related to returns, refunds, appeals etc.
2. It explains that existing taxpayers having a valid PAN will be issued a provisional GST registration, which may be cancelled if the application is found to be incorrect or incomplete. It also outlines the various credits that taxpayers can avail in their electronic credit ledger during the transition.
3. The document covers transitional arrangements for inputs, input tax credit, job workers, returns and various other aspects
This document provides an overview of various transitional provisions under GST law. It discusses provisions related to carrying forward of CENVAT/VAT credits, input tax credit for inputs/capital goods held in stock, deemed credit for stocks, job work, and miscellaneous provisions. Key highlights include:
1) Registered persons can carry forward CENVAT credit from previous returns and avail input tax credit for inputs/capital goods in stock as on June 30, 2017.
2) Deemed credit at 60% for goods taxable at 18% or more rate and 40% for goods taxable at sub-18% rate is available for stocks held on July 1, 2017.
3) No tax will
Taxmann’s Ultimate Best-Seller for Indirect Taxes – ‘GST Ready Reckoner', is a ready referencer for all provisions of the GST Law. It covers all important topics of GST along with relevant Case Laws, Notifications, Circulars, etc.
The Present Publication is the 15th Edition, authored by Mr. V.S. Datey & Updated till 1st February 2021. This book follows the Six-Sigma approach to achieve the benchmark of ‘zero-error’.
The book has been divided into 55 chapters in respect of all-important-provisions of GST, including the following:
•GST – An Overview
•IGST, CGST, SGST and UTGST
•Taxable Event in GST
•Supply of Goods or Services or both
•Classification of Goods and Services
•Value of Taxable Supply of Goods or Services or both
•Valuation Rules if value for GST not ascertainable
•VAT concept and its application in GST
•Input Tax Credit
•Input Tax Credit – Other Issues
•Input Tax Credit when exempted as well as taxable supplies made
•Input Service Distributor
•Persons liable to tax
•Place of supply of goods or services or both other than exports or impacts
•Place of supply in case of export or import of goods or services or both
•Exports and Imports
•Special Economic Zones and EOU
•Time of Supply of Goods and Services
•Reverse Charge
•Exemption from GST by issue of Notification
•Concession to small enterprises in GST
•Construction and Works Contract Services
•Real Estate Services relating to residential and commercial apartments
•TDR/FSI/Upfront amount in long term lease in real estate transactions
•Distributive Trade Services
•Passenger Transport Services
•Financial and related services
•Leasing or rental services and licensing services
•Software and IPR Services
•Business and production services
•Job Work
•Telecommunication, broadcasting and information supply
Community social, personal and other services
Government related activities
•Basic procedures in GST
•Registration under GST
•Tax Invoice, Credit and Debit Notes
•E-way Bill for transport of goods
•Payment of taxes by cash and through input tax credit
Returns under GST
•Assessment and Audit
•Demands and recovery
•Refund in GST
•Powers of GST Officers
•Offences and penalties
•First Appeal and revision in GST
•Appeal before Appellate Tribunal
•Appeals before High Court and Supreme Court
•Prosecution and compounding
•Provisions relating to evidence
•Electronic Commerce
•Miscellaneous issues in GST
•GST Compensation Cess
•Transitory Provisions
•Constitutional Background of GST
Also Available
[15th Edition] of Taxmann’s GST Manual with GST Law Guide & Digest of Landmark Rulings
[14th Edition] of Taxmann’s GST Tariff with GST Rate Reckoner
[10th Edition] of Taxmann’s GST How to Meet Your Obligations
[2nd Edition] of Taxmann’s GST Case Laws Digest (A Section-wise Case Book of 1,900+ Judgements)
Taxmann's GST Tariff with GST Rate Reckoner (Set of 2 Volumes)Taxmann
Taxmann’s GST Tariff contains GST Tariff for Goods and Services. It provides HSN-wise and SAC-wise Tariff of all the Goods and Services.
The Present Publication is the 14th Edition, authored by Taxmann’s Editorial Board, is amended up to 1st February 2021, with the following noteworthy features:
Taxmann's series of Bestseller Books on GST Tariff
Follows the six-sigma approach, to achieve the benchmark of 'zero error'
The Present Publication is published in two volumes & divided into 6 divisions, which are listed as follows:
•GST Tariff for Goods with HSN Code
Rates Specified in other Acts
•GST Rate Reckoner for Goods/Commodity Index
•GST Tariff for Services
Services Index
•GST Tariff Notifications (Rate of Tax and Exemptions)
The details coverage of the book is as follows:
•GST Tariff for Goods with HSN Code
•Arrangement of Chapters
•GST Tariff for Goods with HSN Code
•General Rules for the Interpretation of this schedule
•Rates Specified in other Acts
•Rates specified in Central Excise Act
•National Calamity Contingent Duty
•Additional Duty on Tobacco
•Additional Duty on Motor Spirit (Petrol)
•Additional Duty on High Speed Diesel Oil
•Special Additional Excise Duty on Motor Spirit and High Speed Diesel Oil
•Road & Infrastructure Cess
•Agriculture Infrastructure and Development Cess
•GST Rate Reckoner for Goods/Commodity Index
•GST Tariff for Services
•Arrangement of Services
•Central Goods & Services Tax/State Goods & Service Tax Tariff for Services
•Integrated Goods & Services Tax Tariff for Services
•Compensation Cess
•Rate of Tax and Exemption Notifications for Services
•Reverse Charge in case of intra-State supplies of services
•Reverse Charge in case of inter-State supplies of services
•Notified categories of services the tax on intra-State/inter-State supplies of which shall be paid by electronic commerce operator
•No refund of unutilised Input Tax Credit
•Notified registered persons who shall pay tax on reverse charge basis on certain specified supplies of goods or services or both received from an unregistered supplier
•Notified rate of tax to be levied on specified first intra-State supplies of goods or services
•Latest Clarifications
•Latest Case Laws
•Explanatory Notes
•Services Index
•GST Tariff Notifications (Rate of Tax and Exemptions)
What do you think are the challenging issues, immediately affecting a person covered under earlier laws?
The objective of this presentation is to impart understanding on various issues which a business unit/service provider shall face in this change over from earlier law to GST.
This document is the Goods and Services Tax (Compensation to States) Act, 2017 from India. It provides compensation to States for loss of revenue due to the implementation of GST for a period of 5 years. The key points are:
1) It establishes the base year as 2016-2017 and projects a nominal growth rate of 14% per year to calculate projected revenue for States.
2) The compensation amount is calculated as the difference between the projected revenue and actual revenue collected by the State as certified by auditors.
3) A GST compensation cess is levied on certain goods and services to fund the compensation amount payable to States.
Section 206AA – Rule 37BC
Central Board of Direct Taxes vide Notification No. 53/2016 dated 24.06.2016 has amended the Income Tax Rules, 1962 by inserting a new Rule 37BC through the IT (17th Amendment) Rules, 2016.
1. The document discusses the transitional provisions under GST for existing taxpayers migrating to GST. It provides details on the provisional registration process, input tax credit provisions such as carry forward of CENVAT credit and availing of credits on stock, and other miscellaneous provisions related to returns, refunds, appeals etc.
2. It explains that existing taxpayers having a valid PAN will be issued a provisional GST registration, which may be cancelled if the application is found to be incorrect or incomplete. It also outlines the various credits that taxpayers can avail in their electronic credit ledger during the transition.
3. The document covers transitional arrangements for inputs, input tax credit, job workers, returns and various other aspects
This document provides an overview of various transitional provisions under GST law. It discusses provisions related to carrying forward of CENVAT/VAT credits, input tax credit for inputs/capital goods held in stock, deemed credit for stocks, job work, and miscellaneous provisions. Key highlights include:
1) Registered persons can carry forward CENVAT credit from previous returns and avail input tax credit for inputs/capital goods in stock as on June 30, 2017.
2) Deemed credit at 60% for goods taxable at 18% or more rate and 40% for goods taxable at sub-18% rate is available for stocks held on July 1, 2017.
3) No tax will
Taxmann’s Ultimate Best-Seller for Indirect Taxes – ‘GST Ready Reckoner', is a ready referencer for all provisions of the GST Law. It covers all important topics of GST along with relevant Case Laws, Notifications, Circulars, etc.
The Present Publication is the 15th Edition, authored by Mr. V.S. Datey & Updated till 1st February 2021. This book follows the Six-Sigma approach to achieve the benchmark of ‘zero-error’.
The book has been divided into 55 chapters in respect of all-important-provisions of GST, including the following:
•GST – An Overview
•IGST, CGST, SGST and UTGST
•Taxable Event in GST
•Supply of Goods or Services or both
•Classification of Goods and Services
•Value of Taxable Supply of Goods or Services or both
•Valuation Rules if value for GST not ascertainable
•VAT concept and its application in GST
•Input Tax Credit
•Input Tax Credit – Other Issues
•Input Tax Credit when exempted as well as taxable supplies made
•Input Service Distributor
•Persons liable to tax
•Place of supply of goods or services or both other than exports or impacts
•Place of supply in case of export or import of goods or services or both
•Exports and Imports
•Special Economic Zones and EOU
•Time of Supply of Goods and Services
•Reverse Charge
•Exemption from GST by issue of Notification
•Concession to small enterprises in GST
•Construction and Works Contract Services
•Real Estate Services relating to residential and commercial apartments
•TDR/FSI/Upfront amount in long term lease in real estate transactions
•Distributive Trade Services
•Passenger Transport Services
•Financial and related services
•Leasing or rental services and licensing services
•Software and IPR Services
•Business and production services
•Job Work
•Telecommunication, broadcasting and information supply
Community social, personal and other services
Government related activities
•Basic procedures in GST
•Registration under GST
•Tax Invoice, Credit and Debit Notes
•E-way Bill for transport of goods
•Payment of taxes by cash and through input tax credit
Returns under GST
•Assessment and Audit
•Demands and recovery
•Refund in GST
•Powers of GST Officers
•Offences and penalties
•First Appeal and revision in GST
•Appeal before Appellate Tribunal
•Appeals before High Court and Supreme Court
•Prosecution and compounding
•Provisions relating to evidence
•Electronic Commerce
•Miscellaneous issues in GST
•GST Compensation Cess
•Transitory Provisions
•Constitutional Background of GST
Also Available
[15th Edition] of Taxmann’s GST Manual with GST Law Guide & Digest of Landmark Rulings
[14th Edition] of Taxmann’s GST Tariff with GST Rate Reckoner
[10th Edition] of Taxmann’s GST How to Meet Your Obligations
[2nd Edition] of Taxmann’s GST Case Laws Digest (A Section-wise Case Book of 1,900+ Judgements)
Taxmann's GST Tariff with GST Rate Reckoner (Set of 2 Volumes)Taxmann
Taxmann’s GST Tariff contains GST Tariff for Goods and Services. It provides HSN-wise and SAC-wise Tariff of all the Goods and Services.
The Present Publication is the 14th Edition, authored by Taxmann’s Editorial Board, is amended up to 1st February 2021, with the following noteworthy features:
Taxmann's series of Bestseller Books on GST Tariff
Follows the six-sigma approach, to achieve the benchmark of 'zero error'
The Present Publication is published in two volumes & divided into 6 divisions, which are listed as follows:
•GST Tariff for Goods with HSN Code
Rates Specified in other Acts
•GST Rate Reckoner for Goods/Commodity Index
•GST Tariff for Services
Services Index
•GST Tariff Notifications (Rate of Tax and Exemptions)
The details coverage of the book is as follows:
•GST Tariff for Goods with HSN Code
•Arrangement of Chapters
•GST Tariff for Goods with HSN Code
•General Rules for the Interpretation of this schedule
•Rates Specified in other Acts
•Rates specified in Central Excise Act
•National Calamity Contingent Duty
•Additional Duty on Tobacco
•Additional Duty on Motor Spirit (Petrol)
•Additional Duty on High Speed Diesel Oil
•Special Additional Excise Duty on Motor Spirit and High Speed Diesel Oil
•Road & Infrastructure Cess
•Agriculture Infrastructure and Development Cess
•GST Rate Reckoner for Goods/Commodity Index
•GST Tariff for Services
•Arrangement of Services
•Central Goods & Services Tax/State Goods & Service Tax Tariff for Services
•Integrated Goods & Services Tax Tariff for Services
•Compensation Cess
•Rate of Tax and Exemption Notifications for Services
•Reverse Charge in case of intra-State supplies of services
•Reverse Charge in case of inter-State supplies of services
•Notified categories of services the tax on intra-State/inter-State supplies of which shall be paid by electronic commerce operator
•No refund of unutilised Input Tax Credit
•Notified registered persons who shall pay tax on reverse charge basis on certain specified supplies of goods or services or both received from an unregistered supplier
•Notified rate of tax to be levied on specified first intra-State supplies of goods or services
•Latest Clarifications
•Latest Case Laws
•Explanatory Notes
•Services Index
•GST Tariff Notifications (Rate of Tax and Exemptions)
What do you think are the challenging issues, immediately affecting a person covered under earlier laws?
The objective of this presentation is to impart understanding on various issues which a business unit/service provider shall face in this change over from earlier law to GST.
Kingdom of Saudi Arabia (KSA) Value Added Tax (VAT) Law (with Index)Pankaj S. Jain
Pleased to share a curated version of KSA VAT Law with an index for ease of reading and reference. An index is a basic yet important element to give an overview of all the provisions of the law.
This document is intended for CFOs, finance controllers, finance managers, lawyers and tax professionals involved in the VAT implementation in the KSA.
We are a team of tax and accounting professionals, advising & assisting companies/businesses on VAT implementation in the UAE and Saudi Arabia. Please feel free to contact us on info@AskPankaj.com
31 May Weekly Newsletter - N Pahilwani & AssociatesNitin Pahilwani
This weekly newsletter contains income tax and GST updates for the week. For income tax, it summarizes changes to ITR forms for AY 2020-21 including new schedules for investments, the launch of instant PAN through Aadhaar-based e-KYC, and notifications regarding annual information statements replacing Form 26AS. For GST, it provides updates on the GST portal including new registration options for insolvency professionals and enabling EVC filing for companies. It also summarizes some judicial rulings related to transfer of goods ownership, tax deduction at source on exempt supplies, and authority of subordinate officers.
CBEC Clarifies 15 instances for service tax liability on services provided by...Kunal Gandhi
This document provides clarification on issues regarding the levy of service tax on services provided by the government or a local authority to business entities. It addresses 15 issues, providing clarification on topics such as services provided between governments, services to individuals, taxes/fees/duties, fines/penalties, eligibility for service tax exemption based on the amount charged, CENVAT credit eligibility and documents required to claim the credit. Illustrations are provided on how CENVAT credit can be claimed over 3 years for service tax paid on one-time charges for assignment of rights to use natural resources.
This document provides an unofficial translation of the Federal Decree-Law No. (7) of 2017 on Excise Tax in the United Arab Emirates. Some key points:
- It establishes an excise tax on specified goods produced in or imported to the UAE. The tax also applies to goods released from designated zones or held in stockpiles.
- A cabinet decision will determine the tax rates and calculation method, not to exceed 200% of the excise price.
- Those involved in taxable activities must register for taxation purposes. Designated zones are generally treated as outside the country for tax purposes.
- The law outlines tax periods, returns, payments, exemptions,
Transitional provisions-under GST in Indiasanjay gupta
Coming July,1 2017 GST will be implemented in India. Transitional phase will be very painful for Registered dealers. This presentation deals with the Transitional provision under GST Act in India
Tran 1 verification by officers 06.02.2018gst-trichy
The document provides instructions for filling out Form TRAN-1 in order to claim input tax credit under the GST regime for taxes paid under earlier laws.
It describes the different "tiles" or sections of the form that must be completed, including declaring credit carried forward from previous returns, details of inputs held in stock, capital goods, credit received by input service distributors, and more. Instructions are provided for verifying the claimed credits against documents and ensuring compliance with conditions for credit carry-forward under GST law.
AskPankaj - Value Added Tax (VAT) law of the United Arab Emirates (UAE)Pankaj S. Jain
57 definitions, 11 Titles, 22 Chapters and 85 Articles! UAE VAT Law comprehensively covers economic and business activities under its purview.
Pleased to share a curated version of UAE VAT law with an index for ease of reading and reference. An index is a basic yet important element to give an overview of all the provisions of the law.
This document is intended for CFOs, finance controllers, finance managers, lawyers and tax professionals involved in the VAT implementation in the UAE.
We are a team of tax and accounting professionals, advising & assisting companies/businesses on VAT implementation in the UAE and Saudi Arabia. Please feel free to contact us on info@AskPankaj.com
Updates on Circulars and Notifications - V. K. SubramaniD Murali ☆
Updates on Circulars and Notifications - V. K. Subramani - Article published in Business Advisor, dated June 25, 2016 - http://www.magzter.com/IN/Shrinikethan/Business-Advisor/Business/
Tweeted on www.twitter.com/BusinessAdvDM
Taxmann's Direct Taxes Manual (Set of 3 Volumes) - 2021Taxmann
Taxmann’s Direct Taxes Manual is a compilation of annotated, amended and updated:
• Income-tax Act, 1961
• Income-tax Rules, 1962
• Circulars & Notifications
• Allied Laws
• Law Lexicon
• Gist of Landmark Rulings
The Present Publication is the 51st Edition, comes in a set of 3 volumes, that incorporates all changes made by the following:
• Volume 1 – The Finance Act, 2021 & the Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020
• Volume 2 – The Income-tax (Eighth Amendment) Rules, 2021
• Volume 3 – Law stated is amended up to 1st March, 2021
Taxmann’s Direct Taxes Manual incorporates the following noteworthy features:
• [Bestseller Series] Taxmann's series of Bestseller Books for more than Five Decades
• [Zero Error] Follows the six-sigma approach, to achieve the benchmark of 'zero error'
Published in three volumes:
○ Volume 1 incorporates the Income-tax Act, 1961 as amended by the Finance Act, 2021 & Taxation & Other Laws (Relaxation & Amendment of Certain Provisions) Act, 2020. It also contains other Allied Acts
○ Volume 2 incorporates the Income-tax Rules as amended by the Income-tax (Eighth Amendment) Rules, 2021. It also incorporates New Return Forms & Revised Rules and Forms along-with New Rules relating to Charitable Trusts. It also contains other Allied Rules
○ Volume 3 incorporates the following:
• [Schemes] All schemes relevant under the Income-tax Act, 1961
• [Words & Phrases] as defined by various Courts and Tribunals
• [Circulars, Clarifications & Notifications | 1961 – February 2021] Gist of all Circulars and Notifications which are in force
• [Case Laws | 1922 – February 2021] Digest of all landmark rulings by the Apex Court, High Courts & Tribunals
• [Models & Drafts] Specimen, models, and drafts of deeds, letters such as indemnity bond, reply to notices, etc.
The document summarizes the key rules regarding refund applications under GST as follows:
1. Rule 1(1) outlines how refund applications must be filed electronically in FORM GST RFD-01, directly or through a facilitation center. It provides for certain provisions related to exports, supplies to SEZ, and deemed exports.
2. Rule 1(2) specifies the documentary evidence that must accompany the refund application, including invoices, shipping bills, export orders, payment proofs, depending on the type of refund claimed.
3. The proper officer must acknowledge complete applications within 15 days, and communicate any deficiencies to the applicant in FORM GST RFD-03.
Pleased to share a curated version of Gulf Co-operation Council (GCC) Value Added Tax (VAT) Agreement with an index for ease of reading and reference. An index is a basic yet important element to give an overview of all the provisions of the law.
This document is intended for CFOs, finance controllers, finance managers, lawyers and tax professionals involved in the VAT implementation in the UAE, KSA, Kuwait, Oman, Bahrain and Qatar.
We are a team of tax and accounting professionals, advising & assisting companies/businesses on VAT implementation in the UAE and Saudi Arabia. Please feel free to contact us on info@AskPankaj.com
Pleased to share a curated version of UAE Tax Procedures with an index for ease of reading and reference. An index is a basic yet important element to give an overview of all the provisions of the law.
This document is intended for CFOs, finance controllers, finance managers, lawyers and tax professionals involved in the VAT implementation in the KSA.
We are a team of tax and accounting professionals, advising & assisting companies/businesses on VAT implementation in the UAE and Saudi Arabia. Please feel free to contact us on info@AskPankaj.com
Gst Alert 10 : Changes in registration and return filing normsMeet Raval
The document summarizes recent changes made to key GST rules in India that will impact how taxpayers avail credits and comply. Key changes include:
1) Stricter registration processes requiring Aadhaar authentication and increased processing times from 3 to 7 or 30 days.
2) Increased powers for officers to suspend or cancel registrations for violations like incorrect credit claims or return filing discrepancies.
3) Restrictions on input tax credit claims to 105% of the amount in GSTR 2B from January 2021.
4) Tighter return filing rules preventing filing if earlier returns are not filed and restrictions on using credits if returns are not filed.
5) A new rule restricting the use of
Tax Quest
Finance Act, 2016 has effected a number of changes that are effective from 01.06.2016 and this
alert seeks to provide a brief view on such changes.
1. Service Tax on Ocean Freight – Import Segment
1.gst constitutional provisions and features of constitution (101st amendme...Mainan Ray
The document summarizes the key constitutional provisions and amendments relating to the introduction of Goods and Services Tax (GST) in India. Some of the key points covered include:
- Article 246A grants concurrent power to the central and state governments to levy GST.
- The GST Council was constituted to make recommendations on GST rates, exemptions, and other aspects.
- Several entries in the Union, State and Concurrent lists were amended to facilitate the GST regime.
- Laws for CGST, IGST, UT GST and GST Compensation were enacted on July 1, 2017.
The document summarizes rules related to filing of returns under the CGST Act. It provides details about:
1) Filing of Form GSTR-1 by registered persons to furnish details of outward supplies. This includes invoice-wise details filed electronically by the 10th of the next month.
2) Filing of Form GSTR-2 by recipients to provide details of inward supplies added, corrected or deleted in Form GSTR-2A. This is to be filed electronically between the 11th and 15th day of the next month.
3) Filing of Form GSTR-3 as the monthly return combining details of outward and inward supplies to report tax liability. This is to be
The document summarizes changes made by the CBDT to Income Tax Rules regarding employee taxation and TDS. Key changes include:
1) Employees must now furnish evidence of tax deductions claimed on Form 12BB instead of self-declaration, including PAN of landlord for HRA claims over Rs. 1 lakh and evidence of travel/investment expenditures.
2) Due dates for filing TDS statements have been amended, requiring filing within 30 days for Section 194IA deductions and by 30 April/15 days after quarter-end for other TDS.
3) Form 12BB collects employee name, address, PAN and details of claims and evidence for tax deductions.
CBDT Representation - Comments on Draft Rules for Grant of FTC - PRB CAsHarshal Bhuta
The document is a letter from an accounting firm providing comments on India's draft rules for granting foreign tax credit. It summarizes key issues with the draft rules and provides suggestions. Specifically, it notes that Rule 1 could deny credit due to timing mismatches between countries. It suggests allowing credit on an accrual basis subject to redetermination. For Rule 4, it suggests allowing disputed foreign tax credits accrued. For Rule 5, it notes credit limits should consider India's deductions and rates. Rule 8 requirements are also suggested to be reasonably relaxed to avoid hardship.
Thiet ke tai_lieu_huong_dan_tu_hoc_phan_hoa_hoc_huu_co_lop_11_trung_hoc_pho_t...Garment Space Blog0
Giá 10k/, tài liệu này đang ở dạng xem trước, vui lòng nạp thẻ cào để được xem full tài liệu www.facebook.com/garmentspace www.facebook.com/garmentspace www.facebook.com/garmentspace
Thiet ke he_thong_tinh_huong_trong_day_hoc_hoa_hoc_lop_10_trung_hoc_pho_thong...Garment Space Blog0
Giá 10k/, tài liệu này đang ở dạng xem trước, vui lòng nạp thẻ cào để được xem full tài liệu www.facebook.com/garmentspace www.facebook.com/garmentspace www.facebook.com/garmentspace
Kingdom of Saudi Arabia (KSA) Value Added Tax (VAT) Law (with Index)Pankaj S. Jain
Pleased to share a curated version of KSA VAT Law with an index for ease of reading and reference. An index is a basic yet important element to give an overview of all the provisions of the law.
This document is intended for CFOs, finance controllers, finance managers, lawyers and tax professionals involved in the VAT implementation in the KSA.
We are a team of tax and accounting professionals, advising & assisting companies/businesses on VAT implementation in the UAE and Saudi Arabia. Please feel free to contact us on info@AskPankaj.com
31 May Weekly Newsletter - N Pahilwani & AssociatesNitin Pahilwani
This weekly newsletter contains income tax and GST updates for the week. For income tax, it summarizes changes to ITR forms for AY 2020-21 including new schedules for investments, the launch of instant PAN through Aadhaar-based e-KYC, and notifications regarding annual information statements replacing Form 26AS. For GST, it provides updates on the GST portal including new registration options for insolvency professionals and enabling EVC filing for companies. It also summarizes some judicial rulings related to transfer of goods ownership, tax deduction at source on exempt supplies, and authority of subordinate officers.
CBEC Clarifies 15 instances for service tax liability on services provided by...Kunal Gandhi
This document provides clarification on issues regarding the levy of service tax on services provided by the government or a local authority to business entities. It addresses 15 issues, providing clarification on topics such as services provided between governments, services to individuals, taxes/fees/duties, fines/penalties, eligibility for service tax exemption based on the amount charged, CENVAT credit eligibility and documents required to claim the credit. Illustrations are provided on how CENVAT credit can be claimed over 3 years for service tax paid on one-time charges for assignment of rights to use natural resources.
This document provides an unofficial translation of the Federal Decree-Law No. (7) of 2017 on Excise Tax in the United Arab Emirates. Some key points:
- It establishes an excise tax on specified goods produced in or imported to the UAE. The tax also applies to goods released from designated zones or held in stockpiles.
- A cabinet decision will determine the tax rates and calculation method, not to exceed 200% of the excise price.
- Those involved in taxable activities must register for taxation purposes. Designated zones are generally treated as outside the country for tax purposes.
- The law outlines tax periods, returns, payments, exemptions,
Transitional provisions-under GST in Indiasanjay gupta
Coming July,1 2017 GST will be implemented in India. Transitional phase will be very painful for Registered dealers. This presentation deals with the Transitional provision under GST Act in India
Tran 1 verification by officers 06.02.2018gst-trichy
The document provides instructions for filling out Form TRAN-1 in order to claim input tax credit under the GST regime for taxes paid under earlier laws.
It describes the different "tiles" or sections of the form that must be completed, including declaring credit carried forward from previous returns, details of inputs held in stock, capital goods, credit received by input service distributors, and more. Instructions are provided for verifying the claimed credits against documents and ensuring compliance with conditions for credit carry-forward under GST law.
AskPankaj - Value Added Tax (VAT) law of the United Arab Emirates (UAE)Pankaj S. Jain
57 definitions, 11 Titles, 22 Chapters and 85 Articles! UAE VAT Law comprehensively covers economic and business activities under its purview.
Pleased to share a curated version of UAE VAT law with an index for ease of reading and reference. An index is a basic yet important element to give an overview of all the provisions of the law.
This document is intended for CFOs, finance controllers, finance managers, lawyers and tax professionals involved in the VAT implementation in the UAE.
We are a team of tax and accounting professionals, advising & assisting companies/businesses on VAT implementation in the UAE and Saudi Arabia. Please feel free to contact us on info@AskPankaj.com
Updates on Circulars and Notifications - V. K. SubramaniD Murali ☆
Updates on Circulars and Notifications - V. K. Subramani - Article published in Business Advisor, dated June 25, 2016 - http://www.magzter.com/IN/Shrinikethan/Business-Advisor/Business/
Tweeted on www.twitter.com/BusinessAdvDM
Taxmann's Direct Taxes Manual (Set of 3 Volumes) - 2021Taxmann
Taxmann’s Direct Taxes Manual is a compilation of annotated, amended and updated:
• Income-tax Act, 1961
• Income-tax Rules, 1962
• Circulars & Notifications
• Allied Laws
• Law Lexicon
• Gist of Landmark Rulings
The Present Publication is the 51st Edition, comes in a set of 3 volumes, that incorporates all changes made by the following:
• Volume 1 – The Finance Act, 2021 & the Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020
• Volume 2 – The Income-tax (Eighth Amendment) Rules, 2021
• Volume 3 – Law stated is amended up to 1st March, 2021
Taxmann’s Direct Taxes Manual incorporates the following noteworthy features:
• [Bestseller Series] Taxmann's series of Bestseller Books for more than Five Decades
• [Zero Error] Follows the six-sigma approach, to achieve the benchmark of 'zero error'
Published in three volumes:
○ Volume 1 incorporates the Income-tax Act, 1961 as amended by the Finance Act, 2021 & Taxation & Other Laws (Relaxation & Amendment of Certain Provisions) Act, 2020. It also contains other Allied Acts
○ Volume 2 incorporates the Income-tax Rules as amended by the Income-tax (Eighth Amendment) Rules, 2021. It also incorporates New Return Forms & Revised Rules and Forms along-with New Rules relating to Charitable Trusts. It also contains other Allied Rules
○ Volume 3 incorporates the following:
• [Schemes] All schemes relevant under the Income-tax Act, 1961
• [Words & Phrases] as defined by various Courts and Tribunals
• [Circulars, Clarifications & Notifications | 1961 – February 2021] Gist of all Circulars and Notifications which are in force
• [Case Laws | 1922 – February 2021] Digest of all landmark rulings by the Apex Court, High Courts & Tribunals
• [Models & Drafts] Specimen, models, and drafts of deeds, letters such as indemnity bond, reply to notices, etc.
The document summarizes the key rules regarding refund applications under GST as follows:
1. Rule 1(1) outlines how refund applications must be filed electronically in FORM GST RFD-01, directly or through a facilitation center. It provides for certain provisions related to exports, supplies to SEZ, and deemed exports.
2. Rule 1(2) specifies the documentary evidence that must accompany the refund application, including invoices, shipping bills, export orders, payment proofs, depending on the type of refund claimed.
3. The proper officer must acknowledge complete applications within 15 days, and communicate any deficiencies to the applicant in FORM GST RFD-03.
Pleased to share a curated version of Gulf Co-operation Council (GCC) Value Added Tax (VAT) Agreement with an index for ease of reading and reference. An index is a basic yet important element to give an overview of all the provisions of the law.
This document is intended for CFOs, finance controllers, finance managers, lawyers and tax professionals involved in the VAT implementation in the UAE, KSA, Kuwait, Oman, Bahrain and Qatar.
We are a team of tax and accounting professionals, advising & assisting companies/businesses on VAT implementation in the UAE and Saudi Arabia. Please feel free to contact us on info@AskPankaj.com
Pleased to share a curated version of UAE Tax Procedures with an index for ease of reading and reference. An index is a basic yet important element to give an overview of all the provisions of the law.
This document is intended for CFOs, finance controllers, finance managers, lawyers and tax professionals involved in the VAT implementation in the KSA.
We are a team of tax and accounting professionals, advising & assisting companies/businesses on VAT implementation in the UAE and Saudi Arabia. Please feel free to contact us on info@AskPankaj.com
Gst Alert 10 : Changes in registration and return filing normsMeet Raval
The document summarizes recent changes made to key GST rules in India that will impact how taxpayers avail credits and comply. Key changes include:
1) Stricter registration processes requiring Aadhaar authentication and increased processing times from 3 to 7 or 30 days.
2) Increased powers for officers to suspend or cancel registrations for violations like incorrect credit claims or return filing discrepancies.
3) Restrictions on input tax credit claims to 105% of the amount in GSTR 2B from January 2021.
4) Tighter return filing rules preventing filing if earlier returns are not filed and restrictions on using credits if returns are not filed.
5) A new rule restricting the use of
Tax Quest
Finance Act, 2016 has effected a number of changes that are effective from 01.06.2016 and this
alert seeks to provide a brief view on such changes.
1. Service Tax on Ocean Freight – Import Segment
1.gst constitutional provisions and features of constitution (101st amendme...Mainan Ray
The document summarizes the key constitutional provisions and amendments relating to the introduction of Goods and Services Tax (GST) in India. Some of the key points covered include:
- Article 246A grants concurrent power to the central and state governments to levy GST.
- The GST Council was constituted to make recommendations on GST rates, exemptions, and other aspects.
- Several entries in the Union, State and Concurrent lists were amended to facilitate the GST regime.
- Laws for CGST, IGST, UT GST and GST Compensation were enacted on July 1, 2017.
The document summarizes rules related to filing of returns under the CGST Act. It provides details about:
1) Filing of Form GSTR-1 by registered persons to furnish details of outward supplies. This includes invoice-wise details filed electronically by the 10th of the next month.
2) Filing of Form GSTR-2 by recipients to provide details of inward supplies added, corrected or deleted in Form GSTR-2A. This is to be filed electronically between the 11th and 15th day of the next month.
3) Filing of Form GSTR-3 as the monthly return combining details of outward and inward supplies to report tax liability. This is to be
The document summarizes changes made by the CBDT to Income Tax Rules regarding employee taxation and TDS. Key changes include:
1) Employees must now furnish evidence of tax deductions claimed on Form 12BB instead of self-declaration, including PAN of landlord for HRA claims over Rs. 1 lakh and evidence of travel/investment expenditures.
2) Due dates for filing TDS statements have been amended, requiring filing within 30 days for Section 194IA deductions and by 30 April/15 days after quarter-end for other TDS.
3) Form 12BB collects employee name, address, PAN and details of claims and evidence for tax deductions.
CBDT Representation - Comments on Draft Rules for Grant of FTC - PRB CAsHarshal Bhuta
The document is a letter from an accounting firm providing comments on India's draft rules for granting foreign tax credit. It summarizes key issues with the draft rules and provides suggestions. Specifically, it notes that Rule 1 could deny credit due to timing mismatches between countries. It suggests allowing credit on an accrual basis subject to redetermination. For Rule 4, it suggests allowing disputed foreign tax credits accrued. For Rule 5, it notes credit limits should consider India's deductions and rates. Rule 8 requirements are also suggested to be reasonably relaxed to avoid hardship.
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Healthcare Innovations and Regulatory Compliance InitiativesTatiana Cornell
The document discusses key aspects and requirements of the Affordable Care Act (ACA) of 2010 and Section 6041. It summarizes that the ACA mandated all US residents have health insurance, increased the number of insured, and required healthcare organizations to establish compliance programs. Section 6041 requires providers to obtain a National Provider Identifier, enroll in programs like MassHealth, and adhere to regulations to ensure standards of care and minimize risks. The ACA helped strengthen healthcare organizations' risk management strategies through greater accountability and oversight of providers.
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This document contains a summary of Muhammad Rauf Ali's professional experience and qualifications. It includes his contact information, educational background which includes a graduate degree from Punjab University and a diploma in printing and graphic arts. He has over 10 years of experience in sales, marketing, and project management roles in Pakistan and Oman. His experience includes developing marketing campaigns, new product launches, customer relationship management, and budget management. He is seeking a new opportunity with a company that offers opportunities for career growth.
Signature wood modifications reveal decomposer community history.PDFFeng Jin Liew, M.S.
This research article examines how different wood-degrading fungi leave signatures in decomposed wood that provide insight into the dominant decomposer community history. The researchers tested two techniques - dilute alkali solubility and lignin to density loss ratio - on wood degraded by 29 fungal isolates in the lab to determine if these signatures correlated with rot type (brown vs white). They found strong correlations above a density loss threshold. They then applied these techniques to wood degraded in the field in New Zealand to classify rot type along a spectrum rather than binary, and to account for issues like spatial variability and succession of decomposer communities over time.
Le livre blanc de l'expérience client - Vol 1Laurence Body
L'expérience client, tout le monde en parle, mais qui pratique réellement ? Pourquoi la France est elle si en retard par rapport à ses voisins anglo saxons ? Ces questions trouvent en partie leur réponse dans le manque de connaissance et de culture sur le sujet. Ce livre blanc rassemble les articles les plus lus du blog des Expériences Mémorables . Depuis 5 ans, X+M accompagne les entreprises de services dans leur démarche d'innovation par le design, et de simplification et de réenchantement de l'expérience qu'elles livrent à leurs clients.
Pharo is a modern and powerful Smalltalk environment that is open source, supports many platforms, and actively adds new features. Version 5.0 includes performance improvements from the new Spur VM, as well as new debugging tools and a unified FFI. An example web application built with Teapot and PunQLite demonstrates how easily full-stack web applications can now be developed in Pharo.
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The document lists locations in Belgium where graffiti removal services have been or will be provided by APP ALL REMOVE, including cathedrals, museums, schools, and commercial buildings. Services mentioned include graffiti removal, steam cleaning, protection and maintenance. Locations include Antwerp, Tongeren, Leuven, Liege, Ostend, Sint-Jans-Molenbeek, Gooik, Brussels, Wilrijk, Sint-Denijs-Westrum, and Ukkel.
Coffee was first discovered after a goat herder noticed his goats became energetic after eating red berries from a certain tree. A monk made a drink from the berries that kept him alert during evening prayers, and knowledge of the energizing berries began to spread. As word moved east, coffee reached the Arabian Peninsula and began a global journey. Today, coffee is grown in over 50 countries and there are two main varieties of coffee beans - Arabica and Robusta. The roasting process transforms green coffee beans and is a key factor in determining the taste of brewed coffee.
Haiti | Jan-1 | Gestion Intelligente de l'Energie et du TransportSmart Villages
Este documento discute el uso de energía en áreas rurales de Haití y estrategias para mejorar la eficiencia energética y la resiliencia en estas áreas. Describe cómo las comunidades rurales actualmente dependen de combustibles como la leña y el queroseno, y propone soluciones como sistemas solares fotovoltaicos, estufas mejoradas, bombas de agua solares y micro redes hidroeléctricas para satisfacer las necesidades energéticas de manera más sostenible. También presenta ejemplos exitosos de proyectos de
This document is the July 2016 issue of Tax Quest, an e-newsletter from K. Vaitheeswaran & Co. advocating tax law. It summarizes recent changes to international taxation, income tax, service tax, central excise, VAT, and CENVAT. For international taxation, it discusses relaxations to TDS for non-residents without PAN, the precedence of DTAAs over section 206AA, and new rules for foreign tax credit. For income tax, it covers the Income Declaration Scheme and recent circulars, as well as expansions to the scope of tax collection at source.
Compilation of CBDT Notifications & Circulars issued in July 2020ManishBhatnagar21
Below is the list of Notifications & Circulars issued by CBDT in the month of July 2020 and the same has been compiled so that you won't miss any Notifications & Circulars updates from Income Tax Department:
1. The document discusses input tax credit under the Goods and Services Tax (GST) in India. It provides definitions of key terms related to input tax credit like input, input service, capital goods, and input tax.
2. It summarizes the conditions for claiming input tax credit, such as possessing valid tax invoices, receiving the goods or services, ensuring the tax has been paid to the government, and filing returns. There are also time limits for claiming input tax credit.
3. The document outlines circumstances where input tax credit is not available, such as when goods or services are used for non-business purposes or making exempt supplies. It also discusses provisions for apportioning credit between taxable and exempt
This document provides an analysis of Section 206C(1H) of the Income Tax Act regarding tax collection at source (TCS) provisions introduced by the Finance Act of 2020. Key points include:
1) TCS of 0.1% is required to be collected by sellers receiving over Rs. 50 lakh in sales annually from buyers, excluding exports.
2) The applicability date was deferred to October 1, 2020 from April 1, 2020 due to COVID-19.
3) The Central Board of Direct Taxes can issue guidelines to address any difficulties in implementing the new TCS provisions.
Important CA final chapter by CA Final classes in Mumbai.miamiamumbai
We have list of established CA Final classes in Mumbai who have a vision to provide excellent learning opportunity for students. Mia Mia expertise in listing the IPCC Classes in Mumbai. Students can check the list for CA Coaching in Mumbai and get the best information for their career.
This document summarizes the key sections, rules, and provisions related to the composition scheme under the CGST Act. It notes that any registered person with an aggregate turnover not exceeding Rs. 75 lakh in the preceding year may opt to pay tax at prescribed rates under section 10. It outlines the conditions to opt for the scheme, the applicable tax rates, filing requirements including returns and payments, and rules regarding intimation and withdrawal from the scheme.
Corporate compliance calendar _ January 2020Lalit Rajput
Corporate compliance calendar for the month of January 2020
ABOUT ARTICLE :
This article contains various Compliance requirements under Statutory Laws. Compliance means “adhering to rules and regulations.”
Compliance Requirement Under
1. Income Tax Act, 1961
2. Goods & Services Tax Act, 2017 (GST)
3. Other Statutory Laws
4 Foreign Exchange Management Act, 1999 (FEMA)
5. SEBI (Listing Obligations And Disclosure Requirements) (LODR) Regulations, 2015
6. SEBI Takeover Regulations 2011
7. SEBI (Prohibition of Insider Trading) Regulations, 2015
8. SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018
9. SEBI (Buyback of Securities) Regulations, 2018
10. Companies Act, 2013 (MCA/ROC and LLP Compliance)
11. Investor Education and Protection Fund
12. ICSI Updates on e-CSIN
The document summarizes three recent announcements from the Central Board of Direct Taxes in India:
1. It relaxes the requirement to provide Unique Identification Numbers for tax forms from the last two quarters of 2015 due to operational constraints faced by stakeholders.
2. It seeks comments on draft rules and forms for determining fair market value of assets and reporting requirements related to the taxation of indirect transfers of Indian assets under section 9(1) of the Income Tax Act.
3. It notifies the formation of a committee to examine applications made under Rule 10VA of the Income Tax Rules regarding the approval of funds for the purpose of section 9A.
Scope of Sales Tax Act 1990 of PakistanAima Masood
The document summarizes key provisions related to sales tax in Pakistan. It discusses (1) the rate of sales tax charged on taxable supplies and imports, (2) goods charged at zero percent tax rate, (3) exemptions provided to certain supplies, and (4) rules regarding input tax deduction and payment of tax. Registered persons can deduct input tax paid on purchases against output tax due, provided they hold valid tax invoices and import documents. The time and mode of payment of tax on imports and local supplies is also specified.
The document discusses various tax deductible allowances and tax credits under Pakistan tax law, including:
1) Deductible allowances for zakat, workers' welfare fund, and workers' participation fund paid by an individual.
2) Tax credits for charitable donations, investments in shares/insurance, contributions to approved pension funds, and profit on debt for housing loans.
3) Any unused tax credits cannot be refunded, carried forward, or back but an association may claim its members' excess credits under conditions.
Analysis of Finance Act, 2020 vis-à-vis GST
The Finance Act, 2020 has made several amendments to the CGST Act, 2017 and corresponding amendments to the IGST Act, 2017 and UTGST Act, 2017. We have attempted to analyse the provision wise amendment made by the Finance Act, 2020 to the CGST Act, 2017.
1. The document discusses key provisions related to the levy and collection of Goods and Services Tax (GST) in India as per the Central GST Act, including:
2. CGST will be levied on all intra-state supplies of goods/services at rates up to 20% as notified by the government. CGST on petroleum products will be levied from a future notified date.
3. The tax liability in some cases like composite/mixed supplies is determined based on the principal/highest taxed supply.
4. Tax can be payable on a reverse charge basis in certain notified categories of supply. Unregistered suppliers must pay tax which registered recipients collect.
5.
This document provides an introduction and overview of the Central Sales Tax Act of 1956 in India. Some key points:
- The Act was introduced to provide legislation authorized by amendments to the Indian Constitution regarding taxation of inter-state sales and imports/exports.
- It aims to enable state governments to collect additional revenues by taxing previously untaxed inter-state transactions.
- The Act establishes principles for determining when a sale occurs in inter-state commerce versus within a state, and for goods imported/exported.
- It allows state governments to impose and collect tax on inter-state sales on behalf of the central government. Certain goods can be declared as of special importance to inter-state trade and their taxation
This document is the Appropriation Bill for the 2023/24 financial year in the Republic of South Africa. It appropriates money from the National Revenue Fund for the requirements of the State for 2023/24. It prescribes conditions for spending funds withdrawn for 2024/25 before the commencement of the 2024/25 Appropriation Act. It also provides definitions for terms used and sets out the schedule of appropriations by vote and division.
The document summarizes key amendments made by the Finance Bill 2016 related to income tax and equalization levy. Some of the major changes include:
1. Introduction of a 6% equalization levy on specified online advertisement services received by non-residents from Indian residents without a permanent establishment in India.
2. Allowing a deduction of up to 40% of the total amount received from National Pension System (NPS), moving from a fully taxable model to a partially taxable "EET" model.
3. Reducing the deduction limit for specified businesses under Section 10AA to assessments made up to April 1, 2020.
4. Allowing non-banking financial companies
Taxation of-cooperative-societies-ca krishan-dev_sindhuKrishan Dev
The document discusses various tax compliance requirements for cooperative housing societies under the Income Tax Act and GST laws in India. Some key points:
1) A cooperative housing society is treated as an Association of Persons (AOP) for tax purposes. It is required to file tax returns and may be liable for tax audit if gross receipts exceed Rs. 1 crore.
2) The society needs to comply with TDS provisions like depositing TDS, issuing Form 16A, and filing returns. Failure to comply can attract penalties.
3) Under GST, transactions between a society and its members are taxable. The society needs to register if aggregate turnover exceeds Rs. 20 lakhs
This document provides guidance to reporting persons on submitting statements of financial transactions (SFT) as required by Section 285BA of the Income Tax Act. It outlines:
1) The types of transactions that must be reported and the applicable reporting thresholds.
2) The procedure for registering with the Income Tax Department and submitting SFT forms, including downloading the necessary files from the e-filing website.
3) General guidelines for preparing SFT forms, including identifying reportable transactions and applying aggregation rules to determine reporting thresholds.
4) The required reporting format which differs based on the transaction type being person, account, or property transaction based. Reporting persons must submit separate SFT forms for each transaction type.
Taxmann’s Income Tax Act covers the annotated text of the Income-tax Act, 1961, in the most authentic, amended & updated format.
The Present Publication is the 66th Edition & Updated till the following:
• The Finance Act, 2021
• The Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020
The noteworthy features of the book are as follows:
• [Bestseller Series] Taxmann’s Bestseller Book for more than Five-Decades
•[Zero Error] Follows the Six Sigma Approach to achieve the Benchmark of ‘Zero Error’
• [Legislative History of Amendments], since 1961
• [Relevant provisions of all other allied laws] referred to in the Income-tax Act
• Comprehensive Table of Contents
• [Quick Navigation] Relevant Section Numbers are printed in Folios for Quick Navigation
• Annotation under each section shows:
○ Relevant Rules & Forms
○ Relevant Circulars & Notifications
○ Date of enforcement of provisions
○ Allied Laws referred to in the Section
• The contents of the book are as follows:
○ Division One – Income-tax Act, 1961
• Arrangement of Sections
• Text of the Income-tax Act, 1961 as amended by the Finance Act, 2021 and Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020
• Appendix: Text of provisions of Allied Acts/Circulars/Regulations referred to in Income-tax Act
• Subject Index
○ Division Two – Finance Act, 2021 & Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020
• Text of the Finance Act, 2021
• Text of the Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020
• Notifications issued under Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020
• Also available in Taxmann’s Virtual Book Format (An e-Book Initiative for un-interrupted reading experience).
• Now Claim 10% Cashback (when you purchase Taxmann’s Income Tax Act), Redeemable at Taxmann’s Online Bookstore.
This document summarizes the Sales Tax Act of 1990 in Pakistan, which consolidates and amends laws relating to taxation on the sale, import, export, production, manufacture, or consumption of goods. Some key points:
- It establishes the legal framework for sales tax in Pakistan, including definitions, tax rates, penalties, and offences.
- Recent amendments have updated various definitions, such as expanding the definition of the term "Commissioner" and establishing the Appellate Tribunal for tax-related appeals.
- The Act aims to simplify and standardize sales tax laws in Pakistan through this consolidated legislation. It provides the primary legal basis for sales tax collection and administration in the country.
1. 1
GOODS AND SERVICES TAX (COMPENSATION TO THE
STATES FOR LOSS OF REVENUE) BILL, 2016
(No. __ of 2016)
[__th ______, 2016]
A Bill to provide for compensation to the States for loss of revenue arising on account of
implementation of the goods and services tax for a period of five years as per Section 18 of The
Constitution (One Hundred and First Amendment) Act, 2016.
BE it enacted by Parliament in the Sixty-seventh Year of the Republic of India as follows:—
1. SHORT TILE AND COMMENCEMENT
(1) This Act may be called the Goods and Services Tax (Compensation to the States for Loss
of Revenue) Act, 2016.
(2) It extends to the whole of India.
(3) It shall come into force on such date as the Central Government may, by notification in
the Official Gazette, appoint in this behalf.
2. DEFINITIONS
(1) “base year” shall have the meaning assigned to it in section 4;
(2) “base year revenue” shall have the meaning assigned to it in section 5;
(3) “compensation” means an amount determined under section 7;
(4) “earlier law” shall have the meaning assigned to it in the State Goods and Services Tax
Act of the respective State;
(5) “Council” means Goods and Services Tax Council established as per the Article 279A of
the Constitution;
(6) “Goods and Services Tax Compensation Cess” means the cess levied under section 8;
(7) “Goods and Services Tax Compensation Fund” shall have the meaning assigned to it in
section 10;
(8) “input tax” in relation to a taxable person, means the Goods and Services Tax
Compensation Cess charged on any supply of goods and/or services to him, Goods and Services
Tax Compensation Cess charged on import of goods, and includes the Goods and Services Tax
Compensation Cess payable on reverse charge basis;
(9) “input tax credit” means credit of ‘input tax’ as defined in section 2(8);
(10) “projected growth rate” means the rate of growth projected for the transition period as
per section 3;
2. 2
(11) “projected revenue” shall have the meaning assigned to it in section 6;
(12) “State” shall include Union Territories with Legislature;
(13) “taxable person’’ shall have the meaning as assigned to it in the Central Goods and
Services Tax Act, 2016;
(14) “taxable supply’’ means a supply of goods and/or services which is chargeable to the
Goods and Services Tax Compensation Cess under this Act;
(15) “transition date” shall mean, in respect of any State, the date on which the Goods and
Services Tax Act of the concerned state comes into force;
(16) “transition period” means a period of five years from the transition date;
(17) words and expressions used but not defined in this Act and defined in the Central Goods
and Services Tax Act, 2016 (… of 2016), shall have the meanings respectively assigned to them in
that Act, in the context of GST Compensation Cess levied on taxable supplies of goods and/or
services made in the course of intra-State trade or commerce; and
(18) words and expressions used but not defined in this Act and defined in the Integrated
Goods and Services Tax Act, 2016 (… of 2016) shall have the meanings respectively assigned to
them in that Act, in the context of GST Compensation Cess levied on taxable supplies of goods
and/or services made in the course of inter-State trade or commerce.
3. PROJECTED GROWTH RATE
The projected nominal growth rate of revenue subsumed for a State during the
transition period shall be 14% per annum.
4. BASE YEAR
For the purpose of calculating the compensation amount payable in any financial year
during the transition period, the financial year ending 31st March 2016 will be taken as the base
year.
5. BASE YEAR REVENUE
(1) Subject to the provision of sub-sections (2), (3) (4) and (5) the base year revenue for a
State shall be the sum of the revenue collected by the State and local bodies during the base year,
on account of the taxes levied by the respective State or Centre, net of refunds, with respect to
the following taxes imposed by the respective State or Centre, which are subsumed into goods
and services tax:
(a) Value Added Tax (VAT), sales tax, purchase tax, tax collected on works contract, or any
other tax levied by the concerned State under the erstwhile Entry 54 of List-II (State
List) of the Seventh Schedule to the Constitution, prior to bringing into effect the
provisions of the Constitution (One Hundred and First Amendment) Act, 2016;
(b) Central Sales Tax (CST) levied by the Central Sales Tax Act, 1956;
(c) Entry tax, octroi, local body tax or any other tax levied by the concerned State under
the erstwhile Entry 52 of List-II (State List) of the Seventh Schedule to the Constitution,
prior to bringing into effect the provisions of the Constitution (One Hundred and First
Amendment) Act, 2016;
3. 3
(d) Taxes on luxuries, including taxes on entertainments, amusements, betting and
gambling or any other tax levied by the concerned State under the erstwhile Entry 62
of List-II (State List) of the Seventh Schedule to the Constitution, prior to bringing into
effect the provisions of the Constitution (One Hundred and First Amendment) Act,
2016;
(e) Taxes on advertisement or any other tax levied by the concerned State under the
erstwhile Entry 55 of List-II (State List) of the Seventh Schedule to the Constitution,
prior to bringing into effect the provisions of the Constitution (One Hundred and First
Amendment) Act, 2016;
(f) Duties of excise on medicinal and toilet preparations levied by the Union but collected
and retained by the concerned State Government under the erstwhile Article 268 of the
Constitution, prior to bringing into effect the provisions of the Constitution (One
Hundred and First Amendment) Act, 2016; and
(g) Any cess or surcharge levied by the State Government under any Act which is included
in the definition of ‘earlier laws’ as per section 2(39) of the State Goods and Services
Act of the concerned State.
(2) The Acts of the Central and State Governments under which the specific taxes are being
subsumed into the goods and services tax shall be as notified.
(3) The revenue collected during the base year in a State, net of refunds, on account of
following taxes, shall not be included in the calculation of the base year revenue for that State:
(a) Any taxes levied under any Act made under the erstwhile Entry 54 of List-II (State List)
of the Seventh Schedule to the Constitution, prior to bringing into effect the provisions
of the Constitution (One Hundred and First Amendment) Act, 2016, on the sale or
purchase of petroleum crude, high speed diesel, motor spirit (commonly known as
petrol), natural gas, aviation turbine fuel and alcoholic liquor for human consumption;
(b) Any taxes levied under the Central Sales Tax Act, 1956 (74 of 1956) on the sale or
purchase of petroleum crude, high speed diesel, motor spirit (commonly known as
petrol), natural gas, aviation turbine fuel and alcoholic liquor for human consumption;
(c) Any cess imposed by the State Government on the sale or purchase of petroleum crude,
high speed diesel, motor spirit (commonly known as petrol), natural gas, aviation
turbine fuel and alcoholic liquor for human consumption; and
(d) Entertainment tax levied by the State but collected by local bodies, under any Act
enacted under the erstwhile Entry 62 of List-II (State List) of the Seventh Schedule to
the Constitution, prior to bringing into effect the provisions of the Constitution (One
Hundred and First Amendment) Act, 2016..
(4) In respect of the State of Jammu and Kashmir, the base year revenue shall include the
amount of service tax collected by the State Government.
(5) In respect of States mentioned in article 279A(4)(g) of the Constitution, the amount of
revenue foregone on account of exemptions given by the State Government to specific entities
under the laws specified under sub-section (2) to promote industrial investment in the State
would be included in the total base year revenue of the State, subject to the conditions as may be
prescribed.
(6) The base year revenue shall be calculated as per sub-sections (1), (2), (3), (4) and (5) on
the basis of the figures of revenue collected net of refunds given in that year, as audited by the
Comptroller and Auditor General of India.
4. 4
(7) In respect of any State, if any part of revenues mentioned in sub-sections (1), (2) and (3)
are not credited in the Consolidated Fund of the respective State, the same shall be included in
the total base year revenue of the State, subject to the conditions as may be prescribed.
6. PROJECTED REVENUE FOR ANY YEAR
The projected revenue for any year in a State shall be calculated by applying the
projected growth rate over the base year revenue of that State.
Illustration: If the base year revenue for 2015-16 for a concerned State, calculated as per
section 5, is Rs. 100, then the projected revenue for, say, financial year 2018-19 shall be as
follows:
2018 − 19 = 100 1 +
14
100
7. CALCULATION AND RELEASE OF COMPENSATION
(1) The GST compensation payable to a State shall be provisionally calculated and released
at the end of every quarter, and shall be finally calculated for every financial year after the receipt
of final revenue figures, as audited by the Comptroller and Auditor General of India (CAG).
Provided further that in case any excess amount has been released as GST compensation
to a State in any financial year during the transition period, as per the CAG audited figures of
revenue collected, the excess amount so released shall be adjusted against the GST compensation
amount payable to the State in the subsequent financial year.
(2) The total GST compensation payable for any financial year during the transition period
to any State shall be calculated as follows:
(a) The projected revenue for any financial year during the transition period, that could
have accrued to a State in the absence of GST, shall be calculated as per section 6.
(b) The actual revenue collected by a State in any financial year during the transition
period would be the actual revenue from State Goods and Services Tax collected by the
State, net of refunds given by the State under Chapter XI of the SGST Act, and the
Integrated Goods and Services Tax apportioned to that State, as certified by the
Comptroller and Auditor General of India.
(c) Total GST compensation payable in any financial year shall be the difference between
the projected revenue for any financial year and the actual revenue collected by a State
as defined in sub-section (b).
(3) The loss of revenue at the end of any quarter in any year for a State during the transition
period shall be calculated at the end of every quarter as follows:
(a) The projected revenue that could have been earned by the State in absence of GST till
the end of the relevant quarter of the respective financial year would be calculated on a
pro-rata basis as a percentage of the total projected revenue for any financial year
during the transition period, as calculated as per section 6.
(Illustration: If the projected revenue for any year calculated as per section 6 is Rs. 100,
the projected revenue that could be earned till the end of third quarter for the purpose of
this sub-section shall be Rs. 75.)
5. 5
(b) The actual revenue collected by a State till the end of relevant quarter in any financial
year during the transition period would be the actual revenue from State Goods and
Services Tax collected by the State, net of refunds given by the State under Chapter XI
of the SGST Act, including Integrated Goods and Services Tax apportioned to that State,
as certified by the Principal CCA (CBEC).
(c) The provisional GST compensation payable to any State at the end of the relevant
quarter in any financial year shall be the difference between the projected revenue for
till the end of the relevant period as per sub-section (3)(a) and the actual revenue
collected by a State in the said period as defined in sub-section (3)(b), reduced by the
provisional GST compensation paid to a State till the end of the previous quarter in the
said financial year during the transition period.
(4) In case of any difference between the final GST compensation amount payable to a State
calculated as per provisions of sub-section (2) upon receipt of the audited revenue figures from
the CAG, and the total provisional GST compensation amount released to a State in the said
financial year as per sub-section (3), the same shall be adjusted against release of GST
compensation to the State in the subsequent financial year.
(5) Where no compensation is due to be released in any financial year, and in case any
excess amount has been released to a State in the previous year, this amount shall be refunded by
the State to the Central Government and such amount shall be credited to the GST Compensation
Fund in a manner as may be prescribed.
Explanation.— For the purpose of this section, the actual revenue collected would include the
collection on account of SGST net of refunds of SGST given by the State under Chapter XI of the
concerned SGST Act, and any collection of taxes on account of the taxes levied by the respective
State under the laws specified under section 5(2), net of refunds of such taxes.
8. LEVY AND COLLECTION OF GST COMPENSATION CESS
There shall be levied and collected in accordance with the provisions of this Act, a cess to
be called the GST Compensation Cess at such rate as may be notified, but not exceeding…. per
cent, on the value determined under section 15 of the CGST Act, 2016, and on such supplies of
goods and services, including imports of goods and services, and those supplies on which tax is
payable on reverse charge basis under section 7(3) of the CGST Act, which may be prescribed on
the recommendations of the Council, for the purposes of providing compensation to the States
for loss of revenue arising on account of implementation of the goods and services tax for a
period of five years, w.e.f. the date from which the CGST Act is brought into force.
Provided that no such cess shall be leviable under this section on supplies made by a
taxable person permitted to opt for composition levy under section 8 of the CGST Act, 2016.
(1)
9. RETURNS, PAYMENTS AND REFUNDS
(1) Every taxable person registered under CGST Act, 2016, making a taxable supply of goods
and/or services, shall furnish such returns in such formats, as may be prescribed, along with the
returns to be filed under the Central Goods and Services Tax Act, 2016, shall pay the amount
payable under the Act in the manner as may be prescribed and apply for refunds of cess paid and
refundable in such form as may be prescribed.
6. 6
(2) For all purposes of furnishing of returns and claiming refunds, except for the format to
be filed, the provisions of the Central Goods and Tax Act, 2016, and the rules made thereafter,
shall, as far as may be, apply in relation to the levy and collection of the cess leviable under
section 8 on all taxable supplies of goods and/or services, as they apply in relation to the levy and
collection of Central Goods and Services Tax on such supplies under the said Act or the rules
made thereunder, as the case may be.
10. CREDITING PROCEEDS OF CESS TO GST COMPENSATION FUND
(1) The proceeds of the GST Compensation Cess leviable under section 8 shall be credited to
a non-lapsable fund known as the GST Compensation Fund in the Public Account, and shall be
utilized for purposes specified in section 8.
(2) All amounts payable to the States under section 7 shall be paid from the Goods and Tax
Compensation Fund.
(3) Fifty percent of the amount remaining unutilized in the GST Compensation Fund at the
end of the transition period shall be transferred to the Consolidated Fund of India, and shall be
distributed between the Centre and the States and amongst the States as per provisions of clause
(2) of article 270 of the Constitution; and the balance fifty percent shall be distributed amongst
the States in the ratio of their total revenues from SGST in the last year of the transition period.
11. OTHER PROVISIONS RELATING TO CESS
(1) The provisions of the Central Goods and Tax Act, 2016, and the rules made thereafter,
including those relating to assessment, input tax credit (subject to sub-section (3)), non-levy,
short-levy, interest, appeals, offences and penalties, shall, as far as may be, apply mutatis
mutandis in relation to the levy and collection of the cess leviable under section 8 on the intra-
state supply of goods and services, as they apply in relation to the levy and collection of Central
Goods and Services Tax on such intra-state supplies under the said Act or the rules made
thereunder, as the case may be.
(2) The provisions of the Integrated Goods and Tax Act, 2016, and the rules made thereafter,
including those relating to assessment, input tax credit (subject to sub-section (3)), non-levy,
short-levy, interest, appeals, offences and penalties, shall, as far as may be, apply in relation to
the levy and collection of the cess leviable under section 8 on the inter-state supply of goods and
services, as they apply in relation to the levy and collection of Integrated Goods and Services Tax
on such inter-state supplies under the said Act or the rules made thereunder, as the case may be.
(3) Provided further that the input tax credit in respect of GST Compensation Cess on supply
of goods and services leviable under section 8, shall be utilised only towards payment of GST
Compensation Cess on supply of goods and services leviable under section 8.