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DRAFT THE INTEGRATED GOODS AND SERVICE TAX ACT, 2016 PART II

Goods and Services Tax - GST - By: - Mr.M. GOVINDARAJAN - Dated:- 18-6-2016 Last Replied Date:- 30-12-1899 - In this part the provisions relating to input tax credit is discussed in detail along with other things except the provisions relating to Settlement Commission. Payment of tax etc., Section 7 provides for the payment of tax, interest, penalty or any other amount to the credit of the Government. Section 7(1) provides that every deposit made towards tax, interest, penalty, fee or any other .....

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of deposit. Section 7(8) provides that every taxable person shall discharge his tax and other dues under this Act or the rules made there under in the following order- self-assessed tax, and other dues related to returns of previous tax periods; self-assessed tax, and other dues related to the return of the current tax period; any other amount payable under the Act or the rules made there under including the demand determined under section 51 of the CGST Act. Section 7(9) provides that every pe .....

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ll, on his own, for the period for which the tax or any part thereof remains unpaid, pay interest at such rate as may be notified, on the recommendation of the Council, by the Central Government. Section 29(2) provides that the interest shall be calculated from the first day such tax was due to be paid. Section 29(3) provides that In case a taxable person makes an undue or excess claim of input tax credit under sub-section (10) of section 29 of the CGST Act, he shall be liable to pay interest on .....

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nder sub-section (3) of section 4. Section 2(1) (e) defines the term input tax credit as credit of input tax as defined in clause (d) of subsection (1) of section 2. Procedure for utilizing input tax credit The following is the procedure to utilize input tax credit- The input tax credit as self-assessed in the return of a taxable person shall be credited to his electronic credit ledger to be maintained in the manner as may be prescribed; The amount available in the electronic cash ledger may be .....

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d; The amount of input tax credit on account of IGST available in the electronic credit ledger shall first be utilized towards payment of IGST and the amount remaining, if any, may be utilized towards the payment of CGST and SGST, in that order; The amount of input tax credit on account of CGST available in the electronic credit ledger shall first be utilized towards payment of CGST and the amount remaining, if any, may be utilized towards the payment of IGST; The amount of input tax credit on a .....

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c Ledger Section 7(7) provides that all liabilities of a taxable person under this Act shall be recorded and maintained in an electronic register as may be prescribed. Taking of input tax credit Section 8 (1) provides that every registered taxable person shall, subject to such conditions and restrictions as may be prescribed in this behalf, be entitled to take credit of input tax, as self-assessed, in his return and such amount shall be credited, on a provisional basis, to his electronic credit .....

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amount collected as IGST shall stand reduced by an amount equal to the credit so utilized and the Central Government shall transfer an amount equal to the amount so reduced from the IGST account to the CGST account in the manner and time as may be prescribed. Section 9(2) provides that on utilization of input tax credit availed under this Act for payment of tax dues under the SGST Act as per sub-section (5) of section 7, the amount collected as IGST shall stand reduced by an amount equal to the .....

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paid to the Central Government in respect of inter-State supply of goods and/or services to an unregistered person or to a taxable person paying tax under section 8 of the CGST Act, the amount of tax calculated at the rate equivalent to the CGST on similar intra-state supply shall be apportioned to the Central Government; Out of the IGST paid to the Central Government in respect of inter-State supply of goods and/or services made in a year to a registered taxable person, where such taxable perso .....

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unregistered person or by a taxable person paying tax under section 8 of the CGST Act, the amount of tax calculated at the rate equivalent to the CGST on similar intra-state supply shall be apportioned to the Central Government; Out of the IGST paid to the Central Government in respect of import of goods and / or services made in a year by a registered taxable person, where the such taxable person is either not eligible for input tax credit or where he does not avail of the said credit within t .....

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l Government has been done under para (1), (20 or (3) above shall be apportioned to the State where such supply takes place as per Section 5 or 6, in the manner and time as may be prescribed. For the apportionment of interest and penalty the provisions of (1), (2), (3), (4) and (5) paras above relating to apportionment of tax shall mutatis mutandis apply to the apportionment of interest and penalty realized in connection with the tax so apportioned. Section 10(7) provides that where an amount ha .....

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