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READING DOWN MODEL IGST ACT (PART-8) (PAYMENT OF TAX)

READING DOWN MODEL IGST ACT (PART-8) (PAYMENT OF TAX) - Goods and Services Tax - GST - By: - Dr. Sanjiv Agarwal - Dated:- 29-7-2016 Last Replied Date:- 8-8-2016 - Chapter V of the Model IGST Act comprises of section 7 which contains provisions for payment of tax, interest, penalty and other amounts. The manner of maintenance of books and procedural requirements shall be prescribed by the Central Government after the legislation is enacted. Manner of Payment Section 7 provides for deposit or paym .....

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n which amount is credited to the account of the appropriate Government in the authorized bank. The conditions and limitations for such deposit of amounts and how electronic cash ledger shall be maintained will be prescribed by the Government. Matter to be Prescribed Manner of maintaining electronic cash ledger Manner in which 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 Manner, conditions and time with .....

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ed in an electronic register Utilization of Credit Sub-section (5) provides for the manner in which input tax credit on account of IGST, CGST and SGST could be utilized. Accordingly, 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 electro .....

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ing matrix explains the preference to be adopted for utilization of credit- TAX TYPE (INPUT) TAX TYPE (OUTPUT) WHETHER POSSIBLE RANKING CGST CGST YES 1 CGST SGST NO N.A CGST IGST YES 2 SGST CGST NO N.A SGST SGST YES 1 SGST IGST YES 2 IGST IGST YES 1 IGST CGST YES 2 IGST SGST YES 3 It may be noted that there is no provisions for cross input tax credit utilization between CGST and IGST. Further, order of taking credit will not be allowed to be altered or jumped, i.e., it has to be strictly followe .....

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e refund will be allowed as provided in section 38 of CGST Act as a consequence of which IGST balance will stand reduced. According to section 38 of CGST Act, any person claiming refund of any tax and interest, if any, paid on such tax or any other amount paid by him, may make an application in that regard to the proper officer of IGST/CGST/SGST before the expiry of two years from the relevant date in such form and in such manner as may be prescribed. The limitation of two years shall not apply .....

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turn of the current tax period; (c) any other amount payable under the Act or the rules made thereunder including the demand determined under section 51 of the CGST Act. Section 7(8) provides that every taxable person shall discharge his tax and other dues under IGST Act or the rules framed for this purpose in the following order only - 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, .....

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him, be deemed to have passed on the full incidence of such tax to the recipient of such goods and/or services. This deeming provision shall apply unless the taxpayer is able to prove to the contrary. The onus of proof will lie on the taxpayer. It appears to be a grey area and we can see continuation of disputes arising out of unjust enrichment. (To be continued…..) - Reply By swaminathan venkataraman - The Reply = OFFHANDAccording to own independent perception,- as often canvassed before .....

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h indisputably have impact on and gravely impairs the lawful rights and interests of mainly the consumers/direct stakeholders. Besides that, it is not the people but it is the government(S) who is going to be the unintended beneficiaries of 'unjust enrichment' made a mention of; and for funding its so called public expenditure , with no effective in-built checks and balances in place .Last but not least, to go ahead with any enactment, despite itself being prim facie deficient and replet .....

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