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READING DOWN MODEL IGST ACT (APPORTIONMENT OF TAX AND SETTLEMENT OF FUNDS)(PART-10)

Goods and Services Tax - GST - By: - Dr. Sanjiv Agarwal - Dated:- 3-8-2016 - Chapter VII of the model IGST law under section 10 contains provisions for apportionment of tax collected under the IGST Act and how settlement of funds shall be done. The provisions shall also apply to apportionment of interest and penalties realized in connection with the tax being apportioned. The amounts paid in respect to IGST to Central Government can be apportioned to Central Government or the State Government(s) .....

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ply shall be apportioned to the Central Government. On IGST paid to the Central Government, in case of inter-state supply of goods / services to unregistered person, or taxable person paying tax u/s 8 of CGST Act (i.e., composition levy) amount to be apportioned to Central Government shall be amount of tax determined at the rate which is equivalent to CGST on similar intra-state supply of goods / services. As per sub-section (2), out of the IGST paid to the Central Government in respect of inter .....

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vernment. In case of inter-state supply of goods or services made to a registered person - who is not eligible for input tax credit, or where he does not avail credit within stipulated period i.e. remains in IGST account even after expiry of due date of filing annual return for the year in which supply was made, amount shall be apportioned to Central Government. The amount to be apportioned shall be tax @ equivalent to CGST on similar intra-state supply of goods / services. According to sub-sect .....

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/s 8 of CGST Act (composition levy), from amount of IGST paid to Central Government, amount equivalent to CGST payable or similar intra-state supply shall be apportioned to Central Government. Sub-section (4) provides that 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 the spec .....

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such credit within the stipulated period i.e. and thus remains in the IGST account even after the due date for filing annual return for the year in which such supply is made. In such cases, amount shall be apportioned to Central Government which shall be the amount of tax @ equivalent to CGST payable on similar intra-state supply. According to sub-section (5), the balance amount of tax remaining in the IGST account in respect of the supply for which an apportionment to the Central Government ha .....

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