Contact us   Feedback   Subscription   New User   Login      
Tax Management India .com
TMI - Tax Management India. Com
Extracts
Home List
← Previous Next →

TRANSITIONAL PROVISIONS-PART-III

Goods and Services Tax - GST - By: - Pradeep Jain - Dated:- 30-12-2016 - GST DAILY DOSE OF UPDATION BY CA PRADEEP JAIN 169. Credit of eligible duties and taxes in respect of inputs held in stock to be allowed in certain situations This provision intends to enable the taxable person to avail the cenvat of duties and taxes in respect of inputs held in stock subject to certain conditions. The provision reads as follows: (1) A registered taxable person, who was not liable to be registered under the .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

held in stock on the appointed day subject to the following conditions: (i) such inputs and / or goods are used or intended to be used for making taxable supplies under this Act; (ii) the said taxable person passes on the benefit of such credit by way of reduced prices to the recipient; (iii) the said taxable person is eligible for input tax credit on such inputs under this Act; (iv) the said taxable person is in possession of invoice and/or other prescribed documents evidencing payment of duty .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ovision has been extended to such persons also who are engaged in provision of exempted services, or who was providing works contract service and was availing of the benefit of notification No. 26/2012-Service Tax, dated 20.06.2012 or a first stage dealer or a second stage dealer or a registered importer. Interestingly, works contract service has been linked with notification no. 26/2012 which is an abatement notification. This notification does not prescribe any abatement for works contract ser .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

s or no credit at all. The trade and industry will support second interpretation. But this clerical mistake should also be rectified to avoid any unwarranted litigation. Secondly, the conditions also have been revised. The second condition earlier stated that the taxable person should be eligible for cenvat but haven t availed it because of him being exempted. This condition has been replaced to insert a new condition that the benefit of such credit has been passed by way of reduced prices to th .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ment in each and every case will ask the assessee to prove that the price is reduced. Another condition no. (v) has been inserted to provide that any supplier of service intending to avail benefit of this provision should not be eligible for any abatement under the new act. But there is no abatement provision in proposed revised GST law. We are failed to understand the meaning of this provision. It may imply that there are going to bring abatements in new law also. It is welcome step but it is a .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

 

 

 

 

 



|| Home || Acts and Rules || Notifications || Circulars || Schedules || Tariff || Forms || Case Laws || Manuals ||

|| About us || Contact us || Disclaimer || Terms of Use || Privacy Policy || TMI Database || Members || Site Map ||

© Taxmanagementindia.com [A unit of MS Knowledge Processing Pvt. Ltd.] All rights reserved.

Go to Mobile Version