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MEMORANDUM

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..... ictions to allow input tax credit on inputs sent to a job-worker for job-work under section 19; (g) conditions and restrictions to allow input tax credit on capital goods sent to a job worker for job work under section 19; (h) manner of distribution of input tax credit by input service distributor under section 20; (i) manner and conditions for getting registered under section 25; (j) conditions for getting separate registration for business vertical under section 25; (k) period in which tax invoice is to be issued under section 31; (l) particulars to be declared on a tax invoice and a time in which such invoices are to be issued under section 31; (m) particulars to be declared on a credit or debit note under section 34; (n) particulars req .....

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..... (zf) manner in which Advance Ruling pronounced by the Appellate Authority is to be certified under section 101;(zg) appeals to Appellate Authority under section 107; (zh) constitution of selection committee and their manner of working for selection of the Technical Member (Centre) and Technical Member (State) of the National Bench and Regional Benches under section 110; (zi) verification of memorandum of cross objection under section 112; (zj) manner in which President exercise his financial and administrative powers under section 114; (zk) time, form and manner in which persons furnish information return under section 150; (zl) form and manner in which statistics is to be collected under section 151; (zm) fee for taking a copy of any orde .....

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..... ds and Services Tax Act. 4. Sub- clause (1) of clause 109 of the Bill provides for the establishment of the Goods and Services Tax Appellate Tribunal by the Central Government for hearing appeals against the orders passed by the Appellate Authority or the Revisional Authority. Sub-clause (8) of clause 110 of the Bill provides for the salary and allowances payable to the President and Members of the Appellate Tribunal. 5. Sub- clause (2) of clause 171 of the Bill provides for establishment of an authority for an anti-profiteering clause in order to ensure that business passes on the benefit of reduced tax incidence on goods or services or both to the consumers. 6. The total financial implications in terms of recurring and non-recurr .....

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..... ntry into separate economic spheres; and (iv) the creation of tariff and non-tariff barriers such as octroi, entry tax, check posts, etc., hinder the free flow of trade throughout the country. Besides that, the large number of taxes create high compliance cost for the taxpayers in the form of number of returns, payments, etc. 3. In view of the aforesaid difficulties, all the above mentioned taxes are proposed to be subsumed in a single tax called the goods and services tax which will be levied on supply of goods or services or both at each stage of supply chain starting from manufacture or import and till the last retail level. So, any tax that is presently being levied by the Central Government or the State Governments on the su .....

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..... r services or both except supply of alcoholic liquor for human consumption at a rate to be notified, not exceeding twenty per cent. as recommended by the Goods and Services Tax Council (the Council); (b) to broad base the input tax credit by making it available in respect of taxes paid on any supply of goods or services or both used or intended to be used in the course or furtherance of business; (c) to impose obligation on electronic commerce operators to collect tax at source, at such rate not exceeding one per cent. of net value of taxable supplies, out of payments to suppliers supplying goods or services through their portals; (d) to provide for self-assessment of the taxes payable by the registered person; (e) to pr .....

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