TMI BlogMEMORANDUM REGARDING DELEGATED LEGISLATIONX X X X Extracts X X X X X X X X Extracts X X X X ..... 15; (e) form and manner in which certification of registration on provisional basis is to be issued under section 17; (f) manner in which input tax credit is to be carried forward under section 18; (g) form, manner and time in which the job worker declares inputs held in stock on behalf of the manufacturer under section 19; (h) manner in which credit will be calculated on tax paid under existing law under section 20; and (i) any other matter which is to be, or may be, prescribed, or in respect of which provision is to be made, by rules. 2. Clause 23 of the Bill empowers the Board to make regulations to provide for anymatter which is required to be, or may be, specified by regulation or in respect of which provision is to be made by regul ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... used for carrying out the various functions under the Bill. However, it is not possible to estimate the exact recurring and non-recurring expenditure from the Consolidated Fund of India at this stage. STATEMENT OF OBJECTS AND REASONS Presently, the Constitution empowers the Central Government to levy excise duty on manufacturing and service tax on the supply of services. Similarly, it empowers the State Governments and Union territories to levy sales tax or value added tax on the sale of goods. In addition, many States also levy an entry tax on the entry of goods in local areas. This exclusive division of fiscal powers has led to a multiplicity of indirect taxes in the country. 2. The present tax system on goods and services in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r seamless Indian market and contribute significantly to the growth of the economy. Due to the seamless transfer of input tax credit from one stage to another in the chain of value addition, there is an in-built mechanism in the design of goods and services tax that would incentivise tax compliance by taxpayers. The proposed goods and services tax will broaden the tax base and result in better tax compliance due to a robust information technology infrastructure. 5. The Union Territory Goods and Services Tax Bill, 2017, inter alia, provides for the following, namely:- (a) to levy tax on all intra-State supplies of goods or services or both except supply of alcoholic liquor for human consumption at a rate to be notified, not exceeding t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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