TMI BlogMEMORANDUM REGARDING DELEGATED LEGISLATIONX X X X Extracts X X X X X X X X Extracts X X X X ..... ices under section 12; (d) the place of supply of services referred to in section 13 when they are supplied in more than one State or Union territory under that section; (e) conditions and safeguards for refund of integrated tax paid on supply of goods to tourist leaving India under section 15; (f) procedure and safeguards for supply of goods or services under bond or on payment of integrated tax and then taking refund under section 16; (g) manner in which apportionment of tax and settlement of funds will take place under section 17; (h) manner and time in which input tax credit will be transferred under section 18; (i) manner in which tax wrongfully collected and paid to Central Government or State Government is to be refunded under sectio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... stoms would be 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, article 269 of the Constitution empowers the Parliament to make law on the taxes to be levied on the sale or purchase taking place in the course of inter-State trade or commerce. Accordingly, Parliament had enacted the Central Sales Tax Act, 1956 for levy of central sales tax on the sale taking place in the course of inter-State trade or commerce. The central sales tax is being collected and retained by the exporting States. 2. The crucial aspect of central sales tax is that ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... oods and services tax will foster a common or seamless Indian market and contribute significantly to the growth of the economy. 4. The Integrated Goods and Services Tax Bill, 2017, inter alia, provides for the following, namely :- (a) to levy tax on all inter-State supplies of goods or services or both except supply of alcoholic liquor for human consumption at a rate to be notified, not exceeding forty per cent. as recommended by the Goods and Services Tax Council (the Council); (b) to provide for levy of tax on goods imported into India in accordance with the provisions of the Customs Tariff Act, 1975 read with the provisions contained in the Customs Act, 1962; (c) to provide for levy of tax on import of services on reverse cha ..... X X X X Extracts X X X X X X X X Extracts X X X X
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