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APPORTIONMENT OF ‘IGST’ AND SETTLEMENT OF FUNDS

Goods and Services Tax - GST - By: - Mr. M. GOVINDARAJAN - Dated:- 3-4-2017 - Finance Commission Article 280 of the Constitution of India provides for the establishment of the Finance Commission. According to Article 280(1) the President of India shall, within four years from the commencement of the Constitution and thereafter at the expiration of every 5th year or at such earlier time as the President considers necessary constitute a Finance Commission. 14 Finance Commissions have so far consti .....

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ll accept the recommendations of the Finance Commission, even though Article 262 of the Constitution of India provides that the recommendations made by the Finance Commission are only recommendatory. The Central Government can ignore these recommendations and if so wants, may propose its own criteria. Each Finance Commission has its own methodologies to have allocation of the proceeds of the income tax and indirect taxes. The following tables will indicate the pattern of distribution of taxes as .....

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IX Finance Commisison 85% 90 10 X Finance Commission 77.5% 90 10 Source: Finance Commission Reports Recommendations of Finance Commission on excise duty Finance Commission State share of Excise duty Distribution of excise duty to the States on the basis of Population Backwardness of States % of the poor in the States etc., I Finance Commission 40% of 3 duties 40 60 II Finance Commission 25% of 8 duties 40 60 III Finance Commission 20% of 35 duties 40 60 IV Finance Commission 20% of 45 duties 80 .....

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uted among the States in accordance with the principles of distribution laid down by Finance Commission from time to time. Apportionment of IGST On the above line Section 17 of the Integrated Goods and Services Tax Bill, 2017 ( Bill for short) provides for the appointment of IGST collected under this Act and settlement of funds, but without the recommendations of the Finance Commission. The apportionment is between the Central Government and State Government. This section not only deals with the .....

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re the registered person is not eligible for input tax credit; in respect of inter-State supply of goods or services or both made in a financial year to a registered person, where he does not avail of the input tax credit within the specified period and thus remains in the integrated tax account after expiry of the date for furnishing of annul returns for such year in which the supply was made; in respect of import of goods or services or both by an unregistered person or by a registered person .....

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calculated at the rate equivalent to the central tax on similar intra-State supply shall be apportioned to the Central Government. Apportionment of State and Central Section 17(2) of the Bill provides that the balance amount of integrated tax remaining in the integrated tax in respect of supply for which an apportionment to the Central Government has been done shall be apportioned to the- State where such supply takes place; and Central Government where such supply takes place in a Union Territo .....

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