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INTERPRETATION OF CENTRAL GOODS AND SERVICES TAX (CGST) ACT (PART-1)

Goods and Services Tax - GST - By: - Dr. Sanjiv Agarwal - Dated:- 19-4-2017 Last Replied Date:- 21-4-2017 - The Central Goods and Services Tax Act, 2017 has been enacted to make a provision for levy and collection of tax on intra-state supply of goods or services or both by the Central Government and the matters connected therewith or incidental thereto. This series of Articles shall analyze the provisions of Central Goods and Services Tax Act, 2017, which has been enacted on 12 April, 2017. Obj .....

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on the same supply chain. The present tax system on goods and services is facing certain difficulties as under- there is cascading of taxes as taxes levied by the Central Government are not available as set off against the taxes being levied by the State Governments; certain taxes levied by State Governments are not allowed as set off for payment of other taxes being levied by them; the variety of Value Added Tax Laws in the country with disparate tax rates and dissimilar tax practices divides .....

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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 supply of goods or services is going to be converged in goods and services tax which is proposed to be a dual levy where the Central Government will levy and collect tax in the form of central goods and services tax and the State Government will levy and collect t .....

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egime in the country. It is expected to reduce cost of production and inflation in the economy, thereby making the Indian trade and industry more competitive, domestically as well as internationally. 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 res .....

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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; 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; to provide for self-assessment of the taxes payable by the registered person; to provide for conduct of aud .....

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ional Authority; to make provision for penalties for contravention of the provisions of the proposed Legislation; to provide 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; and to provide for elaborate transitional provisions for smooth transition of existing taxpayers to goods and services tax regime. The Notes on clauses to Bill explain in detail the various provisions contained in th .....

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