Months have been passed, after introduction of GST to replace all other indirect taxes. However, even to date, there are several questions which remainedambiguous and unclarified. One of such issues is Payment and Offset of GST, which is being discussed in this article.
As compared to Service Tax and Excise duty regime,the procedure relating to payment of GST is different and which may bring hardships to assesses.
Budget speech by Arun Jaitley – In order to incentivize creation of new jobs in the formal sector, Government of India will pay the Employee Pension scheme contribution of 8.33% for all new employees enrolling in EPFO or the first three years of their employment. This will incentivize the employers to recruit unemployed persons and also to bring into books the informal employees. In order to channelize this intervention towards the target group of semi-skilled and unskilled workers, the Scheme will be applicable to those with salary up to `15,000 per month. I have made a budget provision of `1,000 crore for this scheme.
INTRODUCTION
Depreciation in normal parlance refers to decrease in value of Asset due to
Depreciation is one of the allowable deduction from income under Business or profession.
By this time, the entire trade has understood the concept of inter and intra state supplies and happily charging the applicable taxes. Needless to say, if a supply is an intra-state, Central Goods & Services Tax (CT) and State Goods & Services Tax (ST) shall be applicable and if the supply is inter-state, then integrated tax (IT) shall be applicable. Arithmetically, IT is nothing but a summation of CT and ST.
There are sections which determines the nature of supply as inter and intra. Section 7 of Integrated Goods
In similar way, Section 8 of IGST Act deals with intra-state supply, where in it states, if the location of supplier and place of supply are in the same state or union territory then such supplies shall be treated as intra-state supplies. Further, Section 8 also lays down certain specific instances, where in such transactions are not to be treated as intra-state supply.
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