Sale/Purchase--Intra State Vs Inter-State

Under the Central Sales Tax Act,1956 (in short CST), registered dealers are eligible for certain concession or exemption of tax on inter-State transactions if dealer is able to comply with certain conditions. Submission of statutory forms is one of such condition which allows the dealer for concessional rate of tax. There are so many forms like Form C, Form F, Form H, Form-I , Form E-I or E-II etc. etc.However before dealing with the procedural issues involved in obtaining or submitting these Forms it is more important to understand few concepts like what is ‘ intra-State transaction’ or ‘Inter-State transaction’ because once nature of transaction is established, it would be very easy to know that whether VAT is applicable of central Sales Tax (CST)and then procedural compliance can be done easily.
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Annual Information Return under Service Tax and central excise Law

Now Reserve Bank of India and a State Electricity Board (SEB) or its authorized agency would be require to Annual Information return (AIR)  under the Service Tax Law.
As per Notification No 04/2016-Service Tax, Any officer of the RBI who is authorized in this behalf is required to file AIR for the transaction details of foreign remittances for the receipt of services declare under specified code in the said notification.
SEB ie required to file AIR for transaction detail of consumption of electricity by the specified manufactures.

detail notification can read as follows:-

Quoting of PAN for specified transactions

Amended Rules regarding quoting of PAN for specified transactions

(Applicable w.e.f. 1^st January 2016)

In order to curb the circulation of black money and widening of tax base, to collect information of certain types of transactions from third parties in a non-intrusive manner, the Income-tax Rules require quoting of Permanent Account Number (PAN) where the transactions exceed a specified limit. Persons who do not hold PAN are required to fill a form and furnish any one of the specified documents to establish their identity.

    

     One of the recommendations of the Special Investigation Team (SIT) on Black Money was that quoting of PAN should be made mandatory for all sales and purchases of goods and services where the payment exceeds Rs.1 lakh. Accepting this recommendation, the Finance Minister made an announcement to this effect in his Budget Speech. The Government has since received numerous representations from various quarters regarding the burden of compliance this proposal would entail. Considering the representations, it has been decided that quoting of PAN will be required for transactions of an amount exceeding Rs.2 lakh regardless of the mode of payment.

GST roll-out deadline likely to be pushed back to April 1, 2017

The central government has set a new deadline for goods and services tax (GST) as April 1, 2017, a good one year after the current one of April 1, 2016.

Salient Features of Model GST Act

Background

The model law of the much anticipated GST will probably be out by the end of January next year for general public for feedback however a model GST Act is getting circulated of which source of release could not be independently verified in the absence of it being unavailable on the government portal.

We are tried to brief the features of the Model GST as per this model. There would be separate Acts for CGST, SGST and IGST. The model Act would guide for drafting GST Act for each of the state.