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.

Input Tax Credit under proposed GST Law

Goods and service tax more popularly known as GST is knocking on the door.  Merits & demerits of GST would be evaluated in due course of time however we need to get ready before its entry in our system. Input tax credit system is the one of the core area of GST where we can see major changes and benefits. Here just trying to brief the mechanism of Input credit under GST.

Form C under central Sales Tax Act 1956

I made an effort to understand the concept of Inter-State Sale/purchase under Central sales Tax Act, 1956 (CST)in my last post.Now going to discuss Form C:-

Circular explaining law relating satisfaction note under section 158BD/153C

The CBDT has circular in which CBDT has explained the law relating to recording of satisfaction note by the Assessing Officer.

Copy of circular is appended below:-