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The bill was passed by the Rajya Sabha on 3 August 2016, and the amended bill was passed by the Lok Sabha on 8 August 2016. [ 6 ] The bill, after ratification by the States, received assent from President Pranab Mukherjee on 8 September 2016, [ 7 ] [ 8 ] and was notified in The Gazette of India on the same date.
There is a special rate of 0.25% on rough precious and semi-precious stones and 3% on gold. [2] In addition a cess of 22% or other rates on top of 28% GST applies on several items like aerated drinks, luxury cars and tobacco products. [3]
CGST and Input Tax Case [ edit ] In a case relating to the Goods and Services Tax Act , a Bench consisting of Justice C.V. Karthikeyan, ordered on the issue relating to whether under Section 50 of the CGST Act, the interest on delayed filing of the returns arises automatically or not?
[3] The IRS (Customs and Indirect Taxes) is controlled by a separate statutory body, the Central Board of indirect taxes and Customs (CBIC). The duties of the IRS (C&IT) include formulation and enforcement of policy concerning the Goods and Services Tax , prevention of smuggling and administration of matters related to Customs and Narcotics.
In addition, the introduction of the Prevention of Money‐Laundering Act makes any and all activities related to the laundering of money a federal offense with a minimum imprisonment of less than three years. [31] Similarly, the Finance Act of 2004 prosecutes for the falsification of books and taxing gifts worth more than 25,000 Rupees. [31]
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CGST may refer to: China Graduate School of Theology; Chinese Giant Solar Telescope; Central Goods and Services Tax This page was last edited on 28 ...
The government has also reduced revenue deficit to 2.1% of GDP in 2016–17 from the budget estimate of 2.3% of GDP and has pegged it at 1.9% of GDP for 2017–18 from 2% of GDP as mandated by the Fiscal Responsibility and Budget Management Act. [35]