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On 29 March 2017, CGST, IGST, UTGST and SGST compensation law passed in Loksabha [5] The Constitution (One Hundred and Twenty-Second Amendment) Bill, 2014 was introduced in the Lok Sabha by Finance Minister Arun Jaitley on 19 December 2014, and passed by the House on 6 May 2015.
SGST (State Goods and Services Tax): When purchasing or selling something within your state, an SGST tax is collected by your government and used for local projects, schools and other purposes that benefit the entire population of that particular state. The money collected stays within its borders to fund local needs or state initiatives.
In law, set-off or netting is a legal technique applied between persons or businesses with mutual rights and liabilities, replacing gross positions with net positions. [1] [2] It permits the rights to be used to discharge the liabilities where cross claims exist between a plaintiff and a respondent, the result being that the gross claims of mutual debt produce a single net claim. [3]
They engage in international cooperation in the work areas of exchange of information, transfer pricing, taxation of cross-border transactions, and negotiation of Free Trade Agreements. [ 2 ] Anti-smuggling and narcotics control: Enforcement measures against illicit traffic under the various international conventions and protocols that are in ...
General sales tax; Goods and Services Tax, the name for the value-added tax in several jurisdictions: . Goods and services tax (Australia) Goods and Services Tax (Canada) Goods and Services Tax (Hong Kong)
In accounting, contingent liabilities are liabilities that may be incurred by an entity depending on the outcome of an uncertain future event [1] such as the outcome of a pending lawsuit.
A gross-up clause is also used when a payment that is made will be subject to taxes and the payer makes an additional payment to indemnify the recipient against the taxes – that payment will also be subject to tax. The sequence of additional payment, tax calculation, additional payment continues until the recipient receives the same amount ...
Property Rules, Liability Rules and Inalienability: One View of the Cathedral is an article in the scholarly legal literature (Harvard Law Review, Vol.85, p. 1089, April 1972), authored by Judge Guido Calabresi (of the United States Court of Appeals for the Second Circuit) and A. Douglas Melamed, currently a professor at Stanford Law School.