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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.
The Jammu and Kashmir state legislature passed its GST act on 7 July 2017, thereby ensuring that the entire nation is brought under a unified indirect taxation system. There was to be no GST on the sale and purchase of securities. That continues to be governed by Securities Transaction Tax (STT). [19]
Integrated Goods and Services Tax (IGST): tax for interstate sales. Goods and services are divided into five different tax slabs for collection of tax - 0%, 5%, 12%, 18% and 28%. However, petroleum products, alcoholic drinks, and electricity are not taxed under GST and instead are taxed separately by the individual state governments, as per the ...
Government of Union Territories Act: 1963: 20 Export (Quality Control and Inspection) Act: 1963: 22 Limitation Act (Section 5 of the Indian Limitation Act) 1963: 36 Textiles Committee Act: 1963: 41 Administrators-General Act: 1963: 45 Specifice Relief Act: 1963: 47 Central Boards of Revenue Act: 1963: 54 Companies (Profits) Surtax Act: 1964: 7
The Income-tax Act, 1961 is the charging statute of Income Tax in India. It provides for levy, administration, collection and recovery of Income Tax. The Government of India brought a draft statute called the "Direct Taxes Code" intended to replace the Income Tax Act, 1961 and the Wealth Tax Act, 1957. However the bill was later scrapped. [1]
Articles 245–255 on Distribution of Legislative Powers. The Constitution provides for a three-fold distribution of legislative subjects between the Union and the states, viz., List-I (the Union List), List-II (the State List) and List-III (the Concurrent List) in the Seventh Schedule: (i) The Parliament has exclusive powers to make laws with respect to any of the matters enumerated in the ...
From 1 May 2018 onwards Ministry of Finance of Government of India started releasing monthly GST revenue collection data via official press release through Press Information Bureau.
This work is in the public domain in the Philippines and possibly other jurisdictions because it is a work created by an officer or employee of the Government of the Philippines or any of its subdivisions and instrumentalities, including government-owned and/or controlled corporations, as part of their regularly prescribed official duties ...