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A dual GST module for the country has been proposed by the EC. This dual GST model has been accepted by centre. Under this model GST have two components viz. the Central GST to be levied and collected by the Centre and the State GST to be levied and collected by the respective States.
How to Apply New ITC Rule and what will be the treatment of ITC in the Gst Returns through the blog, we will understand everything of GST input tax credit rules 36(4) — Preceding unsigned comment added by SAJID112233 (talk • contribs) 17:09, 2 October 2020 (UTC)
The tax rates, rules and regulations are governed by the GST Council which consists of the finance ministers of the central government and all the states. The GST is meant to replace a slew of indirect taxes with a federated tax and is therefore expected to reshape the country's $3.5 trillion economy, but its implementation has received criticism.
It was constituted as Customs, Excise and Gold (Control) Appellate Tribunal (CEGAT) under section 129 of Customs Act, 1962, [1] as amended by section 50 and the Fifth Schedule of Finance (No. 2) Act, 1980. [2] These amendments became effective from 11 October 1982 [3] and the Tribunal was also constituted on the same date. [4]
ITC Limited is an Indian conglomerate, headquartered in Kolkata. [9] It has a presence across six business segments, namely FMCG , hotels , agribusiness , information technology , paper products , and packaging . [ 10 ]
It is a Miniratna company under the Ministry of Communications & IT. In 2010-2011 financial year, the turnover of the company was 1833 crore. [8] Pan-African e-Network project for Tele-medicine and Tele-education was implemented by the company on a turnkey basis.
The International Trade Centre (ITC) was established on 1 January 1968. [4] The ITC has a joint mandate with the World Trade Organization (WTO) and the United Nations (UN) through the United Nations Conference on Trade and Development (UNCTAD). The ITC is the focal point for trade-related technical assistance. [5]
The existing general sales tax laws were replaced with the Value Added Tax Act (2005) and associated VAT rules. A few states ( Gujarat , Tamil Nadu , Rajasthan , Madhya Pradesh , Chhattisgarh , Jharkhand , Uttarakhand and Uttar Pradesh ) opted to stay out of VAT taxation system during the initial introduction of VAT but adopted it later.