Provisional collection of taxes act,1931
This query is : Resolved
07 March 2016
what is the purpose & how it is applied? Please explain with few examples....its not part of ca syllabus but I found it interesting I read it in Excise Chapter but not able to understand...
07 March 2016
Dear
As the name suggest it deals with collection of taxes but on provisional basis.
As you know the finance bill 2016, has levied excise duty on jewellery and textile goods. And it is applicable from the 01/03/2016.
As the finance bill has to be passed through both the houses of parliament to become an act. It takeS me.
Here comes in play the provisional collection of taxes act. It gives power to collect taxes even before the finance bill to become act.
This the purpose of this act.
As the name suggest it deals with collection of taxes but on provisional basis.
As you know the finance bill 2016, has levied excise duty on jewellery and textile goods. And it is applicable from the 01/03/2016.
As the finance bill has to be passed through both the houses of parliament to become an act. It takeS me.
Here comes in play the provisional collection of taxes act. It gives power to collect taxes even before the finance bill to become act.
This the purpose of this act.
07 March 2016
Thanks u...
I think it will be applicable only for indirect taxes..is it?
07 March 2016
Thanks u....
I think it is applicable for Indirect Taxes only ...is It?
11 March 2016
It is applicable only for Customs and Excise and service tax is not covered
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- ITC temporary reversal and reclaim
- GST on export of services and Input Credit
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- TDS U/S. 194NF
- Applicable TDS rate for sale of property in Nov 2024
- GST ON EXPORT COMMISSION
- Should I report my US salary for January, February, March in Schedule FA?
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding einvoice taken on nil rated sales
- Strategical investment in Public listed company
Trending Online Classes
CAclubindia
