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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]
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.
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.
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In the Magistrates' Courts Act 1980, unless the context otherwise requires, the expression "fine", except for any enactment imposing a limit on the amount of any fine, includes any pecuniary penalty or pecuniary forfeiture or pecuniary compensation payable under a conviction. [11] In section 32 of that Act, the expression "fine" includes a ...
Tax deduction at source (TDS) has come into existence with the motive of collecting tax from different sources of income. As per this concept, a person (Payer) who is responsible to make payment of specified nature to any other person (Payee) shall deduct tax at source before making payment to such person (Payee) and remit the same into the account of the Central Government.
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The scheme was again upheld in 1957 on the basis of section 96, in Victoria v Commonwealth (the Second Uniform Tax case). [8] In introducing the Goods and Services Tax (GST), the Commonwealth agreed to distribute GST revenues to the States according to a formula set by the Commonwealth Grants Commission.