Composition of Central Board of Direct Taxes
The Central Board of Direct Taxes is the administrative authority for levying and collection of sale taxes in India. It is a part of the Department of Revenue that is integral to the Ministry of Finance, and functions as per the Central Board Revenue Act, 1963.
The Central Board of Direct Taxes is composed of members who are assigned responsibilities across different departments like Income Tax, Revenue, Investigation, Legislation and Computerisation, Personnel and Vigilance, and Audit. The governing body is headed by the Chairman.
The Central Board of Direct Taxes is responsible for the following:
- Formulate policies related to direct taxes.
- Oversee administration of direct tax laws along with the Income Tax Department.
- Investigates complaints and disputes related to evasion of taxes.
According to the federal structure of Goods and Services Tax in India, the taxation system has been divided into two parts Central GST (CGST) and State GST (SGST). In this case Centre and States will simultaneously levy Goods and Services Tax across the value chain. The Goods and Services Tax will be levied on every supply of goods and services. Centre would levy and collect Central Goods and Services Tax (CGST), and States would levy and collect the State Goods and Services Tax (SGST) on all transactions within a State.
This topic concentrates on defining the concepts of GSTN. GSTN Act Commencement, Powers of Officer, Tax exemption and Levy, Time value of money and Input tax credit. Let us now start defining the concept of GSTN.
GSTN abbreviated as Goods and Services Tax Network, is a not-for-profit, non-Government Company to provide shared IT infrastructure and services to Central and State Governments, tax payers and other stakeholders. The key objectives of GSTN are to provide a standard and uniform interface to the taxpayers, and shared infrastructure and services to Central and State/UT governments. Goods and Services Tax Network (GSTN) is a Section 8 (under new companies Act, not for profit companies are governed under section 8), non-Government, private limited company. It was incorporated on March 28, 2013.
GST Act Commencement
The Goods and Services Tax Act Commencement covers Section 1 – Short title, extent and commencement
- This Act may be called the Central / State Goods and Services Tax Act, 2016.
- It extends to the whole of India / State’s name.
- It shall come into force on such date as the Central or a State Government may, by notification in the Official Gazette, appoint in this behalf:
Only if different dates may be appointed for different provisions of this Act and any reference in any such provision to the commencement of this Act shall be construed as a reference to the coming into force of that provision.