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
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