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Certain clauses relating to the manner of taking input tax credit has caused some serious concern among the business community. Let the industry focus on their business," he said. Input tax is the tax a dealer pays on his local purchases, which may include raw materials, capital goods or other inputs used in his business.Under GST, ‘input tax’ is allowed to be set-off against the ‘output tax’ to be paid by the dealer.For example, ‘A’ sells goods worth Rs 100 to ‘B’ a manufacturer.The Section 16 (11) C under the chapter ‘Input Tax Credit’ of the draft model GST Bill states, "Notwithstanding anything contained in this section, but subject to the provisions of section 28, no registered taxable person shall be entitled to the credit of any input tax in respect of any supply of goods and/or services to him unless the tax charged in respect of such supply has been actually paid to the credit of the appropriate government, either in cash or through utilisation of input tax credit admissible in respect of the said supply".

Assuming GST rate is 22 per cent, ‘B’ will have to pay Rs 122 to ‘A’. Now ‘B’ is required to pay only Rs 22 as tax to the government after taking the input tax credit of Rs 22. "Smaller companies will not have the sophisticated technology to track or verify compliance while bigger companies who source components from multiple vendors would find it difficult to track and verify compliance by each and every vendor. While agreeing that this particular clause would result in temporary complications and hiccups, Nihal Kothari, executive director, Khaitan & Co said there have been several instances where companies were found taking wrong credit by submitting fictitious bills.However, Mr Kothari pointed out that a similar provision currently exists in value added tax (VAT) enacted by few states..According to the existing provisions under the draft law, the buyer can claim input tax credit only if the seller or provider of the goods or services has paid the tax charged for such goods or services. Since, big businesses deal with multiple vendors, they might be reluctant to buy from small vendors fearing non-compliance. "This clause is especially harsh on small and medium enterprises (SME). Sriram, partner – indirect tax services at Ernst & Young (E&Y) said it would be little difficult to comply with and the government should either drop this particular clause or dilute it.The industry has already raised this issue with the ministry of finance and is expected to lobby hard for the removal of this clause before the final bill is approved. On the other hand, output tax is the tax charged by the dealer on his sale of finished goods to a subsequent buyer in the value chain.While the pasغير مجاز مي باشدe of the much awaited Goods and Services Tax (GST) Bill in two color injection molding machine Manufacturers the Rajya Sabha has been termed as one of the major tax reforms undertaken in India since independence that would spur growth and improve ease of doing business, India Inc is not too happy with certain provisions in the draft GST law. Echoing a similar view, B. After making necessary value additions ‘B’ sells the finished goods to ‘C’ for Rs 244 (value of goods including profit margin at Rs 200 and GST at Rs 44). This has put the onus of ensuring compliance with the customer or buyer of the goods and services.

To deal with issues regarding non-compliance, he said appropriate agreements have been signed between buyers and sellers for recourse to recovery of tax paid or retention of certain portion of the tax if it is commercially viable. If a supplier has failed to furnish the return on time or pay tax on time, the government should penalise the supplier instead of the buyer. This will lead to wastage of time and money," he said and added the only condition that the government should put forward for claiming input tax credit is whether the buyer has paid the tax on his purchases or not. The volume may shift to much bigger organised players," Mr Jain observed. "However, the government should use its machinery to recover tax instead of burdening the business community."This particular clause in the draft GST law seems unfair to the business community and should be removed," said Pratik P Jain, leader, indirect tax, PwC India

This was another attempt by the Kim regime to masquerade as a great power, while their people starve and their soldiers defect.DPRK stands for Democratic Peoples Republic of Korea or North Korea..British Ambassador to the UN, Matthew Rycroft said most of the petroleum products are used by the North Korea regime to resource their illegal nuclear and ballistic missile programs."By cutting off this supply we will restrict their ability to develop and deploy these weapons," he said.The unity of the Security Council is essential to achieve the goal of denuclearisation and create the space for diplomatic initiatives aimed at achieving it in a peaceful manner, said a statement attributable to the spokesperson of the Secretary General.The resolution calls on all states to implement the present resolution and previous resolutions, fully."It is only by all of us doing this that they will have the intended impact," The British Ambassador to UN said.The Security Council also banned North Korean exports of food products, machinery and industrial and electrical equipment."On November 29, Pyongyang launched an intercontinental ballistic missile. So we have levelled an unprecedented response," US Ambassador to the UN Nikki Haley said. But for the international community, this is an unprecedented challenge from a defiant state.

We have taken another important step to end the exploitation of North Korean workers who are sent overseas with the sole aim of generating earnings for the regime, Rycroft said.As per the resolution, the countries should repatriate all North Korean nationals earning income in that countrys jurisdiction and all North Korean government safety oversight attaches monitoring DPRK workers abroad "immediately but no later than 24 months" unless the countries determined that the nationals repatriation is prohibited under applicable national and international law, or if that national is a national of that member state.The US-drafted resolution imposes tough measures on energy, export and import sectors, overseas North Korean labourers, and asks maritime authorities to help shut down North Koreas illicit smuggling PVC injection molding machine Manufacturers activities."We have taken these steps to restrict the income the DPRK uses to fund its prohibited nuclear and ballistic missile programs.

Signed by all 15 members of the Security Council, the resolution bans the import of nearly 90 per cent refined petroleum products to the country.Washington: The United Nations Security Council on Saturday unanimously placed new sanctions on North Korea for its November 19 intercontinental ballistic missile test which it claims can reach the US, limiting its access to refined petroleum products.UN Secretary General Antonio Guterres welcomed the Security Council resolution in response to the latest ballistic missile launch by North Korea.The adaptation of the Security Council resolution will tighten the grip and will make it even harder for the North Korean regime to fund illegal ballistic missile and nuclear programmes, he said. I congratulate the United States on this diplomatic achievement and we join them in leaving no stone unturned in pursuit of a diplomatic solution," he said