Collection at source requires sellers of specified goods to collect tax at prescribed rates and remit promptly to the government. Sellers specified by the reference provision must collect tax from buyers of listed goods at the time of debit or receipt, at rates set out in the Table; an assessing officer may grant a prescribed certificate exempting goods used for manufacturing. Collectors must remit collected sums to the Central Government within seven days and issue buyers a certificate within ten days; collected amounts remitted are deemed payment and creditable on production of the certificate. Failure to collect does not relieve liability to pay, and failure to remit attracts simple interest and creates a charge on the seller's assets.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Collection at source requires sellers of specified goods to collect tax at prescribed rates and remit promptly to the government.
Sellers specified by the reference provision must collect tax from buyers of listed goods at the time of debit or receipt, at rates set out in the Table; an assessing officer may grant a prescribed certificate exempting goods used for manufacturing. Collectors must remit collected sums to the Central Government within seven days and issue buyers a certificate within ten days; collected amounts remitted are deemed payment and creditable on production of the certificate. Failure to collect does not relieve liability to pay, and failure to remit attracts simple interest and creates a charge on the seller's assets.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
