After Introduction of GST Sample Clauses

After Introduction of GST. The tax components towards Custom Duty, Excise Duty, CST/TNVAT and Service Tax shall be quoted by the tenderer separately as indicated in the Price Bid/ Pricing Summary. The above tax components shall be reimbursed against submission of proof of payment, subject to the individual ceiling limits as quoted by the tenderer in the Price Bid till the date the GST comes into effect. Once the GST has come into force, the payment of tax components for the balance amount yet to be claimed for reimbursement shall be regulated as follows: The balance amount available up to the ceiling limits under the sub‐ heads shall be escalated in the following manner: The ceiling amounts under Customs Duty, Excise Duty, TNVAT and Service Tax as per the contract shall be aggregated and such amount as a percentage to the contract price shall be worked out. Let this be P. Let the % of GST on Contract price be Q. Then, if P < Q or P > Q then the balance amount shall be: Revised balance amount = Balance amount x (Q/P) Such revised balance amount, shall be reimbursed/recovered based on proof of submission of payment of GST. Example: Say, at the time GST is implemented, the reimbursement of taxes is such: Rs. in Crore In this Case, P = 19/100 = 19% Assume GST applicable, i.e. Q: Case-I: Q = 22%, then amount 11.6 Cr shall be 11.6×(22/19) = 13.43 Cr. Case-II: Q = 15%, then amount 11.6 Cr shall be 11.6×(15/19) = 9.15 Cr.
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Related to After Introduction of GST

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