Some Important Definition under GST law
“CGST”
means the tax levied under the Central Goods and Services Tax Act, 2016;
“IGST”
means the tax levied under the Integrated Goods and Services Tax Act, 2016;
“SGST” means
the tax levied under the State Goods and Services Tax
Act, 2016;
“Aggregate turnover” means
the aggregate value of all taxable supplies, exempt supplies, exports of goods
and/or services and inter-State supplies of a person having the same PAN, to be
computed on all India basis and excludes taxes, if any, charged under the CGST
Act, SGST Act and the IGST Act, as the case may be;
Explanation- Aggregate turnover does not include the value
of inward supplies on which tax is payable by a person on reverse charge basis
under sub-section (3) of Section 8 and the value of inward supplies.
“Consideration” in
relation to the supply of goods or services includes
(a)
Any payment made or to be made, whether in money
or otherwise, in respect of, in response to, or for the inducement of, the
supply of goods or services, whether by the recipient or by any other person
but shall not include any subsidy given by the Central Government or a State
Government;
(b)
The monetary value of any act or forbearance,
whether or not voluntary, in respect of, in response to, or for the inducement
of, the supply of goods or services, whether by the recipient or by any other
person but shall not include any subsidy given by the Central Government or a
State Government:
PROVIDED
that a deposit, whether refundable or not, given in respect of the supply of
goods or services shall not be considered as payment made for the supply unless
the supplier applies the deposit as consideration for the supply;
“Continuous journey” means
a journey for which a single or more than one ticket or invoice is issued at
the same time, either by a single supplier of service or through an agent
acting on behalf of more than one supplier of service, and which involves no
stopover between any of the legs of the journey for which one or more separate
tickets or invoices are issued;
Explanation- For
the purposes of this clause, ‘stopover’ means a place where a passenger can
disembark either to transfer to another conveyance or break his journey for a
certain period in order to resume it at a later point of time.
“Continuous supply of goods” means
a supply of goods which is provided, or agreed to be provided, continuously or
on recurrent basis, under a contract, whether or not by means of a wire, cable,
pipeline or other conduit, and for which the supplier invoices the recipient on
a regular or periodic basis;
“Continuous supply of services” means
a supply of services which is provided, or agreed to be provided, continuously
or on recurrent basis, under a contract, for a period exceeding three months
with periodic payment obligations and includes supply of such service as the
Central or a State Government may, whether or not subject to any condition, by
notification, specify;
“Intra-State
supply of goods” means the supply of goods in the course of intra-State
trade or commerce in terms of sub-section (1) of section 4 of IGST Act, 2016;
“Invoice”
shall have the meaning as assigned to it under section 28;
“Manufacturer”
shall have the meaning assigned to it by the Central Excise Act, 1944 (1 of
1944);
“Non-resident
taxable person” means a taxable person who occasionally undertakes
transactions involving supply of goods and/or services whether as principal or
agent or in any other capacity but who has no fixed place of business in India;
“Principal
Supply” means the supply of goods or services which constitutes the
predominant element of a composite supply and to which any other supply forming
part of that composite supply is ancillary and does not constitute, for the
recipient an aim in itself, but a means for better enjoyment of the principal
supply;
Persons shall be deemed to
be “related persons’’ if only –
(a)
They are officers or directors of one
another's businesses;
(b)
They are legally recognized partners in
business;
(c)
They are employer and employee;
(d)
any person directly or indirectly owns, controls
or holds twenty five per cent or more of the outstanding voting stock
or shares of both of them;
(e)
One of them directly or indirectly controls the
other;
(f)
Both of them are directly or indirectly controlled
by a third person;
(g)
Together they directly or indirectly control a third
person; or
(h) They
are members of the same family;
Explanation I - The term "person" also includes legal
persons.
Explanation II - Persons who are associated in the business of
one another in that one is the sole agent or sole distributor or sole
concessionaire, howsoever described, of the other, shall be deemed to be
related.
“Services’’
means anything other than goods;
Explanation 1- Services include transactions in money but does
not include money and securities;
Explanation 2 - Services does not include transaction in money
other than an activity relating to the use of money or its conversion by cash
or by any other mode, from one form, currency or denomination, to another form,
currency or denomination for which a separate consideration is charged.
“Tax”
means goods and services tax levied on the supply of goods and/or services
under this Act and includes any amount payable under section 9 or subsection
(10) of section 18;
“Taxable
Person’’ shall have the meaning as assigned to it in section 10;
“Tax Period’’
means the period for which the return is required to be filed;
“Taxable
Person’’ shall have the meaning as assigned to it in section 10;
“Taxable
Supply’’ means a supply of goods and/or services which is chargeable to tax
under this Act;
“Non-Taxable
Supply’’ means a supply of goods or services which is not chargeable to tax
under this Act;
“Taxable
Territory’’ means the territory to which the provisions of this Act apply;
“Telecommunication
Service” means service of any description
(including electronic mail, voice mail, data
services, audio text services, video text services, radio paging and cellular
mobile telephone services) which is made available to users by means of any
transmission or reception of signs, signals, writing, images and sounds or
intelligence of any nature, by wire, radio, visual or other electro-magnetic
means;
Section 10
Taxable Person
(1) Taxable Person means a
person who is registered or liable to be registered under Schedule V of this
Act.
(2) A person who has
obtained or is required to obtain more than one registration, whether in one
State or more than one State, shall, in respect of each such registration, be
treated as distinct persons for the purposes of this Act.
(3) An establishment of a
person who has obtained or is required to obtain registration in a State, and
any of his other establishments in another State shall be treated as
establishments of distinct persons for the purposes of this Act.
By: - Young Minds Consultancy
