9911796707
TMI BlogDefinitionsX X X X Extracts X X X X X X X X Extracts X X X X ..... not; (6) aggregate turnover means the aggregate value of all taxable and non-taxable supplies, exempt supplies and exports of goods and/or services 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 supplies on which tax is levied on reverse charge basis and the value of inward supplies. (7) agriculture with all its grammatical variations and cognate expressions, includes floriculture, horticulture, sericulture, the raising of crops, grass or garden produce and also grazing, but does not include dairy farming, poultry farming, stock breeding, the mere cutting of wood or grass, gathering of fruit, raising of man-made forest or rearing of seedlings or plants; Explanation. For the purpose of this clause, the expression forest means the forest to which the Indian Forest Act, 1927 applies. (8) agriculturist means a person who cultivates land personally, for the purpose of agriculture; (9) Appellate Tribunal means the National Goods and Services Tax Appellate Tribunal con ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d Accountants of India; (19) capital assets shall have the meaning as assigned to it in the Income Tax Act, 1961 (43 of 1961) but the said expression shall not include jewellery held for personal use or property not connected with the business; (20) capital goods means: - (A) the following goods, namely:- (i) all goods falling within Chapter 82, Chapter 84, Chapter 85, Chapter 90, heading 6805, grinding wheels and the like, and parts thereof falling under heading 6804 of the Schedule to this Act; (ii) pollution control equipment; (iii) components, spares and accessories of the goods specified at (i) and (ii); (iv) moulds and dies, jigs and fixtures; (v) refractories and refractory materials; (vi) tubes and pipes and fittings thereof; (vii) storage tank; and (viii) motor vehicles other than those falling under tariff headings 8702, 8703, 8704, 8711 and their chassis but including dumpers and tippers used- (1) at the place of business for supply of goods; or (2) outside the place of business for generation of electricity for captive use at the place of business; or (3) for supply of services, (B) motor vehicle designed for tran ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ether or not voluntary, in respect of, in response to, or for the inducement of, the supply of goods and/or services, whether by the said person or by any other person: Provided that a deposit, whether refundable or not, given in respect of the supply of goods and/or services shall not be considered as payment made for the supply unless the supplier applies the deposit as consideration for the supply; (29) 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 stop over 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. (30) 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Act and includes such supply of goods and/or services which are specified in Schedule . . . of the Act or which may be exempt from tax under section 10; (43) export of goods with its grammatical variations and cognate expressions, means taking out of India to a place outside India; (44) the supply of any service shall be treated as export of service when (a) the supplier of service is located in India, (b) the recipient of service is located outside India, (c) the place of supply of service is outside India, (d) the payment for such service has been received by the supplier of service in convertible foreign exchange, and (e) the supplier of service and recipient of service are not merely establishments of a distinct person; Explanation.- For the purposes of clause (e), an establishment of a person in India and any of his other establishment outside India shall be treated as establishments of distinct persons. (45) First Appellate Authority means an authority referred to in section 79; (46) fixed establishment means a place (other than the place of business) which is characterised by a sufficient degree of permanence and suitable struct ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... llations, structures and vessels located in the continental shelf of India and the exclusive economic zone of India, for the purposes of prospecting or extraction or production of mineral oil and natural gas and supply thereof; (54) input means any goods other than capital goods, subject to exceptions as may be provided under this Act or the rules made thereunder, used or intended to be used by a supplier for making an outward supply in the course or furtherance of business; (55) input service means any service, subject to exceptions as may be provided under this Act or the rules made thereunder, used or intended to be used by a supplier for making an outward supply in the course or furtherance of business; (56) Input Service Distributor means an office of the supplier of goods and / or services which receives tax invoices issued under section 23 towards receipt of input services and issues tax invoice or such other document as prescribed for the purposes of distributing the credit of CGST (SGST in State Acts) and / or IGST paid on the said services to a supplier of taxable goods and / or services having same PAN as that of the office referred to above; Expl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t, the location of the establishment most directly concerned with the receipt of the supply; and (iv) in absence of such places, the location of the usual place of residence of the recipient; (65) location of supplier of service means: (i) where a supply is made from a place of business for which registration has been obtained, the location of such place of business ; (ii) where a supply is made from a place other than the place of business for which registration has been obtained, that is to say, a fixed establishment elsewhere, the location of such fixed establishment; (iii) where a supply is made from more than one establishment, whether the place of business or fixed establishment, the location of the establishment most directly concerned with the provision of the supply; and (iv) in absence of such places, the location of the usual place of residence of the supplier; (66) manufacturer shall have the meaning assigned to it by the Central Excise Act, 1944 (1 of 1944); (67) market value shall mean the full amount which a recipient of a supply is required to pay in order to obtain the goods and/or services of like kind and quality at or about the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... person, not falling within any of the preceding sub-clauses; (75) place of business includes (a) a place from where the business is ordinarily carried on, and includes a warehouse, a godown or any other place where a taxable person stores his goods, provides or receives goods and/or services; or (b) a place where a taxable person maintains his books of account; or (c) a place where a taxable person is engaged in business through an agent, by whatever name called; (76) prescribed means prescribed by the rules, regulations or by any notification issued under this Act; (77) principal means a person on whose behalf an agent carries on the business of supply or receipt of goods and/or services; (78) principal place of business means the place of business specified as the principal place of business in the certificate of registration where the taxable person keeps and maintains the accounts and records as specified under section 42 ; (79) proper officer in relation to any function to be performed under this Act, means the officer of goods and services tax who is assigned that function by the Board/Commissioner of SGST; (80) recipient o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... son supplying the goods and / or services in respect of such categories of supplies as the Central or a State Government may, on the recommendation of the Council, by notification, specify; (86) rules means the rules made by the Central/State Government under any provision of the Act on the recommendation of the Council; (87) schedule means a schedule appended to this Act; (88) services means anything other than goods; Explanation: Services include intangible property and actionable claim but does not include money. (89) SGST means the tax levied under the State Goods and Services Tax Act; (90) Special Economic Zone shall have the meaning assigned to it in clause (za) of section 2 of the Special Economic Zones Act, 2005 [28 of 2005]; (91) supplier in relation to any goods and/or services shall mean the person supplying the said goods and/or services and shall include an agent acting as such on behalf of such supplier in relation to the goods and/or services supplied; (92) supply shall have the meaning as assigned to it in section 3; (93) tangible property means any property that can be touched or felt; (94) tax me ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... taxes, if any charged under the CGST Act, SGST Act and the IGST Act, as the case may be; (105) usual place of residence means (a) in case of an individual, the place where he ordinarily resides; (b) in other cases, the place where the person, as defined in sub-section (74), is incorporated or otherwise legally constituted; (106) valid return shall have the meaning assigned to it under sub-section (3) of section 27. (107) works contract means an agreement for carrying out for cash, deferred payment or other valuable consideration, building, construction, fabrication, erection, installation, fitting out, improvement, modification, repair, renovation or commissioning of any moveable or immovable property; (108) year means the financial year; and (109) zero-rated supply means a supply of any goods and/or services on which no tax is payable but credit of the input tax related to that supply is admissible; Explanation.- Exports shall be treated as zero-rated supply. - - statute, statutory provisions legislation, law, enactment, Acts, Rules, Regulations, Taxation Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
