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TMI BlogDefinitions of Accounts, Custom frontiers of India and non-taxable online recipientX X X X Extracts X X X X X X X X Extracts X X X X ..... Definitions of Accounts, Custom frontiers of India and non-taxable online recipient - By: - Pradeep Jain - Goods and Services Tax - GST - Dated:- 7-2-2017 - - GST DAILY DOSE OF UPDATION BY CA PRADEEP JAIN Definitions of Accounts, Custom frontiers of India and non-taxable online recipient Taking further to our discussion, we are continuing our discussion the definitions given under Secti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on 2 of revised IGST law and comparing the same with old model GST law to know the changes made in revised law:- Section 2(1) Accounts : the newly added definition reads as follows: Account means an account bearing interest to the depositor, and includes a non-resident external account and a non-resident ordinary account New definition of Account has been inserted which refers ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to bank account. It seems that interest may be exempted from payment of GST. Earlier this definition was not there. It s main use will be in the determination of time of supply and place of supply. Section 2(4) Custom frontiers of India: the newly added definition reads as follows: means the limits of the area of a customs station as defined in section 2 of the Customs Act, 1962 (52 o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f 1962) in which imported goods are ordinarily kept before clearance by customs authorities. This definition is newly inserted so as to cover bonded warehouses and hence clearance title change before crossing customs frontiers will not be subjected to GST. Section 2(19) non-taxable online recipient : the definition reads as follows: means Government, a local authority, a governmental aut ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hority, an individual or any person not registered under section 23 19 of the CGST Act, 2017 receiving online information and database access or retrieval services in relation to any purpose other than commerce, industry or any other business or profession, located in taxable territory; Explanation.-For the purposes of this clause, ―governmental authority‖ means an authority or a b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... oard or any other body: (i) set up by an Act of Parliament or a State legislature; or (ii) established by Government, with 90% or more participation by way of equity or control, to carry out any function entrusted to a municipality under article 243Wof the Constitution This is a newly added definition which has been added keeping in view the recent amendments made in the service tax laws ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... relating to online data access and retrieval services. Definition has been inserted so as to exclude any downloads or data retrieval of personal purpose. This is very welcome step. This also indicates that GST may not be applicable on services. You may visit us at www.capradeepjain.com - - Scholarly articles for knowledge sharing authors experts professionals Tax Management India - t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... axmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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