Taking further to our discussion, we are continuing our discussion the definitions given under Section 2 of revised GST law and comparing the same with old model GST law to know the changes made in revised law:- Section 2(46): First Stage Dealer: The new definition reads as follows: First Stage Dealer means a dealer, who … Read more

Taking further to our discussion, we are continuing our discussion the definitions given under Section 2 of revised GST law and comparing the same with old model GST law to know the changes made in revised law:- Section 2(28): Consideration: the new definition reads as follows: Consideration in relation to the supply of goods or … Read more

Taking further to our discussion, we are continuing our discussion the definitions given under Section 2 of revised GST law and comparing the same with old model GST law to know the changes made in revised law:- 2(25) Common working days: The new definition reads as follows: Common working days in respect of a State … Read more

2(18): Business Vertical: The new definition reads as follows: “business vertical” means a distinguishable component of an enterprise that is engaged in supplying an individual product or service or a group of related products or services and that is subject to risks and returns that are different from those of other business verticals; Explanation: Factors … Read more

In continuation to our updates on definitions in Revised Model GST Law, we hereby discuss the definition of deemed exports which reads as follows:- “Deemed Exports”, as notified by the Central Government/State Government on the recommendation of the Council, refer to those transactions in which the goods supplied do not leave India, and payment for … Read more

Taking further to our discussion, we are continuing our discussion the definitions given under Section 2 of revised GST law and comparing the same with old model GST law to know the changes made in revised law:- 2(107): Turnover in a State: The new definition reads as follows: Turnover in a State means the aggregate … Read more

2(77) Principal place of business: the new definition reads as follows: Principal place of business means the place of business specified as the principal place of business in the certificate of registration; The old definition read as follows: “principal place of business” means the place of business specified as the principal place of business in … Read more

 2(54) Input Service Distributor: The new definition reads as follows: Input service distributor means an office of the supplier of goods and/or services which receives tax invoices issued under section 28 towards receipt of input services and issues a prescribed document for the purposes of distributing the credit of CGST (SGST in State Acts) and … Read more

Section 2(42): Exempt Supplies: This has been defined to mean supply of any goods and/or services which are not taxable under this Act and includes such supply of goods and/or services which attract nil rate of tax or which may be exempt from tax under section 11. When we compare this definition  with definition in … Read more