GST

Section 2(73) Outward Supply: the new definition reads as follows: “Outward Supply” in relation to a person, shall mean supply of goods or services, whether by sale, transfer, barter, exchange, licence, rental, lease or disposal or any other means made or agreed to be made by such person in the course or furtherance of business;” … Read more

Taking further to our discussion, we are continuing our discussion the definitions given under Section 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 … 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(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