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:-\n<\/p>\n
Section 2(1) Accounts<\/strong>: the newly added definition reads as follows: Section 2(4) Custom frontiers of India:<\/strong> the newly added definition reads as follows:
\n\u201cAccount means an account bearing interest to the depositor, and includes a non-resident external account and a non-resident ordinary account\u201d
\nNew definition of \u2018Account\u2019 has been inserted which refers to bank account. It seems that \u201cinterest\u201d may be exempted from payment of GST. Earlier this definition was not there. It\u2019s main use will be in the determination of time of supply and place of supply.<\/p>\n
\nmeans the limits of the area of a customs station as defined in section 2 of the Customs Act, 1962 (52 of 1962) in which imported goods are ordinarily kept before clearance by customs authorities.
\nThis 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.\n<\/p>\n