Definition of Input Service Distributor and Money
By: – Pradeep Jain
Goods and Services Tax – GST
Dated:- 21-1-2017
DAILY DOSE OF GST UPDATE BY CA PRADEEP JAIN
Definition of Input Service Distributor and Money
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(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 th
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ice will be applicable on the ISD as well. This would mean that not only the ISD had to file returns prescribed for supplier of services; he would have to also comply with the provisions meant for supplier of services. Thus the explanation has been deleted to avoid such interpretation by the department.
2(68) Money: the new definition reads as follows:
Money means Indian legal tender or any foreign currency, cheque, promissory note, bill of exchange, letter of credit, draft, pay order, traveler cheque, money order, postal or electronic remittance or any other instrument recognized by the Reserve Bank of India when used as consideration to settle an obligation or exchange with Indian legal tender of another denomination but shall not inclu
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