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 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 depositor, and includes a non-resident external account and a non-resident ordinary account”
New definition of 'Account
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s follows:
means Government, a local authority, a governmental authority, 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 board 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
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