Goods and Services Tax – GST – By: – Dr. Sanjiv Agarwal – Dated:- 5-6-2017 – This part of the series contains meanings of certain terms covered in Section 2 of the CGST Act, 2017. These are Tax Invoice, Inward Supply, Job Work, Local Authority, Market Value, Mixed Supply and Money. Invoice [Section 2(66)] 'Invoice' or 'tax invoice' means the tax invoice referred to in section 31. 'Tax invoice is required to be issued by a registered taxable person showing description of goods and/or services, value, tax and other particulars at the time of supply. It is a document evidencing supply of goods and services which becomes the basis for charge of tax. Tax invoice shall be deemed to include a document issued by an input service distributor(ISD). 'Tax invoice shall be deemed to include- a document issued by an input service distributor, and any supplementary or a revised invoice issued by the supplier in respect of a supply made earlier. Invoice is a document which pro
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a factor in determination of inward supply. Inward supply may be with or without consideration. Job Work [Section 2(68)] 'Job work' means any treatment or process undertaken by a person on goods belonging to another registered person and the expression 'job worker' shall be construed accordingly. Job work is any treatment or process which is undertaken by a person on goods belonging to other registered person. The person on whose goods, some activity or process is carried out is called the principal and the person who carries out such process is called the job worker. The consideration which is paid to the job worker is called the job work charges and carrying out the activity of job work will constitute as provision of services by job worker. Job work activity carried out on the goods belonging to an unregistered person will not be covered by this definition as the goods belonging to the registered taxable person are proposed to be regulated under the Act as such regi
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a supply is required to pay in order to obtain the goods or services or both of like kind and quality at or about the same time and at the same commercial level where the recipient and the supplier are not related. Market value implies full value / amount which a recipient is required to pay for same quality, kind, at same time, at same commercial level and both parties are not related. It may be noted that the concept of market value has not been used in the Act for determination of taxable liability of supplier. The concept of market value has been used only in section 130 providing for the option to pay fine in lieu of confiscation of goods and the value of the fine not to exceed market value of goods. Other than for levy of the maximum value of fine which can be imposed at the time of confiscation of the goods, market value of goods has no relevance in GST law. Mixed Supply [Section 2(74)] 'Mixed supply' means two or more individual supplies of goods or services, or any com
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