Goods and Services Tax – GST – By: – Dr. Sanjiv Agarwal – Dated:- 12-6-2017 – This part of the series contains meanings of certain terms covered in Section 2 of the CGST Act, 2017. These are Non-resident Taxable Person, Output Tax, Outward Supply, Person, Place of Business, Principal Place of Business and Principal Supply. Non-resident Taxable Person [Section 2(77)] 'Non-resident taxable person' means any person who occasionally undertakes transactions involving supply of goods or services or both, whether as principal or agent or in any other capacity, but who has no fixed place of business or residence in India. Not resident taxable person has no fixed place of business or residence in India. Such person occasionally undertakes transactions of supply of goods or services or both, as agent or principal or in any other capacity. It is important to note that the features of Casual taxable person and non-resident taxable person are same except for the fact that the non-resident
= = = = = = = =
Plain text (Extract) only
For full text:-Visit the Source
= = = = = = = =
rvices made by a taxable person. It is important to note that even though tax on reverse charge basis is also payable by a taxable person but payment of such tax will not be considered to be output tax. Outward Supply [Section 2(83)] 'Outward supply' in relation to a taxable person, means supply of goods or services or both, whether by sale, transfer, barter, exchange, licence, rental, lease or disposal or any other mode, made or agreed to be made by such person in the course or furtherance of business. The term outward supply in relation to a person has been defined to mean : supply of goods and / or services, whether by sale, transfer, barter, exchange, license, rental, lease or disposal, made or agreed to be made by such person, in the course or furtherance of business, but excludes the cases where the tax is payable on reverse charge basis. The supply of goods and/or services by a person by any means in the course or furtherance of business will be treated as outward supply
= = = = = = = =
Plain text (Extract) only
For full text:-Visit the Source
= = = = = = = =
Place of Business [Section 2(85)] 'Place of business' has been defined as an inclusive definition and it includes – a place from where the business is ordinarily carried on, and includes a warehouse, a godown or any other place where a taxable person stores his goods, provides or receives goods and/or services; or a place where a taxable person maintains his books of account; or a place where a taxable person is engaged in business through an agent, by whatever name called. Place of business would include the following places : place from where business is ordinarily carried on, warehouse, godown, any other place used for storing goods or place to provide or receive goods or services by taxable person, place where books of accounts are maintained by taxable person (it may be place of business of agency or any professional), place from where a taxable person is engaged in business through agent by whatever name called (like commission agent, C&F agent, consignment agent etc)
= = = = = = = =
Plain text (Extract) only
For full text:-Visit the Source
= = = = = = = =
ounts and records Principal Supply [Section 2(90)] 'Principal Supply' means the supply of goods or services which constitutes the predominant element of a composite supply and to which any other supply forming part of that composite supply is ancillary. The term principal supply needs to be read in reference to 'composite supply'. As composite supply consists of two or more than two goods and / or services, one of such will be principal supply and other goods and / or services will be termed as ancillary supply. In the case of composite supply, the rate of tax is determined in reference to rate of tax applicable on principal supply constituted in the contract of composite supply. Principal supply in a case of composite supply will be determined on the basis of predominant element of composite supply. To have this supply is the objective of the recipient of such supply and other items called ancillary items of goods and / or services act as a means for better enjoyment o
= = = = = = = =
Plain text (Extract) only
For full text:-Visit the Source
= = = = = = = =