Goods and Services Tax – GST – By: – Dr. Sanjiv Agarwal – Dated:- 6-7-2017 – This part of the series contains meanings of certain terms covered in Section 2 of the CGST Act, 2017. These are Securities, Services, State, Supplier, Tax period, Taxable Person, Taxable Supply, Taxable Territory, Telecommunication Service, Turnover in State, Usual Place of Residence, Union Territory, Valid Return, Voucher and Works Contract. Securities [Section 2(101)] Securities shall have the same meaning as assigned to it in clause (h) of section 2 of the Securities Contracts (Regulation) Act, 1956. Securities shall have the same meaning as in Securities Contracts (Regulation) Act, 1956. As per section 2(h) of the Securities Contracts (Regulation) Act, 1956, securities include- (i) shares, scrips, stocks, bonds, debentures, debenture stock or other marketable securities of a like nature in or of any incorporated company or other body corporate; (ia) derivative; (ib) units or any other instrument issued b
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use of money or its conversion by cash or by any other mode, from one form, currency or denomination, to another form, currency or denomination for which a separate consideration is charged. The term Services have been defined to mean anything other than the goods. Thus, it would be important to analyse the receipt of any credit / payment on which tax has not been charged and need to determine the basis of non charging of tax as supply of goods and / or supply of services. Only in the cases of non taxability under GST law or goods and services declared exempt in GST law, all the credits / payments may have GST implication. Service shall exclude goods, money and securities. Activities relating to use of money or its conversion by cash or by any other mode (form, currency or denomination) for which separate consideration is charged, will be covered. State [Section 2(103)] 'State' includes Union Territories with legislature. Delhi and Pondicherry are two such States. These shall h
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son who is registered or liable to be registered under CGST law. Persons who are liable for registration are governed by section 22 and section 24 of the Act. Every supplier shall be liable to be registered. Taxable Supply [Section 2(108)] Taxable supply means a supply of goods or services or both which is leviable to tax under this Act. Taxable supplies are liable to tax. Supplies other than non-taxable supplies and exempt supplies are liable to tax Taxable Territory [Section 2(109)] Taxable territory means the territory to which the provisions of this Act apply. Taxable territory means the territory to which GST law would apply. As per Section (1), CGST Act applies to whole of India except the State of Jammu and Kashmir (J &K). Territory which is not taxable is called non-taxable territory. Telecommunication Service [Section 2(110)] Telecommunication service means service of any description (including electronic mail, voice mail, data services, audio text services, video text ser
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f goods or services or both and inter-State supplies of goods or services or both made from the State or Union territory by the said taxable person but excludes central tax, State tax, Union territory tax, integrated tax and cess; Turnover in a State or turnover in Union territory means the aggregate value of- (a) all taxable supplies (excluding the value of inward supplies on which tax is payable by a person on reverse charge basis), (b) exempt supplies made within a State or Union territory, (c) exports of goods and/or services, and (d) inter-State supplies of goods or services or both made from the State or Union territory by a taxable person Turnover excludes taxes, if any charged under the CGST Act, SGST Act, the IGST Act, UTGST and Cess, as the case may be. It may be noted that aggregate turnover does not include the value of inward supplies on which tax is payable by a person on reverse charge basis, value of non-taxable supplies and the value of inward supplies. Usual Place of
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non-resident taxable person or a person paying tax under the provisions of section 10, section 51 or section 52 shall, for every calendar month or part thereof, furnish, in such form and manner as may be prescribed, a return, electronically, of inward and outward supplies of goods or services or both, input tax credit availed, tax payable, tax paid and such other particulars as may be prescribed, on or before the twentieth day of the month succeeding such calendar month or part thereof. Voucher [Section 2(118)] Voucher means an instrument where there is an obligation to accept it as consideration or part consideration for a supply of goods or services or both and where the goods or services or both to be supplied or the identities of their potential suppliers are either indicated on the instrument itself or in related documentation, including the terms and conditions of use of such instrument. Sometimes vouchers are supplied for a consideration which entitles the recipients of those vo
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