INTERPRETATION OF CENTRAL GOODS AND SERVICES TAX (CGST) ACT (PART-6)(Meaning of Important Terms)
By: – Dr. Sanjiv Agarwal
Goods and Services Tax – GST
Dated:- 19-5-2017<\/p>\n
This part of the series contains meanings of certain terms covered in Section 2 of the CGST Act, 2017. These are Credit Note, Debit Note, Deemed Exports, Document, Electronic Commerce, Electronic Commerce Operator, Exempt Supplyand Fixed Establishment.
\nCredit Note [Section 2(37)]
\n'Credit note' means a document issued by a registered person under sub-section (1) of section 34. Accordingly, Credit note has to be issued by taxable person who had issued a tax invoice for supply of any goods and\/or services. Credit note should contain prescribed particulars.
\nCredit note has to be issued :
\n * where tax invoice has charged excess value and\/or excess tax than required,
\n * where goods supplied are returned by recipient.
\n * Where services supplied are found to be deficient.
\nThus, a credit note serv<\/p>\n
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\nDeemed Exports [Section 2(39)]
\n'Deemed exports' means such supplies of goods as may be notified under section 147.
\nFor a transaction of supply of goods, to be covered under the scope of 'deemed exports', following conditions ought to be satisfied:
\n * to be notified by the Central Government\/State Government on the recommendation of the GST Council.
\n * transactions should be those in which the goods supplied do not leave India, and
\n * payment for such supplies is received either in Indian Rupees or in convertible foreign exchange.
\nExample of such deemed exports could be transactions in relation to Special Economic Zones (SEZs). This deeming provision will not apply to supply of services.
\nDocument [Section 2(41)]
\n'Document' includes written or printed record of any sort and electronic record as defined in clause (t) of section 2 of the Information Technology Act, 2000.
\nDocument includes written or printed re<\/p>\n
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\nThus, an E-commerce operators should:
\n * own, operate or manage any electronic platform
\n * facilitate the supply of goods and \/ or services,
\n * provide services to others or on behalf of others
\nExamples of e-commerce operators are Amazon, Flipkart or Paytm etc. The orders for goods and services are booked on such platforms and these platforms also receive the payment. Such orders in turn may be supplied by different suppliers and payment to them is made by e-commerce operator. There are different business models under e-commerce.
\nExempt Supply [Section 2(47)]
\n'Exempt supply' means supply of any goods or services or both which attracts nil rate of tax or which may be wholly exempt from tax under section 11, or under section 6 of the Integrated Goods and Services Tax Act, and includes non-taxable supply.
\nGoods a<\/p>\n
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