INTERPRETATION OF CENTRAL GOODS AND SERVICES TAX (CGST) ACT (PART-11) (Meaning of Important Terms)
By: – Dr. Sanjiv Agarwal
Goods and Services Tax – GST
Dated:- 6-7-2017<\/p>\n
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.
\nSecurities [Section 2(101)]
\nSecurities shall have the same meaning as assigned to it in clause (h) of section 2 of the Securities Contracts (Regulation) Act, 1956.
\nSecurities 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-
\n (i) shares, scrips, stocks, bonds, debentures, debenture stock or other marketable securities of a like nature in or<\/p>\n
= = = = = = = =<\/p>\n
Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n Services [Section 2(102)] = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n Person [Section 2(107)] = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n ies (excluding the value of inward supplies on which tax is payable by a person on reverse charge basis) and exempt supplies made within a State or Union territory by a taxable person, exports of 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; = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n paid in full. = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n h contract. = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n","protected":false},"excerpt":{"rendered":" INTERPRETATION OF CENTRAL GOODS AND SERVICES TAX (CGST) ACT (PART-11) (Meaning of Important Terms)By: – Dr. Sanjiv Agarwal Goods and Services Tax – GSTDated:- 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 … Continue reading “INTERPRETATION OF CENTRAL GOODS AND SERVICES TAX (CGST) ACT (PART-11) (Meaning of Important Terms)”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-5884","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/5884","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=5884"}],"version-history":[{"count":0,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/5884\/revisions"}],"wp:attachment":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=5884"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=5884"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=5884"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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\nServices means anything other than goods, money and securities but includes activities relating to the 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.
\nThe 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.
\nOnly 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.
\nActivities 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.
\n Sta<\/p>\n
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\nTaxable person means a person who is registered or liable to be registered under section 22 or section 24.
\nTaxable person is a person 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.
\nTaxable Supply [Section 2(108)]
\nTaxable 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
\nTaxable Territory [Section 2(109)]
\nTaxable territory means the territory to which the provisions of this Act apply.
\nTaxable 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.
\nTelecommunication Service [Sectio<\/p>\n
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\n'Turnover in a State' or 'turnover in Union territory' means the aggregate value of-
\n (a) all taxable supplies (excluding the value of inward supplies on which tax is payable by a person on reverse charge basis),
\n (b) exempt supplies made within a State or Union territory,
\n (c) exports of goods and\/or services, and
\n (d) inter-State supplies of goods or services or both made from the State or Union territory
\n by a taxable person
\nTurnover excludes taxes, if any charged under the CGST Act, SGST Act, the IGST Act, UTGST and Cess, as the case may be.
\nIt may be noted<\/p>\n
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\nValid return is a return filed under section 39 of CGST Act. Self assessment tax must have been paid in full on such return.
\nUnder section 39(1), every registered person, other than an Input Service Distributor or a 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.
\nVoucher [Section 2(118)]
\nVoucher 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
\nsupp<\/p>\n
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\nWorks contract has been defined only with reference to immovable property. In case immovable property is not involved then, the transaction of supply can not be categorized as works contract.
\nIn case of supply of goods and services in relation to supply of goods which are movable, the transaction of such nature would either be classified as composite supply or mixed supply for the taxability of which separate provisions have been made in CGST law.
\nThere should be a contract to provide \/ undertake works contract. The activities to be undertaken under a works contract may be one or more of the following :
\n * Building
\n * Construction
\n * Fabrication
\n * Completion
\n * Erection
\n * Installation
\n * Fitting out
\n * Improvement
\n * Modification
\n * Repair
\n * Maintenance
\n * Renovation,
\n * Alteration, or
\n * Commissioning
\nSuch activities shall be in relation to any immovable property. Works contract including transfer of property in goods, (whether as goods or in some othe<\/p>\n
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