Gst Definition

Today we are discuses so basic definition under GST   

“Address of delivery”

It means address of recipient of goods or services or both referred on the tax invoice issued by a registered person for delivery of such goods or services or both.

“Agent” 

It means a person, including a factor, broker, commission agent,arhatia, del credere agent, an auctioneer or any other mercantile agent, by whatever name called, who carries on the business of supply or receipt of goods or services or both on behalf of another.

(In simple terms a person who receipt of good and services or both on behalf of other person who carries business)

“Business”

It includes following––

(a) Any trade, commerce, manufacture, profession, vocation, adventure, wager or any other similar activity, whether or not it is for a financial benefit;

(b) Any activity or transaction in connection with or incidental or ancillary to sub-clause (a);

(c) Any activity or transaction in the nature of sub-clause (a), whether or not there is volume, frequency, continuity or regularity of such transaction;

(d) Supply or acquisition of goods including capital goods and services in connection with commencement or closure of business;

(e) Provision by a club, association, society, or any such body (for a subscription or any other consideration) of the facilities or benefits to its members;

(f) Admission, for a consideration, of persons to any premises;

(g) Services supplied by a person as the holder of an office which has been accepted by him in the course or furtherance of his trade, profession or vocation;

(h) Any activity or transaction undertaken by the Central Government, a State Government or any local authority in which they are engaged as public authorities;

 “Capital goods” 

It means that goods, the value of which is capitalised in the books of account of the person claiming the input tax credit and which are used or intended to be used in the course or furtherance of business.

 “Casual taxable person” 

it means a person who occasionally undertakes transactions involving supply of goods or services or both in the course or furtherance of business, whether as principal, agent or in any other capacity, in a State or a Union territory where he has no fixed place of business.

(It means a person who doing business but there shall be no fixed place of business)

“Composite supply” 

It means a supply made by a taxable person to a recipient consisting of two or more taxable supplies of goods or services or both, or any combination thereof, which are naturally bundled and supplied 

in conjunction(joint) with each other in the ordinary course of business, one of which is a principal supply.

in detailed we are discuss in to the next post