GST - GOODS AND SERVICE TAX ACT

 

GST  -  GOODS AND SERVICE TAX  ACT

It is applicable to whole India and it has replaced Vat, Excise and Service Tax. GST come in to force as per notification issued by the Central Govt. in the Official Gazette. In the maximum states it has started from 1^st of July 2017.

To abolish different taxation applicable in different states in India, Government brought GST to uniform taxation.

 

GST TERMINOLOGY

Address of delivery : A Registered person issued Tax invoice to the recipient of goods or services or both. The address indicated on the tax invoice is called address of delivery.

Address on records: This is the  address of recipient  of goods or services or both  indicated on the records of the supplier.

Agent :  A person who carries the business of supply  or receipt of goods or services or both on behalf of another.

Aggregate  Turnover: Sum of all taxable supplies (excluding Inward supplies which attracts Reverse charge) exempt supplies,exports of goods or services or both and Inter state supplies of persons having same PAN No. in whole India excluding tax applicable on supplies. 

Capital Goods: Capital goods means value  of goods which capitalised in the books of account of the person claiming the input tax credit and which are used in the course of business.

Casual taxable person: A person who occasion undertake transactions involving supply of goods or services or both in the course or furtherance of business whether in the capacity  of principal, agent or in any other, in a state or union territory with nofixed place of business.

Central tax: Central goods and service tax levied under section 9.

Competent Authority: This authority is such as may be notified by the government.

Credit Note: Document issued by the registered person under sec 34(1).

Debit Note:  Document issued by the registered person under sec 34(3).

Deemed exports : Supplies of goods as may be notified under section 147.

Document: It is a written or printed records of any type and electronic records as defined in section 2 (t).

Exempt Supply: Any supply of goods or services or both which attracts nil rate of tax or which 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.

Goods: Under this Act goods means every kind of movable property excluding money and securities but includes actionable claim, growing crops, grass and things attached to or forming part of the land which are agreed to be severed before supply or under a contract of supply.

Input: Any goods other than capital goods used or intended to be used by a supplier in the course or furtherance of business.

Input Service: It means any service used or intended to be used by a supplier in the course or furtherance of business.

Input Tax: Input tax" in relation to a registered person, means the central tax, State tax, integrated tax or Union territory tax charged on any supply of goods or services or both made to him.

Input tax credit: It means the credit of input tax.

Intra State Supply: Supply of Goods made within  state or union territory. When place of supply is same state.

 Inward supply: In relation to a person, shall mean receipt of goods or services or both whether by purchase, acquisition or any other means with or without consideration.

Job work: It means any treatment or process undertaken by a person on goods belonging to another registered person and the expression.