In this article we will discuss GST (Definition). So, let’s get started.
Important Definitions
The term GST is defined in Article 366 (12A) to mean “any tax on supply of goods or services or both except taxes on supply of the alcoholic liquor for human consumption”.
Definition of Supply
‘supply’ includes all forms of supply of goods and/or services such as sale, transfer, barter, exchange, licence, rental and lease made or agreed to be made for a consideration by a person in the course or
furtherance of business,
(b) importation of service, for a consideration whether or not in the course or furtherance of business.
Definition of Goods
“goods‘‘ means every kind of movable property other than money and securities but including 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 the contract of supply; Actionable Claim of only Lottery, Gambling or betting shall be treated as Supply
Intangible Assets like DEPB License to be treated as “Goods”
Definition of Services
In terms of Section 2(102) “Services” means anything other than goods, money and securities.
Definition of AGGREGATE TURNOVER
“turnover” means the aggregate value of all taxable and non-taxable supplies, exempt
supplies and exports, of goods and/or services, to be computed on all India basis and excludes taxes, if any, charged under this Act; (Imp for: HSN, Composition, Liability to Register, etc)
Definition of Job Work
“job work” means any treatment or process undertaken by a person on goods belonging to another registered person and the expression “job worker” shall be construed accordingly. Thus Job work means undertaking any treatment or process by a person on goods belonging to another registered taxable person. The person who is treating or processing the goods belonging to other person is called ‘job worker’ and the person to whom the
goods belong is called ‘principal’.
