Concepts, Terms and Definitions

The ‘revised’ Draft Model GST Law and Draft IGST Law contain various concepts, terms and definitions, an understanding of which is crucial to determine the extent (if at all) of the application of the said laws to various persons and their corresponding rights, duties and obligations thereunder, as and when these draft laws are legislated into effective law by the concerned Central and State legislative bodies (expected date of 1 July 2017).

Some of these key concepts etc. (listed below) have been analysed and discussed for the benefit of our reader and the public in general.

Supply’ of taxable goods and/or services is the principal ‘taxable event’ (subject to other prescribed conditions and/or provisions) and the threshold/jurisdictional requirement for the consequential levy of Goods & Services Tax (GST), and is also the distinguishing feature of GST as an indirect form of taxation.

> Read more on ‘Supply’

 


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The Draft IGST Law defines ‘Integrated Goods and Services Tax’ (IGST) as the tax levied under the said Act on the supply of any goods and/or services in the course of inter-State trade or commerce, which in general terms means any supply where the ‘location of the supplier‘ and the ‘place of supply‘ are in different States. The principles and criteria for determining whether supplies of goods and/or services are in the course of inter-State trade or commerce have been provided by section 3 of the said IGST Law (see below).

> Read more on ‘Inter-State Supply (IGST)’

 


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Whilst ‘Supply’ of goods and/or services is the threshold ‘taxable event’ for the levy of Goods and Services (GST) Tax, the same is further subject to the determination of factors/variables like the time, place (determination and levy of IGST) and valuation of such supply.

> Read more on ‘Time and Value of Supply’

 


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The core feature of the Revised Model Draft GST (and IGST) Law is the levy, transfer, set-off, credit etc. of ‘input tax(see definitions) on supplies of goods and/or services. Input Tax Credit (ITC) is fundamental to the Draft Law and principles thereof as it seeks to prevent the currently prevalent indirect taxation’s ‘cascading effect(tax on tax and multiple Central/State indirect taxes on same transaction at varying taxation rates and conditions for levy) and inherent complexity.

> Read more on ‘Input Tax Credit’

 


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