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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To reduce the burden of compliance and provide incentives to small businesses etc. supplying taxable goods, the Draft Model GST Law (the Draft Law as revised) through section 9 there under, offers the ‘Composition Levy‘ (the Levy) as an option.

> Read more on ‘Composition Levy’

 


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For most Startups and even established or traditional business/service models, e-commerce is quickly becoming a default mode of transacting business or providing services. The substituted definitions for ‘electronic commerce’ and ‘electronic commerce operator’ in the revised Draft Model GST Law when read with the definition of Supply under section 3 and/or TCS obligations as well those under section 8(4) for notified categories of services, the GST net seems to have been cast quite wide for e-commerce business.

> Read more on ‘Electronic Commerce’

 


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Chapter XIII and section 55 of the Draft Act deals exclusively with the concept of ‘job work’ and the ‘special procedure’ for removal of goods for such purposes. Under this provision, a registered ‘taxable person’ (referred to in the said section as the “principal”) may (under intimation and subject to prescribed conditions, if any) send any inputs and/or capital goods, without the payment of (GST) tax, to a job worker for job-work (from there subsequently may be sent to another job worker etc).

> Read more on ‘Job Work’

 


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