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Definition of Business

Goods and Services Tax - GST - By: - Pradeep Jain - Dated:- 16-1-2017 Last Replied Date:- 18-1-2017 - DAILY DOSE OF GST UPDATE BY CA PRADEEP JAIN Continuing with the analysis of the revised GST law, we shall today discuss changes bought in the definitions as provided in the law: 1. 2(17) Business: the new definition reads as follows: Business includes - (a) Any trade, commerce, manufacture, profession, vocation or any other similar activity, whether or not it is for a pecuniary benefit; (b) Any .....

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its to its members, as the case may be; (f) admission, for a consideration, of persons to any premises; and 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; Explanation:- Any activity or transaction undertaken by the Central Government, a State Government or any local authority in which they are engaged as public authorities shall be deemed to be business. When this definition given in revis .....

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ness has a large impact to the extent GST is considered. Not only the definition of supply but the cenvat credit provisions, all mandate that the activities undertaken by the taxable person should be in the course or furtherance of business. Even the place of business is very important for registration purposes. At the same time the definition of supply also states that activities or transactions undertaken by the Central Government, a State Government or any local authority in which they are en .....

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