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Definition of Business Vertical

Goods and Services Tax - GST - By: - Pradeep Jain - Dated:- 30-1-2017 Last Replied Date:- 30-1-2017 - DAILY DOSE OF GST UPDATE BY CA PRADEEP JAIN Taking further to our discussion, we are continuing our discussion the definitions given under Section 2 of revised GST law and comparing the same with old model GST law to know the changes made in revised law:- 2(18): Business Vertical: The new definition reads as follows: business vertical means a distinguishable component of an enterprise that is en .....

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roducts or provide the services; and (e) if applicable, the nature of the regulatory environment, for example, banking, insurance, or public utilities. In the old draft, the definition was referred to be as provided in the AS 17 issued by the Institute of Chartered Accountants of India. As this particular AS is proposed to be scrapped, the definition was incorporated in the GST law itself to avoid any complexity in event of scraping of definition. But the definition itself seems to be a complica .....

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used here is business vertical and not business premise. Thus the definition becomes critical altogether when it comes to registration. A business segment is a part of the company that can be identified by the products it provides or by the services or geographical locations it operates in. In other words, it a single part of a business that can be distinctly separated from the company as a whole based on its customers, products, or market places. Management often divide companies into business .....

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