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Definition of Consideration

Goods and Services Tax - GST - By: - Pradeep Jain - Dated:- 1-2-2017 - GST DAILY DOSE OF UPDATION 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:- Section 2(28): Consideration: the new definition reads as follows: Consideration in relation to the supply of goods or services includes (a) any payment made or to be made, whether in money .....

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e Central Government or a State Government: PROVIDED that a deposit, whether refundable or not, given in respect of the supply of goods or services shall not be considered as payment made for the supply unless the supplier applies the deposit as consideration for the supply; One major change bought in the new definition is the addition of the clause stating that consideration would not include any subsidy given by the Central or State Government. This amendment gains utmost importance in the lig .....

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