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INTERPRETATION OF CENTRAL GOODS AND SERVICES TAX (CGST) ACT (PART-4) (Meaning of Important Terms)

Goods and Services Tax - GST - By: - Dr. Sanjiv Agarwal - Dated:- 6-5-2017 - This part of the series contains meanings of certain terms covered in Section 2 of the CGST Act, 2017. These are business, business vertical and casual taxable person. Business [Section 2(17)] 'Business' includes- any trade, commerce, manufacture, profession, vocation, adventure, wager or any other similar activity, whether or not it is for a pecuniary benefit; any activity or transaction in connection with or i .....

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of persons to any premises; 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; services provided by a race club by way of totalisator or a licence to book maker in such club; and any activity or transaction undertaken by the Central Government, a State Government or any local authority in which they are engaged as public authorities. The definition of the term business is important from the p .....

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will not be considered. Even if there is no intention to make profit out of it, still the transaction may be covered in the definition of 'business'. For example, supply of goods by an association to its members. It may be noted that 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. This definition is an inclusive definition wherein all types of trans .....

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iness and protection of its assets and property from expropriation, coercive process or assertion of hostile title, payment of statutory dues and taxes imposed as pre-condition for commencement or carriage of business, things incidental to carriage of business. [Birla Cotton Spng. & Wvg. Mills Ltd v. Commissioner of IT, 1967 (3) TMI 104 - CALCUTTA HIGH COURT , affirmed, Commissioner of Income-Tax, West Bengal I Versus Birla Cotton Spinning And Weaving Mills Limited - 1971 (8) TMI 9 - SUPREME .....

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ervices; (b) the nature of the production processes; (c) the type or class of customers for the goods or services; (d) the methods used to distribute the goods or supply of services; and (e) the nature of regulatory environment (wherever applicable), including banking, insurance, or public utilities. Under the scheme of the CGST Act, each taxable person is required to have one registration in a state, from which it makes supplies of taxable goods or services. Even if such person has more than on .....

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ical in a state to seek as many registrations as is the number of business verticals. Even such person may decide to have only one registration in the state. In case the taxable person decides to have separate registration for each of his business verticals in a state, he will not be eligible to transfer input tax credit of one business vertical to other business vertical even in the same state. A business vertical if registered separately would not be eligible for availing scheme of composition .....

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