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INTERPRETATION OF CENTRAL GOODS AND SERVICES TAX (CGST) ACT (PART-8) (Meaning of Important Terms)

Goods and Services Tax - GST - By: - Dr. Sanjiv Agarwal - Dated:- 5-6-2017 - This part of the series contains meanings of certain terms covered in Section 2 of the CGST Act, 2017. These are Tax Invoice, Inward Supply, Job Work, Local Authority, Market Value, Mixed Supply and Money. Invoice [Section 2(66)] 'Invoice' or 'tax invoice' means the tax invoice referred to in section 31. 'Tax invoice is required to be issued by a registered taxable person showing description of goods .....

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ides evidence of existence of transaction of supply of goods and/or services. Tax invoice issued by the registered taxable person is an essential document to establish time of supply and for the recipient of goods and/or services to avail input tax credit. The matching of transactions of inwards and outward supplies is also done on the basis of tax invoice. Inward Supply [Section 2(67)] 'Inward Supply' in relation to a person, shall mean receipt of goods or services or both whether by pu .....

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a factor in determination of inward supply. Inward supply may be with or without consideration. Job Work [Section 2(68)] 'Job work' means any treatment or process undertaken by a person on goods belonging to another registered person and the expression 'job worker' shall be construed accordingly. Job work is any treatment or process which is undertaken by a person on goods belonging to other registered person. The person on whose goods, some activity or process is carried out is .....

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tered taxable person has taken input tax credit on such goods. Whereas there is no case of input tax credit in case of unregistered person. Local Authority [Section 2(69)] 'local authority' means- a Panchayat as defined in clause (d) of article 243 of the Constitution; a Municipality as defined in clause (e) of article 243P of the Constitution; a Municipal Committee, a Zilla Parishad, a District Board, and any other authority legally entitled to, or entrusted by the Central Government or .....

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supply is required to pay in order to obtain the goods or services or both of like kind and quality at or about the same time and at the same commercial level where the recipient and the supplier are not related. Market value implies full value / amount which a recipient is required to pay for same quality, kind, at same time, at same commercial level and both parties are not related. It may be noted that the concept of market value has not been used in the Act for determination of taxable liab .....

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