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BUSINESS VERTICAL IN GST

Goods and Services Tax - GST - By: - Mr. M. GOVINDARAJAN - Dated:- 14-9-2017 - Business Section 2(17) of Central Goods and Services Tax Act, 2017 ( Act for short) defines the term business as including the following- (a) any trade, commerce, manufacture, profession, vocation, adventure, wager or any other similar activity, whether or not is for a pecuniary benefit; (b) any activity or transaction in connection with or incidental or ancillary to sub-clause (a); (c) any activity or transaction in .....

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as the holder of an office which has been accepted by him in the course or furtherance of his trade, profession or vocation; (h) services provided by a race club by way of totalisator or a licence to book marker in such club; and (i) any activity or transaction undertaken by the Central Government, a State Government or any local authority in which they are engaged as public authorities. Business vertical The term verticals in business refers to a vertical market. Basically, a vertical market i .....

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) of the Act defines the expression Business vertical as a distinguishable component of an enterprise that is engaged in the supply of individual goods or services or a group of related goods or services which is subject to risks and returns that are different from those of the other business verticals. The explanation to this section provides that the following factors should be considered in determining whether the goods or services are related include- the nature of the goods or services; the .....

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ving multiple business verticals in a State or Union territory may be granted a separate registration for each business vertical subject to such conditions as may be prescribed. Rule 11 of Central Goods and Services Tax Rules, 2017 ( Rule for short) provides for separate registration for multiple business verticals within a State or Union territory. Rule 11 (1) provides that any person having multiple business verticals within a State or a Union territory, requiring a separate registration for a .....

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all pay under the Act on supply of goods or services or both made to another registered business vertical of such person and issue a tax invoice for such supply. The explanation to this sub-section clarified that where any business vertical of a registered person that has been granted a separate registration becomes ineligible to pay tax under section 10, all other business verticals of the said person shall become ineligible to pay tax under the said section. Units in SEZ The proviso to Rule 8( .....

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; The Superintendent shall examine the application and the accompanying documents; If the application is found to be in order, he shall approve the grant of registration to the applicant within a period of three working days from the date of submission of the application; If the application is found to be defective, either in terms of any information or any document required to be furnishedunder the said Rule or where the Superintendent requires any clarification with regard to any information p .....

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ication, information or documents electronically in Form GST REG - 04 within a period of seven working days from the date of receipt of such notice; If the Superintendent is satisfied with the clarification, information or documents furnished by the applicant, he may approve the grant of registration to the applicant within a period of seven working days from the date of the receipt of such clarification or information or documents; If no reply is furnished by the applicant in response to the no .....

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