In our previous articles we discuss about Indian Accounting Standards like Ind AS 1 (Presentation of financial statements), Ind AS 2 (Inventories), and Ind AS 7 (Statement of cash flows). You can also download them in pdf for your personal notes. Now in this article we are going to discuss some definitions of GST (Goods And Services Tax) which has a major relevancy in Chartered Accountancy exams. So let’s start GST Relevant Definitions.
Some things should remember:
On which line or words the orange color is highlighted, that line will be clarify in simple words after the definitions. So you can use the simple words line instead.
GST Relevant Definitions For Exams
1. Credit Note: Credit note means a document issued by a registered person under subsection (1) of section 14. [Section 2(37)].
2. Debit Note: Debit note means a document issued by a registered person under sub section (3) of section 34 [Section 2(38)].
3. Continuous Supply of goods: means a supply of goods which is provided, or agreed to be provided, continuously or on recurrent basis under a contract whether or not by means of a wire, cable, pipeline or other conduit, and for which the supplier invoices the recipient on a regular or periodic basis and includes supply of such goods as the government may, subject to such conditions, as it may, by notification, specify [Section 2(32)].
includes a supply of goods as notified by government.
4. Continuous Supply Of Services: means supply of services which is provided, or agreed to be provided, continuously or on recurrent basis under a contract for a period exceeding 3 months with periodic payment obligations and includes supply of such services as the government may, subject to such conditions, as it may, by notification, specify [Section: 2(33)].
includes a supply as notified by the government.
5. Document: Document includes written or printed record of any sort and electronic record as defined in clause (t) of section 2 of the Information Technology Act, 2000 [Section 2(41)].
6. Exempt Supply: mean supply of any goods or services or both which attract nil rate of tax or which may be wholly exempt from tax under section 11, or under section 6 of the Integrated Goods and Services Tax Act, and includes non-taxable supply [Section 2(47)].
7. Invoice or Tax Invoice: mean the tax invoice referred to in section 31 [Section 2(66)].
8. Quarter: shall mean a period comprising three consecutive calendar months, ending on the last day of March, June, September and December of a calendar year [Section 2(92)].
9. Return: mean any return prescribed or otherwise required to be furnished by or under this Act or the rules made there under [Section 2(97)].
In our next article we should discuss about the Tax Invoice, Credit and Debit Notes in details and you will learn how to make a Tax invoice. So stay update with us and never miss update notification.
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