GST Definitions
1. Goods means [sec 2(52)]
every kind of movable property
other than money and securities
but includes
actionable claims, growing crops, grass and things attached
to or forming part of the land
which are agreed to be severed
before supply or under a contract of supply.
2. Services means [sec 2(102)]
anything other than goods, money and securities
but includes
activities relating to the use of money or its conversion
by cash or by any other mode,
from one form, currency or denomination
to another form, currency or denomination
for which a separate consideration is charged.
3. Consideration [sec 2(31)]
Payment in money or otherwise for supply
monetary value of any act or forbearance for the supply
by the recipient or any other person
excluding subsidy given by the Central/State Government
,Deposits to be considered as payment only when the supplier
applies such deposit as consideration for the said supply.
4. Actionable claim means
a claim to any debt
other than a debt secured by mortgage of immovable property
or by hypothecation or pledge of movable property,
or to any beneficiary interest in movable property
not in the possession,
either actual or constructive,
of the claimant,
which the Civil courts recognise as affording grounds for
relief,
whether such debt or beneficial interest be
existent, accruing, conditional or contingent.
5. Money means
the Indian legal tender
or any foreign currency,
Cheque,
promissory note,
bill of exchange,
letter of credit,
draft,
pay order,
, traveller cheque,
money order,
postal or electronic remittance
or any other instrument recognised by the RBI,
when used as a consideration
to settle an obligation
or exchange with Indian legal tender
of another denomination,
but shall not include any currency
that is held for its numismatic value.
6. Recipient [sec 2(93)]
If consideration is payable for supply of goods or services or
both – Person liable to pay the consideration
If no consideration is payable for the supply of goods – person
to whom the goods are delivered/ made available/ to whom
the possession or use of the goods is given to or made
available
If no consideration as payable for the supply of services –
person to whom the services is rendered
Recipient includes an agent acting on behalf of the recipient in
relation to the goods or services or both supplied.
7. Person includes [sec 2(84)]
● an individual
● HUF
1. Goods means [sec 2(52)]
every kind of movable property
other than money and securities
but includes
actionable claims, growing crops, grass and things attached
to or forming part of the land
which are agreed to be severed
before supply or under a contract of supply.
2. Services means [sec 2(102)]
anything other than goods, money and securities
but includes
activities relating to the use of money or its conversion
by cash or by any other mode,
from one form, currency or denomination
to another form, currency or denomination
for which a separate consideration is charged.
3. Consideration [sec 2(31)]
Payment in money or otherwise for supply
monetary value of any act or forbearance for the supply
by the recipient or any other person
excluding subsidy given by the Central/State Government
,Deposits to be considered as payment only when the supplier
applies such deposit as consideration for the said supply.
4. Actionable claim means
a claim to any debt
other than a debt secured by mortgage of immovable property
or by hypothecation or pledge of movable property,
or to any beneficiary interest in movable property
not in the possession,
either actual or constructive,
of the claimant,
which the Civil courts recognise as affording grounds for
relief,
whether such debt or beneficial interest be
existent, accruing, conditional or contingent.
5. Money means
the Indian legal tender
or any foreign currency,
Cheque,
promissory note,
bill of exchange,
letter of credit,
draft,
pay order,
, traveller cheque,
money order,
postal or electronic remittance
or any other instrument recognised by the RBI,
when used as a consideration
to settle an obligation
or exchange with Indian legal tender
of another denomination,
but shall not include any currency
that is held for its numismatic value.
6. Recipient [sec 2(93)]
If consideration is payable for supply of goods or services or
both – Person liable to pay the consideration
If no consideration is payable for the supply of goods – person
to whom the goods are delivered/ made available/ to whom
the possession or use of the goods is given to or made
available
If no consideration as payable for the supply of services –
person to whom the services is rendered
Recipient includes an agent acting on behalf of the recipient in
relation to the goods or services or both supplied.
7. Person includes [sec 2(84)]
● an individual
● HUF
