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Important Definitions: |
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Section |
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Phrase |
Definition |
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2(59) |
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Input |
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means any goods other than capital goods used or intended to be |
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used by a supplier in the course or furtherance of business. |
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2(19) |
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Capital Goods |
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means goods, the value of which is capitalised in the books of |
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accounts of person claiming the input tax credit and which are |
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used or intended to be used in course or furtherance of business. |
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2(60) |
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Input Service |
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means any service used or intended to be used by a supplier in the |
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course or furtherance of business. |
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2(63) |
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Input Tax Credit |
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means the credit of input tax. |
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2(62) |
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Input Tax |
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In relation to a registered person, means the central tax, state tax, |
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integrated tax or UT charged on supply of goods or services or both |
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made to him and includes – |
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a)the integrated goods and services tax charged on import of goods |
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b)the tax payable under the provisions of Section 9(3) and 9(4) |
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c)the tax payable under the provisions of Section 5(3) and 5(4) of IGST |
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d)the tax payable under the provisions of Section 9(3) and 9(4) of SGST |
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e)the tax payable under the provisions of Section 7(3) and 7(4) of UGST |
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But does not include the tax paid under composition levy. |
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2(82) |
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Output Tax |
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In relation to a taxable person, means the tax chargeable under |
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this Act on taxable supply of goods or services or both made by |
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him or by his agent but excludes tax payable by him on reverse |
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charge basis. |
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