Definitions of various important terms under Sections 2(31) to 2(40) of the CGST Act, 2017, unless the context otherwise requires:
Section 2(31): Meaning of Consideration
Consideration in relation to the supply of goods or services or both includes-
(a) any payment made or to be made, whether in money or otherwise, in respect of, in response to, or for the inducement of, the supply of goods or services or both, whether by the recipient or by any other person but shall not include any subsidy given by the Central Government or a State Government;
(b) the monetary value of any act or forbearance, in respect of, in response to, or for the inducement of, the supply of goods or services or both, whether by the recipient or by any other person but shall not include any subsidy given by the Central Government or a State Government.
Provided that a deposit given in respect of the supply of goods or services or both shall not be considered as payment made for such supply unless the supplier applies such deposit as consideration for the said supply.
Section 2(32): Meaning of Continuous Supply of Goods
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(33): Meaning of Continuous Supply of Services
Continuous Supply of Services means a supply of services which is provided, or agreed to be provided, continuously or on recurrent basis, under a contract, for a period exceeding three 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(34): Meaning of Conveyance
Conveyance includes a vessel, an aircraft and a vehicle.
Section 2(35): Meaning of Cost Accountant
Cost Accountant means a cost accountant as defined in clause (c) clause (b) [text substituted from 01/02/2019: refer Note 1] of sub-section (1) of section 2 of the Cost and Works Accountants Act, 1959.
Section 2(36): Meaning of Council
Council means the Goods and Services Tax Council established under article 279A of the Constitution.
Section 2(37): Meaning of Credit Note
Credit Note means a document issued by a registered person under sub-section (1) of section 34.
Section 2(38): Meaning of Debit Note
Debit note means a document issued by a registered person under sub-section (3) of section 34.
Section 2(39): Meaning of Deemed Exports
Deemed Exports means such supplies of goods as may be notified under section 147.
Section 2(40): Meaning of Designated Authority
Designated Authority means such authority as may be notified by the Board.
| Note: CBEC notifies 22/06/2017 as the commencement date vide Notification 1/2017. |
Amendments History:
1. In sub-section (35), the text ‘clause (b)’ substituted for the text ‘clause (c)’, vide Section 2(d) of the CGST (Amendment) Act, 2018, followed with Notification 2/2019 on commencement date of 01/02/2019.
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| CGST Act 2017: Last updated 15/02/2024 |
| The CGST Act 2017 has been notified vide GOI Notification dated 12/04/2017, which has subsequently been amended through the CGST (Extension to J&K) Act 2017, Finance Act 2018, CGST Amendment Act 2018, Finance Act 2019, Finance Act 2020, Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance/Act 2020, Finance Act 2021, Finance Act 2022, Finance Act 2023, CGST Amendment Act 2023, CGST Second Amendment Act 2023 & Finance Act, 2024 including various Notifications/Orders issued by the Govt./ CBIC from time to time, relating to the commencement dates of various sections and provisions in the respective CGST/Amendment Acts, wherever required. Information on this page is a section-wise compilation of the amendments to the CGST Act, 2017 made through various notifications issued by CBIC from time to time (upto 15th February, 2024), with the best possible efforts for accuracy. In any case, E&OE. For official or updated information, please visit the CBIC website. |
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