Gst definitions

1. Process that results in transformation of raw materials into a new product having a distinct name, character and use.
4. GOODS Goods used in the course or furtherance of business on which input tax credit can be claimed and which are capitalized in the books of accounts.
8. Any individual, firm, company or legal entity recognized under GST.
11. Every kind of movable property other than money and securities.
12. A broker or agent who arranges the supply of goods or services between two persons.
14. TAX CREDIT Credit of input tax available to a registered person.
16. CHARGE Mechanism where the liability to pay GST shifts from the supplier to the recipient.
17. A person who carries on the business of supply or receipt of goods or services on behalf of another person.

2. TURNOVER Total value of taxable supplies, exempt supplies, exports and inter-state supplies of a person having the same PAN.
3. A person who supplies goods or services or both.
4. SUPPLY Supply of two or more goods or services that are naturally bundled and supplied together in the ordinary course of business.
5. OF GOODS Goods taken out of India to a place outside India.
6. TAXABLE PERSON A person who occasionally supplies goods or services in a place where he has no fixed place of business
7. Any trade, commerce, manufacture, profession or similar activity carried out for consideration.
9. WORK Treatment or processing undertaken by a person on goods belonging to another registered person.
10. TAX Tax charged on supply of goods or services to a registered person.
13. SUPPLY Supply consisting of two or more individual supplies made together for a single price where each supply can be sold separately.
15. OF BUSINESS Location where business is ordinarily carried out including office, warehouse or other premises.