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Business entity definition under gst act. Definition of business under gst. Further one must check for the taxability of supply and exemptions. Any activity carried out by the entity in the course or furtherance of business is included in the ambit of business definition and hence will be considered as supply under gst.
The services provided by an individual advocate including a senior advocate and a firm of advocates are liable for payment of gst under reverse charge by the business entity it said. Section 24 of cgst act 2017 has overriding effect on section 22 1 which deals with threshold limit for registering under gst. To consider the activity as supply it has to satisfy business test specified under section 2 17 of the cgst act and also definition of supply provided under section 7 of the cgst act.
Definition of business entity follow 4 replies. 27 june 2012 dear expert as per the new regime what would be the definition of the term business entity. Advocate service received by unregistered business entity will reverse charge apply to this business entity gst.
Start a discussion unanswered. Brief analysis of applicability of section 24. Format for computation of income under income tax act.
Thus under the new definition business entity would mean any persons including individual who carries out any of the following activities in ordinary. Taxable event under gst arises when a person undertakes supply of goods or services. As per education guide on cbec website the term business entity includes proprietors individuals but as per the definition given in section 65 b19 of the finance act 1994 the term business entity doesnt cover individuals.
Definition business entity per gst income tax goods and services tax gst service tax central excise custom wealth tax foreign exchange management fema delhi. The legal services which includes representational services provided by advocates are also under reverse charge it added. By ca pradeep jain january 13 2017 3 comments.
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