The Goods and Services Tax (GST) Act, 2017, is a comprehensive indirect tax legislation that was

introduced in India to reform the existing tax structure and bring about a uniform and simplified
taxation system across the country. GST subsumes multiple indirect taxes at the central and state levels
into a single tax, aiming to create a seamless and efficient tax regime. Here's an overview of the GST Act,
2017:

1. Introduction and Background:

 The GST Act was enacted by the Government of India as the 101st Constitutional
Amendment Act, 2016, and it came into effect on July 1, 2017.

 The Act aimed to replace various indirect taxes like central excise duty, service tax,
value-added tax (VAT), central sales tax, etc.

2. GST Structure:

 GST is a dual tax structure, comprising Central GST (CGST) levied by the central
government and State GST (SGST) levied by individual state governments.

 Integrated GST (IGST) is applicable to inter-state transactions and is collected by the

3. GST Council:

 The GST Council is a constitutional body comprising the Union Finance Minister and
state finance ministers.

 It is responsible for making recommendations on important aspects of GST, including tax

4. GST Tax Rates:

 GST is categorized into multiple tax rates, such as 0%, 5%, 12%, 18%, and 28%, based on
the type of goods or services and their perceived necessity.

 Some items are exempted from GST, while others attract a cess over and above the GST
rates.

5. Input Tax Credit (ITC):

 GST allows registered businesses to claim ITC on taxes paid on purchases, which can be
used to offset tax liability on sales.

 ITC promotes the concept of tax neutrality and avoids the cascading effect of taxes.

6. GST Registration:
  Every supplier of goods or services needs to register under GST if their turnover exceeds
specified thresholds.

 GST registration provides a unique GSTIN (Goods and Services Tax Identification
Number) to each taxpayer.

7. Compliance and Filing of Returns:

 Taxpayers are required to file various GST returns, including GSTR-1 (for outward
supplies), GSTR-3B (monthly summary return), GSTR-9 (annual return), and more, based
on their business type and turnover.

8. Composition Scheme:

 Small taxpayers with a turnover up to a certain limit have the option to opt for the
composition scheme, which simplifies compliance and allows for the payment of tax at a
fixed rate.

9. E-Way Bill:

 An E-Way Bill is required for the movement of goods worth a specified value in inter-
state transactions to ensure tax compliance and monitoring.

The GST Act, 2017, is a crucial piece of legislation that has significantly impacted India's taxation system,
making it more efficient, transparent, and unified. It aims to streamline the tax process, reduce tax
evasion, and enhance the ease of doing business in the country.

52) “goods” means every kind of movable property other than money and securities but includes actionable claim, 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;

mixed supply” means two or more individual supplies of goods or services, or any combination thereof, made in conjunction with each other
by a taxable person for a single price where such supply does not constitute a composite supply.

Illustration.— A supply of a package consisting of canned foods, sweets, chocolates, cakes, dry fruits, aerated drinks and fruit juices when
supplied for a single price is a mixed supply. Each of these items can be supplied separately and is not dependent on any other. It shall not be
a mixed supply if these items are supplied separately;

78) “non-taxable supply” means a supply of goods or services or both which is not leviable to tax under this Act or under the Integrated
Goods and Services Tax Act;

102) “services” means 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;

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“*Explanation.- For the removal of doubts, it is hereby clarified that the expression “services” includes facilitating or arranging transactions
in securities;.”

30) “composite supply” means a supply made by a taxable person to a recipient consisting of two or more taxable supplies of goods or
services or both, or any combination thereof, which are naturally bundled and supplied in conjunction with each other in the ordinary course
of business, one of which is a principal supply;
Illustration.— Where goods are packed and transported with insurance, the supply of goods, packing materials, transport and insurance is a
composite supply and supply of goods is a principal supply;

30) “composite supply” means a supply made by a taxable person to a recipient consisting of two or more taxable supplies of goods or
services or both, or any combination thereof, which are naturally bundled and supplied in conjunction with each other in the ordinary course
of business, one of which is a principal supply;

Illustration.— Where goods are packed and transported with insurance, the supply of goods, packing materials, transport and insurance is a
composite supply and supply of goods is a principal supply;

(31) “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

(32) “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;

(33) “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;

74) “mixed supply” means two or more individual supplies of goods or services, or any combination thereof, made in conjunction with each
other by a taxable person for a single price where such supply does not constitute a composite supply.

Illustration.— A supply of a package consisting of canned foods, sweets, chocolates, cakes, dry fruits, aerated drinks and fruit juices when
supplied for a single price is a mixed supply. Each of these items can be supplied separately and is not dependent on any other. It shall not be
a mixed supply if these items are supplied separately;

84) “person” includes—

(a) an individual;

(b) a Hindu Undivided Family;

(c) a company;

(d) a firm;
(e) a Limited Liability Partnership;

(f) an association of persons or a body of individuals, whether incorporated or not, in India or outside India;

(g) any corporation established by or under any Central Act, State Act or Provincial Act or a Government company as defined in clause (45) of
section 2 of the Companies Act, 2013;

(h) any body corporate incorporated by or under the laws of a country outside India;

(i) a co-operative society registered under any law relating to co-operative societies;

(j) a local authority;

(k) Central Government or a State Government;

(l) society as defined under the Societies Registration Act, 1860;

(m) trust; and

(n) every artificial juridical person, not falling within any of the above;

107) “taxable person” means a person who is registered or liable to be registered under section 22 or section 24;

(108) “taxable supply” means a supply of goods or services or both which is leviable to tax under this Act;

(109) “taxable territory” means the territory to which the provisions of this Act apply;

114) “Union territory” means the territory of—

(a) the Andaman and Nicobar Islands;

(b) Lakshadweep;

(c) Dadra and Nagar Haveli;

(c) Dadra and Nagar Haveli and Daman and Diu;

(d) Daman and Diu;

(d) Ladakh;
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(e) Chandigarh; and

(f) other territory.

Explanation.––For the purposes of this Act, each of the territories specified in sub-clauses (a) to (f) shall be considered to be a separate Union
territory;

(115) “Union territory tax” means the Union territory goods and services tax levied under the Union Territory Goods and Services Tax Act;