Punjab GST Act, 2017: Key Definitions of Tax Terms Like Aggregate Turnover, Intra-State Supply, and Input Tax Explained
The Punjab Goods and Services Tax Act, 2017 outlines various definitions essential for understanding its provisions. These include terms related to taxation, such as "actionable claim," "address of delivery," and "agent." It defines "aggregate turnover" as the total value of taxable supplies, excluding certain taxes. The Act distinguishes between "intra-State" and "inter-State" supplies, outlines the roles of authorities like the "Appellate Authority" and "Appellate Tribunal," and clarifies terms like "business," "capital goods," and "composite supply." It also specifies the meanings of "input tax," "output tax," and "taxable supply," among others, for regulatory and compliance purposes.
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