gst in india  

VAT Service Tax India
Service Tax New Delhi
Central Excise and Service Tax
Service Tax Cenvat
Service Tax Exemption
Service Tax Tribunal

Justification of GST
Preparation for GST
Purchase Tax of GST
GST Rate Structure
VAT at the Central & State level
Goods & Services Tax Model For India
Central and State Taxes under GST
Special Industrial Area Scheme
Inter-State Transactions of Goods
Rules for CGST and SGST
Implementation of GST

GST Annexure - Other relevant definitions

Section 45-I of the RBI Act, defines the following terms:

"business of a non-banking financial institution" means carrying on of the business of a financial institution referred to in clause (c) and includes business of a non-banking financial company referred to in clause (f);

"financial institution" means any non-banking institution which carries on as its business or part of its business any of the following activities namely:

  • the financing whether by way of making loans or advances or otherwise of any activity other than its own;
  • the acquisition of shares stock bonds debentures or securities issued by a government or local authority or other marketable securities of a like nature;
  • letting or delivering of any goods to a hirer under a hire-purchase agreement as defined in clause (c) of section 2 of the Hire-Purchase Act 1972 (26 of 1972);
  • the carrying on of any class of insurance business;
  • managing conducting or supervising as foreman agent or in any other capacity of chits or kuries as defined in any law which is for the time being in force in any State or any business which is similar thereto;
  • name called monies in lump sum or otherwise by way of subscriptions or by sale of units or other instruments or in any other manner and awarding prizes or gifts whether in cash or kind or disbursing monies in any other way to persons from whom monies are collected or to any other person,

but does not include any institution which carries on as its principal business-

  • agricultural operations; or
  • industrial activity; or";
  • the purchase or sale of any goods (other than securities) or the providing of any services; or
  • the purchase construction or sale of immovable property so however that no portion of the income of the institution is derived from the financing of purchases constructions or sales of immovable property by other persons;
  • "non-banking institution" means a company corporation or co-operative society.


© Sitemap | Service | Article | FAQ
Designed, developed & maintained by
All right reserved. All site content is copyright.