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GOODS AND SERVICES TAX (GST) IMPORTANT DEFINITIONS (WITH BARE PROVISIONS) (a) BUSINESS Section 2(17) of the Central Goods and Services Tax Act, 2017 Bare Provision (Simplified) “Business” includes any trade, commerce, manufacture, profession, vocation, adventure, or similar activity, whether or not it is for profit. It also includes any activity incidental or ancillary to such activity and activities of clubs or associations providing services to members. Explanation in Easy Language Business under GST is very wide. It covers almost every economic activity, even if there is no intention to earn profit. Example A shop selling clothes is a business. A person giving coaching classes is also a business. A club charging membership fees is also treated as business. (b) CAPITAL GOODS Section 2(19) of the Central Goods and Services Tax Act, 2017 Bare Provision (Simplified) “Capital goods” means goods, the value of which is capitalised in the books of account of the person c...