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Intermediary and own-account exclusion: section 2 of the IGST Act, 2017

From the IndiaAuditLens Law Library

GST›IGST Act, 2017›Section 2, definitions

An intermediary arranges or facilitates supplies between two or more persons, whether acting as a broker, agent or under another name. The underlying supply may involve goods, services or securities. A person supplying those goods, services or securities on that person’s own account is expressly excluded, subject to the opening context qualification.[1]

Text

The text below is these clauses of the section as served by the CBIC tax information portal on 12 August 2021, with the portal's own amendment footnote markers (shown as small numerals before a bracket) and its footnotes.[1] The Act as published in the Gazette of India is the legal source.

Clause 2(13), verbatim (show)

(13) "intermediary" means a broker, an agent or any other person, by whatever name called, who arranges or facilitates the supply of goods or services or both, or securities, between two or more persons, but does not include a person who supplies such goods or services or both or securities on his own account;

2(13)intermediary

"intermediary" means a broker, an agent or any other person, by whatever name called, who arranges or facilitates the supply of goods or services or both, or securities, between two or more persons, but does not include a person who supplies such goods or services or both or securities on his own account;Section 2(13)

The role concerns arranging or facilitating the identified supply between other persons. The own-account exclusion applies to a person supplying those goods, services or securities on their own account.

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References

  1. Central Board of Indirect Taxes and Customs. "Section 2. Intermediary and own-account exclusion". Integrated Goods and Services Tax Act, 2017, CBIC tax information portal. Retrieved 12 August 2021.

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