Suggestions on GST Acts (July 2017) by Institute of Chartered Accountants of India
2. Business Vertical definition w.r.t to Ind AS
Section 2(18) of the CGST Act provides that “business vertical” means a distinguishable component of an enterprise that is engaged in supplying an individual product or service or a group of related products or services and that is subject to risks and returns that are different from those of other business verticals;
Explanation: Factors that should be considered in determining whether products or services are related include:
(a) the nature of the products or services;
(b) the nature of the production processes;
(c) the type or class of customers for the products or services;
(d) the methods used to distribute the products or provide the services; and
(e) if applicable, the nature of the regulatory environment, for example, banking, insurance, or public utilities.
Suggestion
The word ‘product’ be replaced by the expression ‘goods’, to remove any possible ambiguity that may arise.
Read ICAI Suggestions on GST Act to Govt : July 2017
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