Goods and Services Tax – GST – By: – Puneet Agrawal (Athena Law Associates) – Dated:- 2-11-2016 – In the GST Regime, tax whether CGST, SGST or IGST is chargeable only when there is a supply of goods and/ or services. Thus it is imperative to understand the meaning of the term supply . Meaning and scope of supply is defined in Section 3 of the Central Goods and Services Tax Act/ State Goods and Services Tax Act. Meaning of Supply is defined in an inclusive manner that means the transaction which are covers within the definition are only illustrative. As per the definition, supply includes all forms of supply of goods and/ or services such as: Sale, transfer, barter, exchange, license, rental, lease, disposal Made or agreed to be made for a
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ions even without consideration are covered within the four corners of supply : Permanent transfer/ disposal of business asset; Temporary application of business asset to a private or non-business use: Example Use of Car owned by Business for personal travel. Services put to private or non-business use – Example where a CA prepares his own tax return Supply of goods and/ or services by a taxable person to another person in the course of furtherance of business – this is a very dangerous inclusion as this implies below. All transactions that are made by a taxable person to another person in the course of furtherance of business even when made without consideration are covered within the definition of supply. This inclusion dilutes sub clause
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