GST : 10 POINT SERIES ON SUPPLY
By: – Puneet Agrawal
Goods and Services Tax – GST
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, dispo
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e Section 3(1)(c) read with Schedule 1, following transactions 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 a
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