Goods and Services Tax – GST – By: – CA Akash Phophalia – Dated:- 11-7-2016 – Introduction : The most awaited GST is all about supply as it merger sale and service in the term supply. The learned author aims at enlightening readers about the concept and importance of supply. Meaning and scope of supply The law provides for the definition and scope of apply. In simple terms, supply includes all the following – All forms of supply of goods and/or services such as sale, transfer, barter, exchange, license, rental, lease or disposal made or agreed to be made for a consideration by a person in the course or furtherance of business Importation of service, whether or not for a consideration and whether or not in the course or furtherance of business, A supply specified in schedule I, made or agreed to be made without a consideration. Schedule I – All the following matters will be considered as supply without consideration Permanent transfer or disposal of business assets. Temporary applicati
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ease, tenancy, easement, license to occupy land is a supply of services. Lease or letting out of the building including a commercial, industrial or residential complex for business or commerce, either wholly or partly, is a supply of services. Treatment or process Treatment or process which is being applied to another person's goods is a supply of services. Transfer of business assets Goods forming part of the assets of a business when transferred or disposed of so as no longer to form part of those assets, whether or not for a consideration, such transfer or disposal is a supply of goods. Where, by or under the direction of a person carrying on a business, goods held or used for the purposes of the business are put to any private use or are used, or made available to any person for use, for any purpose other than a purpose of the business, whether or not for a consideration, the usage or making available of such goods is a supply of services. Where any goods, forming part of the b
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mpletion certificate, where required, by the competent authority or before its first occupation, whichever is earlier. Here, the expression construction includes additions, alterations, replacements or remodeling of any existing civil structure; Temporary transfer or permitting the use or enjoyment of any intellectual property right; Development, design, programming, customization, adaption, up gradation, enhancement, implementation of information technology software; Agreeing to the obligation to refrain from an act, or to tolerate an act or a situation, or to do an act; Works contract including transfer of property in goods (whether as goods or in some other form) involved in the execution of a works contract; Transfer of the right to use any goods for any purpose (whether or not for a specified period) for cash, deferred payment or other valuable consideration; and Supply, by way of or as part of any service or in any other manner whatsoever, of goods, being food or any other articl
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