Taxability of Inter State stock Transfer under GST
By: – Balasubramanian Natarajan
Goods and Services Tax – GST
Dated:- 4-11-2016<\/p>\n
Presently interstate Stock transfers are not taxable under CST on submission of duly completed Form F.
\nCBEC in their FAQ has clarified as under:
\nQ 7. Are self-supplies taxable under GST?
\nAns. Inter-state self-supplies such as stock transfers will be taxable as a taxable person has to take state wise registration in terms of Schedule 1(5). Such transactions have been made taxable even if there is no consideration. However, intra-state self-supplies are not taxable.
\nQ 6. Whether supplies made without consideration will also come within the purview of Supply under GST?
\n Ans. Yes only those cases<\/p>\n
= = = = = = = =<\/p>\n
Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n shall apply for determining what is, or is to be treated as a supply of goods or a supply of services. = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n be seen that the turnover of a taxable person having the same PAN number is clubbed together all purposes such as: = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n","protected":false},"excerpt":{"rendered":" Taxability of Inter State stock Transfer under GSTBy: – Balasubramanian NatarajanGoods and Services Tax – GSTDated:- 4-11-2016 Presently interstate Stock transfers are not taxable under CST on submission of duly completed Form F. CBEC in their FAQ has clarified as under: Q 7. Are self-supplies taxable under GST? Ans. Inter-state self-supplies such as stock transfers … Continue reading “Taxability of Inter State stock Transfer under GST”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-1714","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/1714","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1714"}],"version-history":[{"count":0,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/1714\/revisions"}],"wp:attachment":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1714"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1714"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1714"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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\nSCHEDULE I
\nMATTERS TO BE TREATED AS SUPPLY WITHOUT CONSIDERATION
\n1. Permanent transfer\/disposal of business assets.
\n2. Temporary application of business assets to a private or non-business use.
\n3. Services put to a private or non-business use.
\n4. Assets retained after deregistration.
\n5. Supply of goods and \/ or services by a taxable person to another taxable or nontaxable person in the course or furtherance of business.
\nProvided that the supply of goods by a registered taxable person to a job-worker in terms of section 43A shall not be treated as supply of goods
\nSecond proviso to Section 9(1) of Model CGST\/SGST Law is as under
\nP<\/p>\n
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\n * For Registration – For determining threshold limit
\n * For Composition Scheme
\nSupply has been defined to cover in its scope only when it is for consideration with the exceptions provided therein,
\nOne such exemption so as to treat them as supply even when there is no consideration is supplies specified in Schedule I
\nIt s interesting to note that sl no 5 of the said schedule I covers “Supply of goods and \/ or services by a taxable person to another taxable or nontaxable person in the course or furtherance of business.
\nIt comes in to play only when the supply is by one Taxable person to another taxable or non taxable perso<\/p>\n
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