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Supply - GST Ready Reckoner - GSTExtract Supply Supply includes all forms of supply of goods or services or both such as sale, transfer, barter, exchange, licence, rental, lease or disposal made or agreed to be made for a consideration by a person in the course or furtherance of business, the activities or transactions, by a person, other than an individual, to its members or constituents or vice-versa, for cash, deferred payment or other valuable consideration. ( w.e.f. 01 July 2017, N.No. 39 / 2021 Central Tax - 21.12.2021) import of services for a consideration whether or not in the course or furtherance of business. Supply Includes: - Schedule I to the CGST Act, 2017 contain the certain activities or transaction specified in, made or agreed to be made without a consideration, have also been include in the definition of Supply Supply Excludes or No Supply :- Schedule III to the CGST Act, 2017 - There are exception of supply. The Schedule specifies the activities or transaction which shall be treated as neither supply of goods nor supply of services Schedule II to the CGST Act, 2017 contain the certain activities or transaction which are to be treated as either supply of goods or supply of services. For instance, any transfer of title in goods would be a supply of goods, whereas any transfer of right in goods without transfer of title would be considered as services. In other words, Supply has two important elements: Supply is done for a consideration Supply is done in course of furtherance of business If the aforementioned elements are not met with, it is not considered as a sale. Examples: Mr. A buys a table for Rs.10,000 for his personal use and sells it off after 10 months of use to a dealer. This is not considered as supply under CGST as this is not done by Mr A for the furtherance of business Mrs. B provides free coaching to neighbouring students as a hobby. This is not considered as supply as this act is not performed for a consideration. However, as specified in Schedule I of GST Act, certain activities are considered as supply even if it is made without consideration .
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