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Taxability of Inter State stock Transfer under GST

Goods and Services Tax - GST - By: - Balasubramanian Natarajan - Dated:- 4-11-2016 Last Replied Date:- 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 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 eve .....

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s 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, (b) importation of service, whether or not for a consideration and whether or not in the course or furtherance of business, and (c) a supply specified in Schedule I, made or agreed to be made without a consideration. (2) Schedule II, in respect of matters mentioned therein, shall apply for determining what is, or is to .....

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upply of goods by a registered taxable person to a job-worker in terms of section 43A shall not be treated as supply of goods Second proviso to Section 9(1) of Model CGST/SGST Law is as under Provided further that a person who is required to be registered under paragraph 1 of Schedule III of this Act shall not be considered as a taxable person until his aggregate turnover in a financial year exceeds [Rs ten lakh] Aggregate Turnover is defined as- Section 2(6)- aggregate turnover means the aggreg .....

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