As per Section 7 of CGST Act, the term ‘Supply’ includes: All forms of supply including any sale, transfer, barter, exchange, license, rental, lease or disposal of goods or services or both The transaction is in the course or furtherance of business The transaction is for a consideration Import of services whether or not in […]
As per the Section 7(c) of GST Act, there are activities which are considered as supply for the purpose of this Act even without consideration. The Schedule I list out the activities which are considered as supply without consideration. Permanent transfer or disposal: When the business assets are transferred permanently or disposed and input tax […]
There are transactions which are treated neither as supply of goods nor supply of services for determination of taxability. The same have been listed out in Schedule III of the CGST Act: Services provided by an employee to his employer during his employment in the company Services provided by any court or tribunal established by […]
Since GST has brought both Goods and Services under single tax bracket, it is necessary to differentiate the activities either as goods or services to determine the taxability of the same. Schedule II has differentiated the goods and services as below: Activities considered as Supply of Goods Transfer of title in goods – Example: Sale of […]
1. Margin is the difference between sale value and purchase value of second hand goods 2. In Margin scheme, GST is applicable only on the profit margin unlike GST charged on the transaction value for the goods in normal condition 3. No GST is applicable if there is no profit margin
E-way bill is required for the movement of goods in relation to a supply as per the Section 7 of CGST Act, for reasons other than supply – that means even though there is no supply according to the act, but whenever there is a movement of goods, it is necessary to generate E-way bill, and for inward supplies from unregistered person
As per Section 13 of Central Goods & Services Act, 2017, the liability to pay tax arises at the time of supply, time of supply is determined as per the below provisions: Time of Supply of Services under GST shall be earlier of the following dates: If the invoice is issued within 30/45 days (Note […]
