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As per section 7(1) of CGST Act, 2017 Supply includes all forms of supplies such as sale, transfer, barter, exchange, license, rental, lease or disposal etc. made or agreed to be made for a consideration by a person in the course or furtherance of business.

Valid Supply = Any Form of Supply + Consideration + Normal Course of Business

♣ Exceptions to the above rule: In the following cases, even if one of pre-requisite of a valid supply is not present, it would be treated as a valid supply and hence taxable (Deemed Supplies):

1. Import of a service for a consideration, whether or not in the course or furtherance of business

2. Followings services, if made even without consideration (Schedule I):

  • Import of service by a taxable person from a related person or any of his other establishments outside India, in the course or furtherance of business
  • Permanent transfer or disposal of business assets if ITC has been taken on such assets
  • Supply between the related persons or distinct person, if made in the course or furtherance of business except, gifts made by employer to employee to the extent of Rs. 50,000 in value in a financial year
  • Supply of goods between principal and his agent if for the third party, agent is acting on behalf of principal

3. Activities referred to in Schedule II – Clarification on Supply

Also, Read form 16 in excel format.

Negative List of Supplies: Following transaction, although they are supply as per section 7, but are specifically excluded from the definition of Supply through a proviso:

a. Activities referred to in Schedule III

Notified activities of central govt. or state govt. or any local bold in which they are engaged as a public undertaking.

Invoice Format Under GST

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June 2024