Direct & Indirect Taxes, Tax Ready Reckoner, Tax Management, Tax Act. & Rules, Tax Planning & Tax Savings.

Direct & Indirect Taxes, Tax Ready Reckoner, Tax Management, Tax Act. & Rules, Tax Planning & Tax Savings.

Supply under GST

Supply of Goods or Services or both under GST

Tax Invoice , Credit and Debit Notes under Section 31, 33, 34 of CGST / SGST Act, 2017

GST Acts give immense importance to invoice and named it as tax invoice because it is one of the most important document on the basis of which tax credit is availed by the recipient of goods or services or both. Various sections applicable to tax invoice, debit and credit note and procedure of issue thereof …

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Location of Supplier and Place of Supply of Goods and Services under GST Law

The basic principle of GST is that it should effectively lax the consumption of such supplies at the destination thereof or as the case may at the point of consumption. So place of supply provision determines the place i.e. taxable jurisdiction where the tax should reach. Thus, the ‘location of the supplier’ and ‘place of …

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GST Liability on Composite and Mixed Supplies of Goods or Services [Section 8 of CGST Act, 2017]

When two or more goods are sold in combination it becomes difficult to identify the rate of tax to be levied in such eases. For such goods or services, CGST Act, 2017 has provided two terms “Composite Supply” and “Mixed Supply”. The tax liability on a composite or a mixed supply shall be determined in …

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[Section 7(1)(a)]- All Forms of Supply of Goods or Services or both under GST

The term ‘supply’ is very wide and it includes all forms of supply of goods, or services or both. Illustrative  list specifies forms of supply 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 …

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[Section 7(1)(c)]- Activities specified in Schedule-I, treated as Supply of Goods or Services under GST even if made without Consideration

As per Schedule I of the CGST Act, the following activities are to be treated as supply even if made without  consideration: (1) Permanent Transfer or Disposal of Business Assets where Input Tax Credit has been availed on such  Assets under GST: Any kind of disposal or transfer of business assets made by an entity …

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[Section 7(1)(d)]- Activities to be treated as Supply of Goods or Supply of Services under GST as referred to in Schedule II

In the pre-GST indirect tax regime, there was a dispute as to whether an activity shall be taxed under Central  Excise/ Service Tax or VAT and it was leading to taxability under both the laws. The issue has been settled by  Schedule II by specifying which activities shall be treated as supply of goods or …

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Supply of Goods or/and Services under CGST/SGST Act.

In order to constitute a ‘supply’, the following elements are required to be satisfied, i.e.— (i)         the activity involves supply of goods or services or both; (ii)        the supply is for a consideration unless otherwise specifically provided for. Schedule 1 specifically  provides the activities which shall be treated as supply even if such …

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[Section 7(2) CGST Act]- Activities or Transactions which are neither Supply of Goods nor a Supply of Services

Notwithstanding anything contained in section 7(1) above,— (a)        activities or transactions specified in Schedule III; or (b)        such activities or transactions undertaken by the Central Government, a State Government or any local  authority in which they are engaged as public authorities, as may be notified by the Government on  the recommendations of the …

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