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Supply Under GST - 1 Video Lecture | Crash Course for CA Intermediate
FAQs on Supply Under GST - 1 Video Lecture - Crash Course for CA Intermediate
| 1. What is the definition of 'supply' under GST? |  |
Ans. Under the Goods and Services Tax (GST) framework, 'supply' is a broad term that encompasses all forms of supply of goods or services or both, for a consideration, made in the course or furtherance of business. This includes sale, transfer, barter, exchange, license, rental, lease, or disposal. The definition ensures that all economic activities involving the exchange of goods and services are covered under GST.
| 2. What are the different types of supplies recognized under GST? | |
Ans. GST recognizes several types of supplies, which include:
1. <b>Taxable Supply</b>: Supplies on which GST is applicable.
2. <b>Exempt Supply</b>: Supplies that are not subject to GST, such as certain educational services.
3. <b>Nil Rated Supply</b>: Supplies that are taxable but at a zero percent rate, like certain goods.
4. <b>Composite Supply</b>: A supply consisting of two or more goods or services, where one is a principal supply.
5. <b>Mixed Supply</b>: A supply consisting of two or more individual supplies made together for a single price.
| 3. How does the place of supply affect the GST liability? | |
Ans. The place of supply is crucial in determining the GST liability as it decides whether the supply is intra-state or inter-state. If the supply takes place within the same state, it is subject to State GST (SGST) and Central GST (CGST). Conversely, if the supply is inter-state, it is subjected to Integrated GST (IGST). Identifying the correct place of supply ensures compliance with GST regulations and proper tax collection.
| 4. Are there any specific exclusions from the definition of supply under GST? | |
Ans. Yes, certain transactions are excluded from the definition of supply under GST. These include:
1. Services by an employee to an employer in the course of employment.
2. Activities conducted by a person as a member of a registered body or an association.
3. Sale of land and, subject to certain conditions, sale of buildings.
4. Actionable claims, except when supplied in the course of furtherance of business.
| 5. What is the significance of the concept of 'consideration' in the context of supply under GST? | |
Ans. 'Consideration' refers to the payment made in exchange for the supply of goods or services. Under GST, the presence of consideration is a key element for classifying an activity as a supply. Even if the supply occurs without monetary payment (like barter or exchange), as long as there is a consideration involved, it falls under the definition of supply. This concept helps in determining the taxability of various transactions under GST.
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