Friday, March 10, 2017

supply under gst

Model CGST Law (Revised)
  • u/s 2(95): “supply” shall have the meaning as assigned to it in section 3;

Model IGST Law (Revised)
  • u/s 2(26): “supply” has the same meaning as assigned to it in section 3 of the CGST Act, 2016;

Taxable Supply
In order to attract GST, the following elements are required to be satisfied, i.e.
  • (i) supply of goods and / or services;
  • (ii) supply is for a consideration (few exceptions);
  • (iii) supply is made in the course or furtherance of business;
  • (iv) supply is made in the taxable territory;
  • (v) supply is a taxable supply; and
  • (vi) Supply is made by a taxable person (covered u/s 10)

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