GstTak

In this Article we are going to discuss about the Scope of supply & Related Scheduled. Section 7 of CGST Act, 2017:- Scope of Supply. Schedule 1:- Activities to be treated as supply even if made without consideration. Schedule 2:- Activities or Transactions to be treated as supply of goods or supply of service. Schedule 3:- Activities or Transactions which shall be treated neither as a supply of goods nor a supply of services. Section 7 of CGST Act, 2017:- SCOPE OF SUPPLY (1)     For the purposes of this Act, the expression “supply” includes, (a)     All forms of supply of goods or services or both 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 furtherance of business. (aa) Activities or transactions involving supply of goods or Service by any person, Other than an individual, to its member or constituent or vice-versa, for cash, deferred payment, or

INTRODUCTION:- Goods and Services Tax [GST] has been imposed on "supply of goods or services". That means for the purpose of imposition of GST there has to be supply, if there is no supply then no GST will be impose. Once supply is identified then next question is raised what would be the taxable value on which GST is being charged. As per Section 15 of CGST Act, 2017 says that Taxable value shall be the "TRANSACTION VALUE". Transaction Value:- It is a combination of three elements. "Price actually paid or payable for the supply (+) Supplier and the recipient of the supply are not related (+) Price is the sole consideration for the supply" Further Section 15(2) Says that Transaction Value shall include "Any taxes, duties, cesses, fees and charges levied under any law for the time being in force other than this Act, the State Goods and Services Tax Act, the Union Territory Goods and Services Tax Act and the Goods and Services Ta

Relevant Sections & Rules & Circular:- Sections:- Section 15 of CGST Act, 2017:- Value of Taxable Supply. Rules:- Rule 27:- Value of supply of goods or services where the consideration is not wholly in money. Rule 28:- Value of supply of goods or services or both between distinct or related persons, other than through an agent. Rule 29:- Value of supply of goods made or received through an agent. Rule 30:- Value of supply of goods or services or both based on cost. Rule 31:- Residual method for determination of value of supply of goods or services or both. Rule 31A:- Value of supply in case of lottery, betting, gambling and horse racing. Rule 32:- Determination of value in respect of certain supplies. Rule 32A:- Value of supply in cases where Kerala Flood Cess is applicable. Rule 33:- Value of supply of services in case of pure agent. Rule 34:- Rate of exchange of currency, other than Indian rupees, for determination of value. Rule 3

Provisions relating to ITC Set-Off. This Article provide detail understanding of ITC Set-Off in Old Provision & New Provision. OLD PROVISIONS:- Section 49(5):- The amount of input tax credit available in the electronic credit ledger of the registered person on account of, (a) integrated tax shall first be utilised towards payment of integrated tax and the amount remaining, if any, may be utilised towards the payment of central tax and State tax, or as the case may be, Union territory tax, in that order. (b) The central tax shall first be utilised towards payment of central tax and the amount remaining, if any, may be utilised towards the payment of integrated tax. (c) The State tax shall first be utilised towards payment of State tax and the amount remaining, if any, may be utilised towards payment of integrated tax. (d) The Union territory tax shall first be utilised towards payment of Union territory tax and the amount remaining, if any, may be ut