Understanding the Scope of Supply as a Taxable Event Under GST — Section 7

• Supply is the taxable event under GST laws.
• It includes all forms of supply of goods or services for a consideration in the course or furtherance of business.
• It also includes transactions between a person and its members or constituents.
• Importation of services for a consideration is also considered supply.
• A transaction is considered a supply of goods if there is a transfer of title, and a supply of service if there is a transfer of right of use.
• Supply can be taxable or non-taxable, with taxable supplies attracting GST.
• Consideration can be money or kind, and prepayment deposits can also be considered as consideration.
• GST is applicable only on business-related transactions.
• The value, place, and time of supply are important elements of supply.

Source: mastersindia.co

Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.

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