- 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.
