GST Supply

Study Notes

Taxable Event in GST

The taxable event in GST is the 'supply' of goods or services.

Definition of 'Supply'

'Supply' includes all forms of supply of goods or services, such as sale, transfer, barter, lease, licensing, or disposal made for a consideration.

Separate Persons in GST

The following are considered as separate persons in GST:
- Any legal person who owns or controls a business
- A parent and subsidiary company
- A trustee and beneficiary of a trust
- A partner and partnership firm
- A manufacturer and job worker
- A principal and agent

Supply in GST

Supply includes all forms of supply of goods or services, including:
- Sale, transfer, barter, lease, licensing, or disposal made for a consideration
- Supply of goods and services imported into the territory of India
- Supply of goods and services to or by a Special Economic Zone (SEZ) developer or an SEZ unit

Events Done Away with in GST

The following events have been done away with in GST:
- Manufacturing and generation of electricity have been exempted
- Services provided by an employee to an employer in the course of employment
- Services by an intermediary, such as an agent or broker, to a principal

Taxable Event

The taxable event in GST is the 'supply' of goods or services, which includes:
- Sale, transfer, barter, lease, licensing, or disposal made for a consideration
- Supply of goods and services imported into the territory of India
- Supply of goods and services to or by a Special Economic Zone (SEZ) developer or an SEZ unit

Description

Test your knowledge on the taxable event in GST and understand the concept of supply. This quiz covers various aspects of supply, including its definition and different forms. Put your knowledge to the test and see how well you understand this important aspect of the GST framework.