time and place of spply Calicut University income tax and GST

Calicut University b.com income tax and GST

1. TIME AND PLACE OF SUPPLY UNDER GST The expression "supply" includes All forms of supply of goods or services or both such as sale, transfer, barter, exchange, license, rental, lease or disposal made or agreed to be made for a consideration by a person in the course or furtherance of business; Import of services for a consideration whether or not in the course or furtherance of business; the activities specified in Schedule-I, made or agree to be made without a consideration; and The activities to be treated as supply of goods or supply of services as referred to in schedule II.  

2. Activities shall be treated neither as a supply of goods nor a supply of services activities or transactions specified, in Schedule III Services by an employee to the employer in the course of or in relation to his employment. Services by any court or tribunal The functions performed by any Members of Parliament,State legislature,Panchayats Municipalities and other local authorities The duties performed by any person as a Chairperson/Member/ Director in a body established by the Central Government, State Government or local authority and who is not deemed as an employee before the commencement of this clause. Services of funeral, burial, crematorium or mortuary including transportation of deceased Sale of land, sale of building after the issuance of completion certificate and. Actionable claims other than lottery, betting and gambling. such activities or transactions undertaken by the Central Government, a state Government or any local authority in which they are engaged as public authorities, as may be notified by the Government on the recommendations of the Council, shall be treated neither as a supply of goods nor a supply of services.

3. Definition The definition of supply as laid under section 7, of the Central GST Act, 2017 is an inclusive definition. The term 'supply includes all forms of supply of goods or services for a consideration in the course of or for furtherance of business or even without a consideration . Elements of Supply Supply is done for a consideration Supply is done in course of furtherance of business

4. Types of Supply Based on location (a) Intra-State supply (Section 8 of IGST Act,2017 ) Intra-State is a type of supply of goods or services where the location of the supplier and the place of supply of goods are in the same State or same Union Territory. (b) Territorial waters Where the location of the supplier is in the territorial waters; or Where the place of supply is in the territorial waters; (The place of supply will be in the nearest Coastal State or Union Territory)

5. (c) Inter-State supply (Section 7 of IGST Act) : It is a supply of goods or services, where the location of the supplier and place of supply are in Two different States; Two different Union territories; or A State and a Union territory It also includes import of goods or services into the territory of India. Further, the following shall be treated as an inter-state supply of goods or services: When the supplier is located in India and the place of supply is outside India; To or by a Special Economic Zone (SEZ) developer or a SEZ unit; or In the taxable territory, not being an intra-state supply and not covered elsewhere

6. 2. Based on combination composite Supply {Section2(30) : Mixed Supply (Section 2(74)) . Continuous Supply 3. Based on Recipient Inward Supply (Section2(67)): It means receipt of goods or services or both whether by purchase, acquisition or any other means with or without consideration. Outward Supply (Section 2(83)) : It means a supply of goods or services or both, whether by sale, transfer, barter, exchange, license, rental, lease or disposal or any other mode, made or agreed to be made by such person in the course or furtherance of business,

7. 4. Based on Tax treatment (a) Exempt Supply : Exempt Supply of any goods or services is one which attracts nil rate of tax or which may be wholly exempt from tax.lt includes non taxable supply. (b) Zero-Rated Supply : It means export or supply of goods or services to a Special Economic Zone developer or a Special Economic Zone unit .(zero rated supply eligible for tax refund on input tax credit) ( c) Non-Taxable Supply(Section2(79)): Non-taxable supply is the sale of any good or service which attracts nil rate of tax and is similar to exempt supply. (d)Taxable Supply (Section 2(108): Supply on which tax shall be paid under GST.

8. Scope of Supply Taxable territory

9. 1. Supply of Goods or Services or Both Deemed Supply (Schedule II ): Schedule II to the CGST Act, 2017 lists a few activities which are to be treated as supply of goods or supply of services Transactions Deemed as Supply of Goods ; Any transfer of the title in goods is a supply of goods Any transfer of title of goods under an agreement which stipulates that property in goods will pass at a future date upon payment of full consideration as agreed like hire purchase. permanent transfer or disposal of business assets with or without consideration supply of goods by any unincorporated association or body of persons to a member there of

10. Transactions Deemed as Supply of Services: Transfer of right or undivided share in goods without transfer of title Any lease, tenancy, easement, license to occupy land Any lease or letting out. of the building for business or commerce either wholly or partially Any treatment or process applied on another person's goods like job work Any business assets put for private use whether or not for consideration Renting of immovable property Construction of a complex, building, civil structure or part there of Temporary transfer or permitting the use or enjoyment of any intellectual property right Development, design, programming, customization, adaptation, upgradation , enhancement, implementation of information technology software Agreeing to the obligation to refrain from an act, or to tolerate an act or a situation, or to do an act Works contracts

11. 2. Supply for Consideration

12. Supply made without consideration (Schedule I) As per schedule to CGSTAct , 2017, activities as mentioned below shall be treated as supply if made without consideration : Permanent transfer or disposal of business assets where input tax credit has been availed on such assets. Supply of goods or services or both between related persons or between distinct persons as specified in section 25,when made in the course or furtherance of business Supply of goods by a principal to his agent where the agent undertakes to supply such goods on behalf of the principal; or by an agent to his principal where the agent undertakes to receive such goods on behalf of the principal Import of services by a taxable person from a related person from any of his other establishments outside India, in the course or furtherance of business.

13. 3. Supply in the course or furtherance of Business only those supplies that are in the course or furtherance of business qualify as supply under GST. Hence, any supplies made by an individual in his personal, capacity do not come under the ambit of GST unless they fall within the definition of business as defined In the Act 4. Supply by a Taxable Person A 'taxable person' under GST, is a person who carries on any business at any place in India an d who is registered or required to be registered under the GST Act, Any person who engages in economic activity including trade and commerce is treated as taxable person.

14. GST Definition of Taxable Person The term "person" has been defined in Section 2(73) of the GST Act as follows: An Individual A Hindu Undivided Family A Company A Partnership Firm A Limited Liability Partnership An Association of Persons or a Body of Individuals, whether incorporated or not, in India or outside India Any Corporation Established by or under any Central ,State or Provincial Act, or a Government Company Any body corporate incorporated by or under the laws of a country outside India A co-operative society registered under any law relating to cooperative societies A local authority Government Society as defined under the Societies Act, 1860 Trusts Artificial judicial person, not falling within any of the above categories

15. The following categories of persons will be liable to pay GST Persons registered under GST and making taxable supplies under GST. Persons registered, under GST required to make payment of tax under reverse charge mechanism. E-Commerce operators registered under GST and through whom certain categories of notifi supplies are made. Persons registered under GST and required, to deduct Tax(TDS) E-Commerce Operators registered, under GST and required to collect tax (TCS)

16. 5. Taxable Supply Taxable supply has been broadly defined and means any supply of goods or services or both which, is liveable to tax under the Act 6. Supply in the Taxable Territory For a supply to attract GST, the place of supply should be in India except for the State of Jammu Kashmir