LAW@GLANCE

Supply under GST is defined under Section 7 CGST Act, 2017 (read along with schedules laid down under said act) as explained hereunder: - Section 7, CGST Act-2017   S.7(1)-Supply includes S.7(1A)   S.7(2)   S.7(3)   7(1)(a)- All forms of Supply of * G/S/B made/to be made for consideration in course/furtherance of business   Classify supply as supply of G/S as stated under Sch-II of CGST Act-2017: (P.1)- Trf. Of goods: involves trf. Of title at current/future point of time then only it be supply of goods or else it is only supply of services; (P.2)- Lease of land/comm./Indus./Resi complex is a supply of service; (P.3)- SoS= Job-work services; (P.4)- SoG : a. business goods trf. for personal use on owner’s direction; b. Goods still being part of business however, owner/business ceases to be registered under GST; SoS: Business Goods used for pvt. ...

      ·       Time of Supply ·         With reference to ToS determination under GST so as to assess point of discharge tax liability, let's take a quick view at provisions say on this:-   ·        Table 1: Section 12: Time of Supply (ToS) of Goods (read with section 31(1)/(4)/(7) CGST Act, 2017):- -         Notification No. 66/2017 CT dated 15.11.2017 : Registered person other than composition supplier or the once engaged in supply of specified actionable claims, is to pay GST only at ToS for payment purpose determined u/s 12(2)(a) i.e. due date of invoice issuance u/s 31 read with sec. 14 CGST Act which means no GST payment liability arises on advance receipt of payment exclusively in context of goods Table 2: Section 13: Time of Supply (ToS) of Services (read with section 31(2)/(5)/(6) CGST Act, 2017) Table 3: Section 14: Change in Rate of Tax in respec...