Supply under GST and Types of Supply under GST

0
238
views
1 Star2 Stars3 Stars4 Stars5 Stars (No Ratings Yet)
Loading...
(Last Updated On: June 15, 2018)
  1. COMPOSITE SUPPLY:- (Defined under section 2(30) of CGST Act, 2017.) Composite supply comprising two or more supplies, one of which is a principal supply, shall be treated as a supply of such principal supply. For example, A consumer buys T.V and gets 1 year warranty and maintenance with supply of T.V. Supply of T.V is principal supply, warranty and maintenance are ancillary.
  2. MIXED SUPPLY:- (Defined under section 2(47) of CGST Act, 2017.) Mixed supply comprising two or more supplies shall be treated as supply of that particular supply which attracts the highest rate of tax. For example, A supply of a package consisting of canned foods, sweets, chocolates, cakes, dry fruits, aerated drink and fruit juices when supplied for a single price is a mixed supply (If these items are supplied separately, it shall not be a mixed supply).
  3. EXEMPTED SUPPLY:- (Defined under section 2(47) of CGST Act, 2017) means supply of goods or services at nil rate (0%).
  4. INWARD SUPPLY:- (Defined under section 2(47) of CGST Act, 2017.) It in relation to a person means receipt of goods or services. In short it means buying of goods or services or both.
  5. OUTWARD SUPPLY:- (Defined under section 2(83) of CGST Act, 2017.) It means selling of goods or services or both.
  6. TAXABLE SUPPLY:- (Defined under section 2(108) of CGST Act, 2017.) It means supply of goods or services on which tax is levied.
  7. ZERO RATED SUPPLY:- means export of goods and/or services or supply of goods and/or services to a SEZ (Special Economic Zone) developer or a SEZ Unit.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

+ 80 = 89