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Supplies under Schedule I

Posted @ June 20, 2019, 9:32 am under (GST Compliances)

As per section 7 of CGST ACT 2017, supply includes the activities specified in “Schedule-I”, made or agreed to be made without consideration.
 
Schedule-I has prescribed following 4 activities as :-
 
1. Permanent transfer or disposal of “Business assets” where input tax credit has been availed on such assets.
 
Where business assets are transferred permanently and input tax credit has already been availed then that would be considered as supply and GST has to be paid accordingly. However entry no 1 of Schedule-I is applicable only in case where business asset is disposed of after availing input tax credit, if not input tax credit has been availed on such business asset then there would not be any GST payable on such disposal.
 
2. Supply of goods or service or both between related persons or between distinct person as specified in section 25 when made in the course or furtherance of business.
Provided that “Gift” not exceeding 50,000 rupees in value in a financial year by an employer to an employee shall not be treated as supply of goods or services or both.
 
3. Supply of goods:-
♦ By a principal to his agent where the agent undertakes to supply such goods on behalf of principal or
♦ By an agent to his principal where the agent undertakes to receive such goods on behalf of the principal
4. Import of “Service” by a taxable person from a related person outside India or from any of his other establishment outside India, in the course or furtherance of business.
 

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