Chapter 2 - SUPPLY Flashcards
Supply under GST is defined under section _____
7
Section 7 is divided in ____ parts
4
how many schedules are dealt under section 7 ?
3
activities which are deemed as supply even if made without consideration are listed under Schedule ___
I
Activities which are neither supply of goods nor supply of services are given under Schedule ____
III
Name the 3 general requirements that are needed for an activity to come under the purview of GST
- it should involve SUPPLY of Goods or services or both
- Made for a consideration
- Made in the course or furtherance of business
As per section 7(1)(a) supply includes all forms of supply such as STD BELL R (elaborate) made for a _________ in the _________
- Sale, transfer, disposal, barter, exchange, lease, license, rental.
- consideration
- course or furtherance of business
As per section 7(1)(b) supply includes ___________ made for a _______ ; ____________ in the course or furtherance of business
- Import of services
- consideration
- whether or not
7(1)(c) includes supply which are _______ for consideration and is read with Schedule ______
not made ; I
Name the 4 activities that even if made without consideration shall be deemed as SUPPLY
- permanent disposal of business assets on which ________
- supply of G/S/B between distinct or related person
- supply of GOODS between Agent and principal and vice versa
- Import of services from related party or an establishment outside india in the course or furtherance of business
Define related party
1.officer/director
2. partners
3. Family members*
4. controlled by same person
5. controlling same person
6. one controlled by other
7.sole distributor/Agent
8. one has 25% or more holding in both.
if agent issues bill in the name of principal will it be deemed as supply under Schedule 1
NO
classification of whether a supply is SOG or SOS is given under section _____ read with schedule _____
7(1A) ; II
Goods sold on hire purchase is considered as supply of ______
Goods
construction and sale of building is considered as SUPPLY if _______
any part of the consideration is received before issue of completion certificate.
services by employee to employer in course of employment is ____
neither SOG nor SOS
perquisites given to employee are considered as SUPPLY, true or false ?
FALSE - perquisites are given in course of employment to employee in return of the services provided by him.
gifts worth up to ________ per ______ given by employer to employee is non taxable.
50000 ; FY;
all actionable claims are taxed under GST; true or false ?
False - actionable claims other than lottery, betting and gambling are taxed under GST
__________ supply involves more than one kind of supply made in conjunction for a single price where one of the supply is predominant.
Composite
_________ supplies are supply of more than 2 kind made in conjunction for a single price but are not composite in nature
Mixed
Taxability of - Composite Supply
taxed at the rate of principal supply
Taxability of - Mixed Supply
taxed at the highest rate of the supplies in the bundle.
