Examples of No Supply

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..... Dear Sir, I have received the following amounts, Are they No supply ? 1. Maturity Proceeds of LIC Policy 2. Sale of Shares 3. Cash Gift from Brother 4. Sale of Land 5. Gas Subsidy 6. Sale of Agricultural Produce 7. Land Buildings Gist from Mother - Reply By Rajagopalan Ranganathan - The Reply = Sir, According to Section 7 of CGST Act, 2017 supply includes - (a) all forms of .....

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..... supply of goods or services or both such as sale, transfer, barter, exchange, licence, rental, lease or disposal made or agreed to be made for a consideration by a person in the course or furtherance of business; (b) import of services for a consideration whether or not in the course or furtherance of business; [and] (c) the activities specified in Schedule I, made or agreed to be made .....

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..... without a consideration; Securities (Shares) are neither goods or service their sale will not attract gst. According to sl. No. 2 of Schedule II of CGST Act, 2017 - (a) any lease, tenancy, easement, licence to occupy land is a supply of services; (b) any lease or letting out of the building including a commercial, industrial or residential complex for business or commerce, either wh .....

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..... olly or partly, is a supply of service. Sale of land and building is neither supply of goods nor supply of service subject to para 5 (b) of Schedule II of CGST Act, 2017 . Agriculture produce is exempt from gst vide Notification No. 2/2017-Central Tax (Rate) dated 28.6.2017 as amended. Other items mentioned by you are not liable to gst. - Reply By Atul Rathod - The Reply = Non gst -1 .....

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..... ,2,3,4,7 exempted:-5,6 - Reply By KASTURI SETHI - The Reply = Maturity Proceeds of LIC Policy are in the course of business or furtherance of business. Hence no supply. - Examples of No Supply - Query Started By: - Rajendra Prasad Dated:- 18-10-2019 Goods and Services Tax - GST - Got 3 Replies - GST - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Mana .....

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..... gement India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax .....

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