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TMI BlogCertain Activity or Transaction whether it is Supply of Goods or Services- Para 1 Schedule II Read with Section 7(1A)X X X X Extracts X X X X X X X X Extracts X X X X ..... n Schedule II whether it is Supply of Goods or Services - As per para 1 of Schedule II of CGST Act (Transfer) (a) Transfer of title to goods - Supply of goods Which have been identified in the contract of sale, passes form the seller to the buyer in any manner and on any conditions agreed upon by the parties to the contract of sale. The basic Rule is that the title of goods passes, when the parties intend the same to pass. Example: - M/s ABC, a plastic dealer sells plastic material to Mr. B for INR 15000. It is a case of transfer of title in the goods. (b) Transfer of right in goods - Supply of Service Rights in goods may be of different types, such as, as owner, as lessor, as a bailer, as an agent, as the holder of goods, etc. This ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cular No. 34/8/2018-GST Dated 1st March 2018 ] * In retreading of tyres, which is a composite supply, the pre-dominant element is the process of retreading which is a supply of service. In retreading of tyres, which is a composite supply, the pre-dominant element is the process of retreading which is a supply of service. * Supply of retreaded tyres, where the old tyres belong to the supplier of retreaded tyres, is a supply of goods (retreaded tyres under heading 4012 of the Customs Tariff attracting GST @ 28%). 3. Whether Priority Sector Lending Certificates (PSLCs) are outside the purview of GST and therefore not taxable? * In Reserve Bank of India FAQ on PSLC, it has been mentioned that PSLC may be construed to be in the nature of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tax shall be the recipient. * Nature of Supply of Priority Sector Lending Certificates (PSLC) (whether IGST or CGST/ SGST is payable for trading of PSLC by the banks on e-Kuber portal of RBI.) [ Circular No. 93/12/2019-GST Dated 8th March, 2019 ] * it is stated that Circular No. 62/36/2018-GST dated 12.09.2018 was issued clarifying that GST on PSLCs for the period 1.7.2017 to 27.05.2018 will be paid by the seller bank on forward charge basis and GST rate of 12% will be applicable on the supply. * Further, Notification No. 11/2018-CT (Rate) dated 28.05.2018 was issued levying GST on PSLC trading on reverse charge basis from 28.05.2018 onwards to be paid by the buyer bank. * It is further clarified that nature of supply of PSLC betwee ..... X X X X Extracts X X X X X X X X Extracts X X X X
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