Notification Schedule 1 read with Section 7 of CGST Act 2017 i.e supplies made without consideration (a) Transfer of Assets (b) Supplies between distinct persons and Gifts by employer to employee (c) Supplies between principal and agent (d) Import of services from related persons
Financial Year: 2017
SCHEDULE I
ACTIVITIES TO BE TREATED AS SUPPLY EVEN IF MADE WITHOUT CONSIDERATION
(1) Permanent transfer
or disposal
of business assets
where input tax credit has been availed
on such assets.
A Short Video the Aforesaid Topic :-
(2) Supply of
goods or services or both
between related persons
or between distinct persons as specified in section 25,
when made in the course or furtherance of business:
Provided that
gifts not exceeding fifty thousand 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.
A Short Video the Aforesaid Topic :-
(3) Supply of goods—
(a) by a principal to his agent where the agent undertakes to supply such goods on behalf of the principal; or
(b) by an agent to his principal where the agent undertakes to receive such goods on behalf of the principal.
Article on principal agent relationship and their valuation is attached for your reference
(4) Import of services by a
taxable person
from a related person
or from any of his other establishments outside India
in the course or furtherance of business.
Taxable person has been changed to person by GST Amendment Act w.e.f 1-02-2019 i.e. CGST Amendment Act 2018
Thanks
CA Rahul Gupta