Lec-01A_(Supply under GST)_(Part-1)_CA Final_May_Nov 2025_(also for CS & CMA & CA Inter)
Topics Discussed :
1. What is GST ?
2. What is Taxable Event ?
3. Section 7(1)(a) : Inclusive Definition of Supply
CONTENTS OF DEFINITION OF SUPPLY :
3.1 Goods Definition
3.2 Services Definition
3.3 Actionable Claim Definition
3.4 Money Definition
3.5 Securities Definition
3.6 Meaning of :
a) Sale, b) Transfer, c) Barter, d) Exchange, e) License, f) Lease, g) Rental & h) Disposal
3.7 Consideration Definition
Lec-01B_(Supply under GST)_(Part-2)_CA Final_May_Nov 2025_(also for CS & CMA & CA Inter)
Topics Discussed :-
- Section 7(1) (a) :-
4. Definitions :-
(xiii) RECIPIENT [Sec. 2(93)],
(xi) PERSON [Sec. 2(84)],
(xiv) BUSINESS [Sec. 2(17)].
- Analysis of Important Terms :-
5.1 Components of Supply [Sec. 7(1)(a)] :-
(iv) Consideration,
(v) In the Course or Furtherance of Business
5.1.1 Components of Supply –> Taxability of Few Transactions [Sec. 7(1)(a)] :-
(i) Taxability of Cost Petroleum [No GST leviable] & Govt’s share of Profit Petroleum [Exempt]
5.1.2 Components of Supply –> Taxability of Few Transactions –> Financial Transactions [7(1) (a)] :-
(i) Money & Securities,
(ii) Derivatives [Sec. 2(ac) of SCRA],
(iii) Secured Debt,
(iv) Interest Rate Swaps & Foreign Exchange Swaps,
(v) Extending Deposits, Loans & Advances,
(vi) Lending of Securities (Lending Fee – Taxable)
(vii) Holding –> Subsdiary,
(viii) Cash Calls in JV [Taxable if in the Nature of Consideration];
5.2 Components of Supply –> Importation of Services for Consideration (whether or not i.c.f.b) [7(1)(b)] :-
(i) Import of Service
5.3 Components of Supply –> Supply without Consideration (Schedule – I) [Sec. 7(1)(c)] :-
(i) Gift by Employer to Employee [Para 2 Sch-I] [Related & Distinct Persons],
(ii) Supply of Goods (only) by Principal to Agent & vice versa [Para 3 Sch-I],
(iii) Del-Credere Agent [DCA] ‘a Selling Agent’ [Para 3 Sch-I] ,
(iv) Import of Services (i.c.f.b) [Para 4 Sch-I] [Related Persons & Other Establishments o/s India]
5.3.1 Clarification on Sales Promotion Scheme vis-a-vis (Schedule – I) [Sec. 7(1)(c)] [Circular 92/11/2019 GST dated 07.03.2019] :-
(v) Free Samples & Gifts
(vi) Buy One Get One Free Offer
5.4 Components of Supply à Club etc. to its Members or Constituents [Sec. 7(1)(aa)] :-
(i) Doctrine of Mutuality Prevented / Disregarded
