Section 7 of the Goods and Services Tax (GST) Act defines what is considered as a supply and the various types of supply that fall under the purview of GST. In simple terms, a supply refers to any transaction where goods or services are exchanged for a consideration (which can be monetary or non-monetary).
According to the GST Act, a supply includes:
- Goods: This refers to any kind of movable property (tangible or intangible), excluding money and securities.
- Services: This refers to any activity carried out by one person for the benefit of another person, usually for a fee.
- Composite supply: This refers to a supply made up of two or more goods or services, which are naturally bundled together.
- Mixed supply: This refers to a supply made up of two or more goods or services, which are not naturally bundled together.
- Deemed supply: This refers to certain transactions which are considered as supply even if there is no consideration involved, such as transfer of goods or services between related parties.
It is important to note that not all transactions involving goods or services fall under the ambit of GST. Some transactions, such as gifts or personal use, are excluded from GST. Additionally, certain activities such as employee-employer transactions or activities carried out by a person as a hobby or for personal use are also not considered as supply for GST purposes.
Overall, Section 7 of the GST Act provides a broad understanding of what is considered as a supply and the types of supply that are covered under GST.
Know the Writer:
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