Page 35 - Plastics News June 2017

FEATURES

GST to revolve around ‘Supply’

Valuation Supply of
Goods or
Service

Supply

Place of
Supply Time of
Supply

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What attracts GST –

Meaning of Supply

Exhaustive definition of ‘Supply’ to include:

Supplies without
All forms of supply of consideration such as:
goods and / or services Importation of 1. Supply between related /
for a consideration such as sale, service for a distinct persons in course of
business
transfer, consideration
Barter / exchange, whether or not in the 2. Importation of service from
a related person in the
License / rental / lease course of business course of business
disposal 3. Supply of goods from
principal to agent and vice-
versa

• Goods to mean every kind of movable property other than money and securities
• Service to mean anything other than goods
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35 June 2017 | Plastics News