Understanding "Supply" in GST: Includes Sale, Transfer, Barter; Exceptions in Schedules I-IV; Composite Tax Rules Apply

The statutory provisions define "supply" under the Goods and Services Tax Act as including all forms of goods and services transactions such as sale, transfer, barter, and more, conducted for consideration in business activities. It also covers services imported for consideration, regardless of business context, and certain supplies without consideration as per Schedule I. Schedule II helps determine whether a transaction is a supply of goods or services. Certain activities by government entities, as outlined in Schedules III and IV, are not considered supplies. The government can specify transaction classifications, and tax liability for composite or mixed supplies is based on the principal supply or the highest tax rate, respectively.

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