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of <h1>Section 7: When transfers, related-party transactions, principal-agent dealings and imports of services count as taxable supply even without consideration</h1> Permanent transfer or disposal of business assets on which input tax credit was claimed; supplies of goods or services between related or distinct persons in the course or furtherance of business (excluding employer-to-employee gifts not exceeding ?50,000 in a financial year); supplies by a principal to an agent who undertakes to supply on the principal's behalf and vice versa where an agent receives goods for the principal; and import of services by a person from a related person or from the person's establishments outside India are treated as supply even if made without consideration.
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