Examples of No Supply

[Rajendra Prasad]

Dear Sir,

I have received the following amounts, Are they No supply ?

1. Maturity Proceeds of LIC Policy

2. Sale of Shares

3. Cash Gift from Brother

4. Sale of Land

5. Gas Subsidy

6. Sale of Agricultural Produce

7. Land & Buildings Gist from Mother

AI Summary

GST Clarification: Sale of Shares, Cash Gifts, and Gifts of Land/Buildings Not Subject to GST. Land Sales, Agri Produce Exempt. A forum participant inquired whether certain transactions are considered 'no supply' under the Goods and Services Tax (GST) framework. The transactions listed were maturity proceeds from an LIC policy, sale of shares, cash gifts from a brother, sale of land, gas subsidy, sale of agricultural produce, and gifts of land and buildings from a mother. Respondents clarified that the sale of shares, cash gifts, and gifts of land and buildings are not subject to GST. The sale of land and agricultural produce is exempt, while maturity proceeds from the LIC policy are not considered a supply under GST.