TaxTMI 
TaxTMI 
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
Examples of No Supply
18 Oct 2019 
3 Replies 
3659 Views Asked by
No supply under GST: definition, securities exclusion, land treatment and agricultural exemption determine taxability.
Whether receipts constitute a supply under GST is governed by Section 7's inclusive definition and Schedules I and II: leases/letting are services while sale of land/buildings is excluded from supply under Schedule II; securities are not goods or services so share sales do not attract GST; agricultural produce is exempt under the relevant tax notification. Applying these rules, transactions like sale of shares, gifts, insurance maturity proceeds, sale or gift of land and buildings are treated as non supply or outside GST, while property leasing is a taxable service. (AI Summary)
Whether receipts constitute a supply under GST is governed by Section 7's inclusive definition and Schedules I and II: leases/letting are services while sale of land/buildings is excluded from supply under Schedule II; securities are not goods or services so share sales do not attract GST; agricultural produce is exempt under the relevant tax notification. Applying these rules, transactions like sale of shares, gifts, insurance maturity proceeds, sale or gift of land and buildings are treated as non supply or outside GST, while property leasing is a taxable service. (AI Summary)