TaxTMI 
TaxTMI 
Non gst supply
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....on gst supply<br> Query (Issue) Started By: - Madhavan iyengar Dated:- 8-1-2019 Last Reply Date:- 14-1-2019 Goods and Services Tax - GST<br>Got 2 Replies<br>GST<br>Securities are neither goods nor services hence should they not fall under non gst supplies, non gst supply is not defined in gst law however for purpose of gst itc reversal in rules 1% of value of securities will be treated as exempt ....
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....supply Issue: Should sale of securities be shown under non gst supply or only 1% of sale value to be shown under exempt supply Reply By KASTURI SETHI: The Reply: Which is nether supply of goods nor supply of services that is out of scope of GST. Out of GST means non-GST. Hence no question of exempt supply, taxable and non-taxable supply. The question of exemption from GST, taxability or non-tax....
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....ability arises only if it is within the scope of GST. Hence here it is non-GST. When we call any activity non-GST, the term, " Supply" is relegated to the background. Reply By Madhavan iyengar: The Reply: Sir kindly see below point as given in CGST rules Chapter V on ITC Explanation.- For the purposes of this Chapter,- (1) the expressions "capital goods" shall include "....
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....;plant and machinery" as defined in the Explanation to section 17; (2) for determining the value of an exempt supply as referred to in sub-section (3) of section 17- (a) the value of land and building shall be taken as the same as adopted for the purpose of paying stamp duty; and (b) the value of security shall be taken as one per cent. of the sale value of such security. It is in this co....
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....ntext that for reversal purpose the value of exempt supply will be the value of security to be taken as 1% of value of such security sold a) The issue is with respect to disclosure in the GSTR-1/ and 3B returns at what value should security be shown and under which head of supply ( Non GST supply or exempt supply) b) similarly interest earned on fds/ bank a/cs whether it is a nil rated supply or....
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.... exempt (for purpose of discloure in GSTR-1 and 3B ?? ) another interesting point is Security is neither a good nor service so can it be treated as a supply at all.<br> Discussion Forum - Knowledge Sharing ....