TaxTMI 
TaxTMI 
Examples of No Supply
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....xamples of No Supply<br> Query (Issue) Started By: - Rajendra Prasad Dated:- 18-10-2019 Last Reply Date:- 20-10-2019 Goods and Services Tax - GST<br>Got 3 Replies<br>GST<br>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....
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.... & Buildings Gist from Mother Reply By Rajagopalan Ranganathan: The Reply: Sir, According to Section 7 of CGST Act, 2017 "supply" includes - (a) all forms of supply of goods or services or both such as sale, transfer, barter, exchange, licence, rental, lease or disposal made or agreed to be made for a consideration by a person in the course or furtherance of business; (b) import of services f....
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....or a consideration whether or not in the course or furtherance of business; [and] (c) the activities specified in Schedule I, made or agreed to be made without a consideration; Securities (Shares) are neither goods or service their sale will not attract gst. According to sl. No. 2 of Schedule II of CGST Act, 2017- (a) any lease, tenancy, easement, licence to occupy land is a supply of ser....
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....vices; (b) any lease or letting out of the building including a commercial, industrial or residential complex for business or commerce, either wholly or partly, is a supply of service. Sale of land and building is neither supply of goods nor supply of service subject to para 5 (b) of Schedule II of CGST Act, 2017. Agriculture produce is exempt from gst vide Notification No. 2/2017-Central ....
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....Tax (Rate) dated 28.6.2017 as amended. Other items mentioned by you are not liable to gst. Reply By Atul Rathod: The Reply: Non gst -1,2,3,4,7 exempted:-5,6 Reply By KASTURI SETHI: The Reply: Maturity Proceeds of LIC Policy are in the course of business or furtherance of business. Hence no supply.<br> Discussion Forum - Knowledge Sharing ....