Section 2(17) defines “business” as any trade, commerce, manufacture, profession, vocation, or other activity conducted whether or not for monetary gain. Any activity or transaction that is incidental or ancillary to the aforementioned specified activities is also considered a business. Furthermore, any activity engaged in by the Central Government, State Government, or any local body while acting as a public authority shall be interpreted as a business. It should be emphasized that any activity covered in the definition for the purpose of furthering or promoting a business could be considered a supply under GST law.
GST Return Filing
- What is the taxable event under GST?
- What is the scope of ‘supply’ under the GST law?
- What is a taxable supply?
- What are the necessary elements that constitute supply under CGST/SGST Act?
- Can a transaction in which any one or more of the above criteria is not fulfilled, be still considered as supply under GST?
- Are self-supplies taxable under GST?
- Whether transfer of title and/or possession is necessary for a transaction to constitute supply of goods?
- What do you mean by “supply made in the course or furtherance of business”?
- What is a Composite Supply under CGST/ SGST/UTGST Act? How will tax liability on a composite supply be determined under GST?
- What is a mixed supply? How will tax liability on a mixed supply be determined under GST?