For a transaction to be regarded a supply of goods, both title and possession must be transferred. The transaction would be viewed as a supply of service under Schedule II (1) if the title is not transferred. Possession may be transferred immediately in some instances, although the title may be transferred later, such as in the case of a sale on an approval basis or a hire purchase agreement.
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?