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Schedule - I under CGST Act
Activities which are treated as Supply even if made without consideration
Under Schedule I of CGST Act, there are certain activities which are prescribed which are treated as Supply even if no consideration is received i.e. made without consideration. Here we take a look on those activities -
- 1.Permanent transfer or disposal of business assets where input tax credit has been availed on such assets.
- 2.Supply of goods or services or both between related persons or between distinct persons as specified in section 25, when made in the course or furtherance of business:
However gifts not exceeding fifty thousand rupees in value in a financial year by an employer to an employee shall not be treated as supply of goods or services or both.
3. Supply of goods-
(a) by a principal to his agent where the agent undertakes to supply such goods on behalf of the principal; or
(b) by an agent to his principal where the agent undertakes to receive such goods on behalf of the principal.
4. Import of services by a person from a related person or from any of his other establishments outside India, in the course or furtherance of business.