Schedule I Telangana GST Act 2017
[ Schedule I Telangana GST Act 2017 explains Activities To Be Treated as Supply Even If Made Without Consideration ]
SCHEDULE I
[Section 7]
ACTIVITIES TO BE TREATED AS SUPPLY EVEN IF MADE WITHOUT CONSIDERATION
| 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: | |
| Provided that 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 taxable person from a related person or from any of his other establishments outside India, in the course or furtherance of business. |
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