[See 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. |