How to differentiate Supply under GST with Value of supply ?
What is Supply under GST? How does Value of supply work under GST regime? What are the difference between Supply under GST and Value of supply?
Under GST system, the following information explains about Supply under GST and Value of supply.
“Taxable supply” means a supply of goods or services or both which is leviable to tax under Central Goods and Service Tax Act, 2017. The value of a supply of goods or services or both shall be the transaction value, which is the price actually paid or payable for the said supply of goods or services or both where the supplier and the recipient of the supply are not related and the price is the sole consideration for the supply.
The details about Supply under GST and Value of supply with simple language from GST terms have been mentioned in this web blog separately. I suggest you to read these articles on Supply under GST and Value of supply, so as to enable you to have a clear idea on these shipping terms.
For your immediate reference, we give below web links on Supply under GST and Value of supply separately below. You may kindly read the below links to know more about Value of supply and Supply under GST.
What is Taxable supply under GST
Term Principle of supply under GST
The above information easily explains about Value of supply and Supply under GST.
I hope, you have satisfied with the difference between Supply under GST and Value of supply explained above. Do you have different thought on difference between Value of supply and Supply under GST?
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CGST Act Section 14 Change in rate of tax in respect of supply of goods or services
CGST Act Section 15 value of taxable supply under GST
CGST Act section 16 eligibility and conditions for taking input tax credit
CGST Act Section 17 Apportionment of credit and blocked credits
CGST Act section 18 availability of credit in special circumstances
CGST Act Section 19 Taking input tax credit on capital goods sent for job work
CGST Act section 20 Manner of distribution of credit by Input Service Distributor
CGST Act section 21 Import of services made on or after the appointed day
Input Service Distributor under GST
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