How to differentiate Supply under GST with Taxable supply?
What is Supply under GST? How does Taxable supply work under GST regime? What are the difference between Supply under GST and Taxable supply?
Under GST system, the following information explains about Supply under GST and Taxable supply.
The taxable event in GST is supply of goods or services or both. Various taxable events like manufacture, sale, rendering of service, purchase, entry into a territory of state etc. have been done away with in favor of just one event i.e. supply. The constitution defines “Goods and Services Tax” as any tax on supply of goods, or services or both, except for taxes on the supply of the alcoholic liquor for human consumption. “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 Taxable 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 Taxable 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 Taxable supply separately below. You may kindly read the below links to know more about Taxable supply and Supply under GST.
Term Principle of supply under GST
What is Taxable supply under GST
The above information easily explains about Taxable supply and Supply under GST.
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