Clarification on Time of Supply of Services of Spectrum Usage and Other Similar Services Under GST | Circular (2024)

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Clarification on Time of Supply of Services of Spectrum Usage and Other Similar Services Under GST | Circular? ›

Clarification on time of supply of services of spectrum usage and other similar services under GST: Circular. The CBIC has clarified that in case where full upfront payment is made by the telecom operator, GST would be payable when the payment of the said upfront amount is made or is due, whichever is earlier.

Supply includes sale, transfer, exchange, barter, license, rental, lease and disposal. If a person undertakes either of these transactions during the course or furtherance of business for consideration, it will be covered under the meaning of Supply under GST.

Mixed Supply under GST

Under GST, a mixed supply means two or more individual supplies of goods or services, or any combination thereof, made in conjunction with each other by a taxable person for a single price where such sup- ply does not constitute a composite supply.

Continuous Supply. Inward Supply. Inward Supply in relation to a person shall mean receipts of goods and/or services whether by purchase, acquisition or any other means and whether or not for any consideration. In simple word, any types of purchases are called inward supply. Outward Supply.

Supply is a fundamental economic concept that describes the total amount of a specific good or service that is available to consumers. Supply can relate to the amount available at a specific price or the amount available across a range of prices if displayed on a graph.

Others are "GST-free" which means that the supplier does not charge GST but can claim credits for the GST on its own acquisitions. The main GST-free items are exports, health, food, education, international travel and certain charitable activities. A small range of items are "input taxed".

For Example : A supply of a package consisting of canned foods, sweets, chocolates, cakes, dry fruits, aerated drinks and fruit juices when supplied for a single price is a mixed supply. Each of these items can be supplied separately and is not dependent on any other.

: involving, relating to, or offering more than one service. a multiservice provider.

A multiple supply is where each of the items being sold together for one consideration is capable of being supplied individually in its own right. This means that each part of the supply is physically and economically dissociable from the other parts of the supply.

“outward supply” in relation to a taxable person, means supply of goods or services or both, whether by sale, transfer, barter, exchange, licence, rental, lease or disposal or any other mode, made or agreed to be made by such person in the course or furtherance of business.

What is non-GST supply with an example? ›

Zero rated supplies in GST are those exports or supplies to SEZ that do not attract any GST. They are beneficial for the economy as they boost exports and generate foreign exchange. They are also advantageous for the exporters as they can claim refund of the input tax credit they paid.

Value of Supply = (Monetary Consideration + In-kind Consideration) - GST on Total Consideration Note: The value of supply includes cess, billable expenses, subsidies, penalties, and all taxes except GST (and any other charges that may or may not be included in the price of the goods and services supplied).

A supply of goods includes the following: the transfer of ownership of goods by agreement. the sale of movable goods on a commission basis by an auctioneer or agent. They need to be acting in their own name but on the instructions of another person.

26 March 2023. Zero rated supply is a term used in the Goods and Services Tax (GST) regime to describe a supply of goods or services that are subject to zero percent GST. This means that the supplier does not have to charge any GST on the supply.

There are five types of supply: market supply, short-term supply, long-term supply, joint supply, and composite supply. Meanwhile, there are two types of supply curves: individual supply curves and market supply curves.