Outward supply section 2(83) of CGST Act (2024)

FAQs

Outward supply section 2(83) of CGST Act? ›

As per section 2(83) of the CGST Act, 2017- in relation to a taxable person, Outward supply means supply of goods or services or both, whether by sale, transfer, barter, exchange, license, rental, lease or disposal or any other mode, made or agreed to be made by such person in the course or furtherance of business.

GSTR-1 is a monthly/quarterly return that summarises all sales (outward supplies) of a taxpayer. You must make sure that a valid GSTIN is filled while entering sales invoice details.

It is the supply of goods and services that does not attract GST and allows no claim on ITC. Example: Bread, fresh fruits, fresh milk and curd etc. Services Tax Act, and includes non-taxable supply.

The supplier has to report the same in table 4B of GSTR-1 (Outward supplies attracting tax on reverse charge basis). The recipient has to report the summary of purchases attracting reverse charge. The recipient has to report in Table 3.1 (D) of GSTR-3B (inward supplies liable to reverse charge).

The services are provided from the office of A in Lucknow (UP) and are received in the noida (UP) office of B. The place from where the supply is made is in Lucknow. The place where the supply is received is in noida. The supply is an intra-state supply.

Outward Supply in relation to a person shall mean supply of goods and/or services whether by sale, transfer, barter, exchange, license, rental, lease or disposal made or agreed to make by such person in the course or furtherance of business. In simple word, any types of sales are called outward supply.

Return Outwards

It is resending the goods to the supplier or any other third party previously received from the buyer. In many accounts' books and transactions, it is referred to as purchase returns. The same logic follows of return inward while writing the transaction for outwards.

“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.

Exempt supplies are goods and services which are not subject to GST. You do not include these supplies in your GST return. Show all. Donated goods-services. GST on sales.

When the trading of goods or services takes place, the goods flow from supplier to recipient while the value of the goods & Taxes on it flows from recipient to supplier. For Suppliers, the goods or services that he sells are the outward supply & the same is the inward supply for the receiver of the goods.

What is GSTR 3B in simple words? ›

What is Form GSTR-3B? Form GSTR-3B is a simplified summary return and the purpose of the return is for taxpayers to declare their summary GST liabilities for a particular tax period and discharge these liabilities. A normal taxpayer is required to file Form GSTR-3B returns for every tax period.

Other outward supplies (nil rated, exempt) – include supplies which are exempt from GST or are nil rated. Nil-rated supplies are those for which the GST rate is nil. Or which have been kept exempt from GST. For e.g. salt, puja samagri, curd, lassi, fresh milk.

GSTR 1 vs. GSTR 3B differ mainly in details and purpose. GSTR 1 is a detailed return that includes invoice-wise details of all outward supplies made in a month. In contrast, GSTR 3B is a summary return for reporting overall tax liabilities and claiming input tax credit.

Non-GST Supply

Examples: Electricity, Diesel, Petrol and Alcohol for human consumption are some examples of Non GST supplies.

(1) Every registered person (other than a person referred to in section 14 of the Integrated Goods and Services Tax Act, 2017) required to furnish the details of outward supplies of goods or services or both under section 37, shall furnish such details in FORM GSTR-1 electronically through the Common Portal, either ...

22209 4 min read. 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.

When the trading of goods or services takes place, the goods flow from supplier to recipient while the value of the goods & Taxes on it flows from recipient to supplier. For Suppliers, the goods or services that he sells are the outward supply & the same is the inward supply for the receiver of the goods.

Such GST on transportation charges can be undertaken by way of land, air, or sea. GST rate on freight charges, as indicated above, are – (1) 5% (without input tax credit), (2) 12% (with input tax credit).

Return inwards is defined as the receipt back of the goods by the seller which is originally sold to the buyer because of excess goods or defective goods. While return outwards is defined as the return back of the goods by the buyer to the seller from where the goods were initially purchased.