Thanks for answering, but What is the logic behind that ? As cleartax.in says "From the above definition it can be noted that: Business includes any activity carried out by a person whether or not, there is volume, frequency, continuity or regularity of such transaction. Meaning a single transaction of supply also is considered business Also occasional trade or even one time trade constitutes business"   Isn't it satisfying all the conditions of supply ? 

Again thanks for answering. I get that it is not a business but the definition given makes it seem like a business ( I have marked the words in  bold in the post ). 

Sale of old car does not constitute supply within the meaning of section 7(1) since though it is for a consideration, it does not satisfy criteria of being in the course or furtherance of business. Even if it is disposed off without consideration it would constitute supply under Scheedule I only if it is a business asset and ITC has been availed which is not possible in terms of section 17(5).

Valuation of Supply under GST

GST (Goods and Services Tax) was introduced in India on 1st July, 2017 with the aim of simplifying the tax structure and bringing all indirect taxes under one umbrella. The valuation of supply under GST is a crucial aspect that every business owner and startup founder should be aware of. In this article, we will discuss the concept of valuation of supply under GST, its methods, and its impact on businesses.

Definition of Supply under GST

Before we dive into the valuation of supply under GST, let us understand what is considered as supply under GST. As per Section 7 of the CGST Act, 2017,....

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