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Taxable Supply or Exempt supply
What's the scope of taxable supply? does it include any supply? what is the definition of consulting or advisory services? whether same are exempted in any scenario under GST?
Replies (6)
GST will be charged on the ‘transaction value’. Transaction value is the price actually paid (or payable) for the supply of goods/services between un-related parties (i.e., price is the sole consideration)
you can have more details from the following kink:
https://www.cbec.gov.in/resources//htdocs-cbec/gst/eflier-meaning-scopeofsupply14062017.pdf
Consulting/Advisory services are not specifically mentioned in the exemption list. That means they are taxable supplies as per GST attracting 18% tax rate. If it is possible for you to maintain your turnover under Rs. 20 lakhs for every year, then in this scenario you will be saved from paying tax.
Thanks Upasana Gupta and Ahmed Ali! would like to have clarity regarding TAXABLE supply in view of section 24 for interstate supply.
Yes, as per Sec 24 if you are doing sale outside your state compulsorily you have to get registered under GST even if you have AGGREGATE TURNOVER less than Rs 20 lakhs.
Thanks Ahmed, however, what is the interpretention of TAXABLE here
Ok, I got your query. Taxable Supply means any supply on which tax is leviable like 0%, 5%, 12%, 18% and 28%. It excludes the transactions which are not considered as supply or which are exempted.
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