Concept of Supply under GST The concept of supply under GST refers to the obligation of a business to register and collect GST (Goods and Services Tax) from...
Concept of Supply under GST
The concept of supply under GST refers to the obligation of a business to register and collect GST (Goods and Services Tax) from its customers. GST is a tax paid by businesses on the sale of goods and services.
Key Points:
A business registered under GST is responsible for collecting and depositing GST with the government.
The supply chain is a critical aspect of GST compliance, as it determines who is responsible for collecting and remitting GST.
The concept of supply under GST applies to all businesses that engage in the sale of goods or services, regardless of their size or location.
Businesses can choose to be registered under GST voluntarily, even if they do not have any taxable sales.
Supply under GST is a complex concept that requires businesses to be familiar with the GST law and regulations