1.
Any transaction or occurrence that results in a tax consequence.
2.
A person on whose behalf an agent carries on the business of supply or receipt of goods or services or both.
3.
It is specifically excluded from the definitions of ‘goods’ and ‘services’.
4.
Value of petroleum which an oil exploration & production contractor is entitled to take in a year for recovery of the contract costs under a Production Sharing Contract (PSC) with the Government and is thus not taxable per se under GST.
5.
Where the settlement takes place by way of actual delivery of underlying commodity/currency, then such financial contracts are treated as normal supply of goods.
6.
Permanent transfer or disposal of business assets where input tax credit has been availed on such assets.
7.
Legally recognised partners
