GST SCHEDULE 1 | Section 7 | Definitions : Principal | Section 2(88), Agent | Section 2(5)

Namaskaar Dosto, Aaj ke is video me hum log Schedule 1 ko pure detail me cover karne jaa rahe hai, aur iske saath hi section 2(88) & Section 2(5) ko bhi discuss karenge jisme Definition of Principal aur definition of agent as per gst diya gaya hai.
Umeed hai aap log ko video pasand aayega.

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~SCHEDULE I: See section 7:
ACTIVITIES TO BE TREATED AS SUPPLY EVEN IF MADE WITHOUT CONSIDERATION
1. Permanent transfer or disposal of business assets where input tax credit has been availed on such assets.
2. Supply of goods or services or both between related persons or between distinct persons as specified in section 25, when made in the course or furtherance of business:
Provided that gifts not exceeding fifty thousand rupees in value in a financial year by an employer to an employee shall not be treated as supply of goods or services or both.
3. Supply of goods—
(a) by a principal to his agent where the agent undertakes to supply such goods on behalf of the principal; or
(b) by an agent to his principal where the agent undertakes to receive such goods on behalf of the principal.
4. Import of services by a taxable person from a related person or from any of his other establishments outside India, in the course or furtherance of business.
~Definition Of Principal As Per Section 2 Clause 88 Of CGST ACT, 2017: “principal” means a person on whose behalf an agent carries on the business of supply or receipt of goods or services or both;
~Definition Of Agent As Per Section 2 Clause 5 Of CGST ACT, 2017: “agent” means a person, including a factor, broker, commission agent, arhatia, del credere agent, an auctioneer or any other mercantile agent, by whatever name called, who carries on the business of supply or receipt of goods or services or both on behalf of another;

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