{"id":21031,"date":"2024-09-24T15:15:55","date_gmt":"2024-09-24T09:45:55","guid":{"rendered":"https:\/\/piceapp.com\/blogs\/?p=21031"},"modified":"2025-05-26T15:49:36","modified_gmt":"2025-05-26T10:19:36","slug":"schedule-1-of-cgst-act","status":"publish","type":"post","link":"https:\/\/piceapp.com\/blogs\/schedule-1-of-cgst-act\/","title":{"rendered":"Schedule 1 of Central Goods and Services Act, 2017 (CGST Act)"},"content":{"rendered":"\n
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Key Takeaways<\/strong><\/h2>\n\n\n\n
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  • Certain activities are deemed ‘supply’ even without consideration, like permanent asset transfers with ITC availed.<\/li>\n\n\n\n
  • Supplies between related or distinct persons are taxable, even without consideration.<\/li>\n\n\n\n
  • Employer gifts to employees under \u20b950,000 per year are exempt from being treated as supply.<\/li>\n\n\n\n
  • Supply by or to an agent on behalf of a principal is taxable.<\/li>\n\n\n\n
  • Only permanent transfers of business assets are treated as supply.<\/li>\n<\/ul>\n<\/div><\/div>\n\n\n\n

    Certain activities are deemed ‘supply’ even without consideration, like permanent asset transfers with ITC availed. Supplies between related or distinct persons are taxable, even without consideration. Employer gifts to employees under \u20b950,000 per year are exempt from being treated as supply .Supply by or to an agent on behalf of a principal is taxable. Only permanent transfers of business assets are treated as supply.<\/p>\n\n\n\n

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