(iv) Which of the following activities shall be treated neither as supply of goods nor as supply of services?
(i) Permanent transfer of business assets where input tax credit has been availed on such assets
(ii) Temporary transfer of intellectual property right
(iii) Transportation of the deceased
(iv) Services provided by an employee to the employer in the course of employment
(a) (i) & (iii)
(b) (ii) & (iv)
(c) (i) & (ii)
(d) (iii) & (iv)
(v) Which of the following activities/transactions are considered as supply of goods?
(a) Lease, tenancy, easement, licence to occupy land.
(b) Renting of immovable property.
(c) Goods forming part of assets of any business carried on by a person who ceases to be a taxable person, shall be deemed to be supplied by him, in the course or furtherance of his business, immediately before he ceases to be a taxable person.
(d) Temporary transfer or permitting use or enjoyment of any intellectual property right.
(vi) Which of the following is not considered as 'goods' under the CGST Act, 2017?
(i) Ten-paisa coin having sale value of ₹100.
(ii) Shares of unlisted company
(iii) Lottery tickets
(a) (i)
(b) (ii)
(c) (ii) and (iii)
(d) (i), (ii) and (iii)
2. Explain Schedule III activities pertaining to 'Co-insurance' & 'Re-insurance'.
Answer (2)
The activities treated neither as supply of goods nor as supply of services are (iii) transportation of the deceased and (iv) services provided by an employee to the employer. The correct choice for transactions considered as supply of goods is (c). Items not considered as 'goods' include (ii) shares of unlisted companies and (iii) lottery tickets, making (c) the right answer for that question.
;
(iv) To determine which activities are neither treated as supply of goods nor supply of services, we need to refer to the Schedule III of the Central Goods and Services Tax (CGST) Act, 2017. According to Schedule III, certain activities are neither considered to be a supply of goods nor a supply of services.
Among the options provided:
Services provided by an employee to the employer in the course of employment are specifically listed in Schedule III as neither goods nor services.
The transportation of the deceased is also not considered as supply under GST according to interpretations from applicable guidelines.
Therefore, the correct answer for (iv) is option (d): (iii) & (iv).
(v) For activities considered as supply of goods, we refer to the CGST Act's definition of 'goods,' which includes every kind of movable property other than money and securities.
Option (c) discusses goods forming part of assets of any business carried on by a person who ceases to be a taxable person. These are deemed to be supplied as goods.
Thus, the correct choice for (v) is option (c).
(vi) Under the CGST Act, 2017, 'goods' are defined as movable property, excluding money and securities. Therefore:
Shares of an unlisted company (ii) and
Lottery tickets (iii) are not considered 'goods' under the Act.
Hence, the correct answer for (vi) is option (c): (ii) and (iii).
Schedule III of the CGST Act outlines activities which are neither considered a supply of goods nor services. Although it covers various scenarios, 'co-insurance' and 're-insurance' specifically are not explicitly mentioned. Co-insurance typically refers to an arrangement where multiple insurers jointly cover a risk, while re-insurance is when an insurer buys insurance from another company to manage risk. Under GST, these are treated under various provisions depending on the nature of services rendered, but they are not explicitly listed as non-supplies in Schedule III.
