Core concepts
- 01GST: destination-based consumption tax; replaced VAT, Service Tax, Excise, etc.
- 02CGST + SGST on intra-state; IGST on inter-state supply.
- 03Supply (Sec 7): all forms of supply for consideration in course of business — sale, transfer, barter, lease, disposal.
- 04Composite supply (one principal) vs Mixed supply (highest rate).
- 05Time of supply: earliest of invoice date or payment receipt (goods); slightly different for services.
Flowchart summary
GST Flow | Supply (Sec 7) ----> Place + Time + Value | Intra-state --> CGST + SGST Inter-state --> IGST | Composition (Sec 10) for small dealers <₹1.5 cr
Exam-critical pointers
- ⭐Schedule I: deemed supply even without consideration (related party, agent, asset transfer).
- ⭐Schedule III: activities neither supply of goods nor services (employee services to employer, court).
- ⭐RCM (Reverse Charge): recipient pays GST — specified categories (legal services, GTA, etc.).
- ⭐Exempt supply: no GST + no ITC. Zero-rated (exports, SEZ): no GST + ITC refund allowed.
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