(a) all forms of supply of goods and/or services such as sale, transfer, barter, exchange, license, rental, lease or disposal made or agreed to be made for a consideration by a person in the course or furtherance of business,
> Natural Meaning
>Captive consumptions, Theft, Pilferage, Stock transfers, Free supplies are not covered in this part
(b)importation of services, for a consideration whether or not in the course or furtherance of business, and Import for personal use .
(c) a supply specified in Schedule I, made or agreed to be made without a consideration.
1. all forms of supply
2. of goods and/or services
3. such as (Sale, Transfer, Barter/Exchange, License/Rental, Lease, Disposal)
4. made or agreed to be made
5. for a consideration
6. by a person
7. in the course or furtherance of business Sale:
Transfer of title or ownership in goods from seller to buyer for a price Transfer
1. Legal movement of something (e.g. Property, shares etc.) from one owner to another. 2. Common use of word ‘transfer’, is to denote the passing of title in the property or an interest therein from one person to another with the intent of passing therights which he had in it to the latter.
1. Exchange of goods and services without intervention of money.
1. Meaning is wider than Barter and includes immovable property 2. When two persons mutually transfer the ownership of one thing for the ownership of another, neither thing or both things being money only, the transaction is called an “exchange”. (Section 118 of Transfer of Property Act, 1882) 3.An exchange involves the transfer of property by one person to another & reciprocally the transfer of property by that other person to the first person. There must be a mutual transfer of ownership of one thing for the ownership of another. (I.T. Commissioner Bombay v. Rasiklal Moneklal, AIR 1989 SC 1333)
1. Only a permission or an authority to do a particular thing – cannot be equated with lease or transfer of right to use
2. Right to enjoy only
Lease 1. A transfer of a right to enjoy immovable property to the exclusion of all others on payment of consideration 2. Right to possess and enjoy but excludes title
1. Right to use movable or immovable property for particular period 2. Cover both license and lease
1. Action or process of getting rid of something – discarding of waste 2. Very wide meaning and includes sale etc. as well
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