ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Under the GST, supply of goods and/or services can be classified into two major categories-Taxable supplies and Non-taxable supplies. These are further classified into different types based on the nature of supply made.

Detailed explanation-2: -There are five types of supply-market supply, short-term supply, long-term supply, joint supply, and composite supply.

Detailed explanation-3: -Under GST, the place of supply includes all forms of supply of goods and/or services. The categories include such as sale, transfer, barter, exchange or license. In addition, it also includes rental, lease or disposal made or agreed by a person in the course or furtherance of business.

Detailed explanation-4: -Mixed supply under GST refers to the situation where goods and services are provided at a time. Composite supply under GST refers to the situation where goods and services are provided separately. The GST council has decided to levy a 5% tax on the composite supply of goods and services.