continuous supply of services definition

continuous supply of services means a supply of services which is provided, or agreed to be provided, continuously or on recurrent basis, under a contract, for a period exceeding three months with periodic payment obligations and includes supply of such services as the Government may, subject to such conditions, as it may, by notification, specify;
continuous supply of services means a supply of services which is provided, or agreed to
continuous supply of services means a supply of services which is provided, or agreed to be provided, continuously or on recurrent basis, under a contract, for a period exceeding three months with periodic payment obligations and includes a supply notified as being a continuous supply of services.

More Definitions of continuous supply of services

continuous supply of services means a supply of services which is
continuous supply of services means a supply of services which is provided, or agreed to be provided, continuously or on recurrent basis, under a contract, for a period exceeding three months with periodic payment obligations and includes supply of such service as the Government may, subject to such conditions, as it may, by notification, specify.Example: AMC, lease of goods Valuation under GST• Price is not the sole consideration for sale• Supply of goods below cost• Unusual discounts or abnormal discounts• Supply of goods or services by the recipientSupplier is liable to incur but paid by the recipient• Additional consideration is received in imputed formwww.IndiaGST.com20Valuation under GST• Illustrative Issues• ABC rents his premises for commercial use to XYZ. The monthly rent is INR 100,000/- and security deposit is INR 12,00,000/-. Whether notional interest will have to be imputed?• What happens when the ABC gives the property on lease for INR 110,00,000/-. In a lease, the land-lord refunds the amount after the period of lease• PQR undertakes audit of INFY and INFY provides free use of cab, food, use of conference room facility in INFY for conduct of audit?• Similar would be a case when INFY provides to and fro air-tickets to its lawyer in Bangalore for representing a matter in New Delhi• AB buys a new phone in exchange of old phone. Whether AB will be liable to GST and also, whether seller will need to include notational value of used mobile on sale of new phone www.IndiaGST.com21 Valuation under GST• Value to include• •••••••Any taxes, duties, cesses, fees and charges levied under any law for thetime being in force other than CGST, SGST, UTGST or GST Cess,Reimbursement of expenses Incidental expensesInterest or Late Fee or Penalty for delayed payment of consideration Subsidies Directly linked to Price (excluding provided by Govt) Price charged at the time of supply or any other timeDiscounts (before, at or after supply) unless either given on invoice or provided under an agreement and known at the time of supply, linked to supply and the recipient reverses the input tax creditConsideration in kindIllustrative Issues• Tips collected while serving food by steward or paid by recipient to taxi driverwww.IndiaGST.com22
continuous supply of services means a supply of s ervice s w hich is provid e d, or
continuous supply of services means a supply of services
continuous supply of services means a supply of services w hich is provided, or
continuous supply of services means a supply of services which is provided, or agreed to be provided, continuously or on recurrent basis, under a contract, for a period exceeding three months with periodic payment obligations and includes supply of such service as the Central or a State Government may, whether or not subject to any condition, by notification, specify;Author comments: The term continuous supply of services is used in the section 28 (5) which prescribes time limit for issuance of invoice.
continuous supply of services means a supply of services which is provided, or agreed t o be provided, continuously or on recurren t basis, und er a contract, for a period exceed ing three mon ths with periodic p ayment ob ligations and includes s upply of such serv ices as the Governmen t may, subject to such cond itions, as it may, by notification, spec ify;