[See section 7]

ACTIVITIES TO BE TREATED AS SUPPLY EVEN IF MADE WITHOUT CONSIDERATION 1. Permanent transfer or disposal of business assets where; input tax credit has been availed on such assets.; 2. Supply of goods or services or both between related persons; or between distinct persons as specified in section 25, when made in the course or furtherance of business:; Provided that gifts not exceeding fifty thousand rupees in value in a financial year by an employer to an employee shall not be treated as supply of goods or services or both.; 3. Supply of goods—; (a) by a principal to his agent where the agent undertakes to; supply such goods on behalf of the principal; or; (b) by an agent to his principal where the agent undertakes to; receive such goods on behalf of the principal.; 4. Import of services by 1[person] from a related person or from any of his other establishments outside India, in the course or furtherance of business.