Supply of all goods and/or services is taxable under GST. Discuss the validity of the statement.

The statement that "Supply of all goods and/or services is taxable under GST" is partially valid. Here's why:

1. Definition of Supply: Under the Goods and Services Tax (GST) law, the term 'supply' is broadly defined. It includes 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 in the course or furtherance of business.

2. Taxable Supply: Not all supplies are taxable under GST. Only the supplies which are made for a consideration and in the course or furtherance of business are taxable. Therefore, if any supply of goods and/or services is made without consideration or not in the course or furtherance of business, it will not be taxable under GST.

3. Exempted Goods and Services: The GST law also provides a list of goods and services which are exempted from GST. These include certain agricultural produce, meat, fish, curd, bread, educational services, health services, etc. Therefore, the supply of such goods and/or services will not attract GST.

4. Zero Rated Supplies: The GST law also provides for zero-rated supplies which include exports and supplies to Special Economic Zones (SEZs). These supplies are not taxable under GST.

5. Non-GST Supplies: There are certain supplies like alcoholic liquor for human consumption, petroleum crude, high-speed diesel, motor spirit, natural gas and aviation turbine fuel which are outside the purview of GST. These are taxed under the old taxation laws.

So, while a majority of goods and services supplied are indeed taxable under GST, there are exceptions based on the nature of the supply, the type of goods or services, and the purpose of the supply. Therefore, the statement is not entirely valid.