Which of the following shall not be included in value of supply?
GST
Interest
Late fee
Commission
Correct Answer :
A. GST
Related Questions
Which of the following forms part of transaction value?
1) GST compensation cess
2) Payments made to third parties by the recipient on behalf of the supplier in relation to the supply
3) Entertainment tax levied by local authority
4) Commission paid to an agent and recovered from the recipient
5) Inspection charges at recipients site
6) Charges for delay in payment waived off by supplier
State the correct answer from the options given below
1, 2, 3, 4 & 5
2, 3, 4, 5 & 6
2, 3, 4 & 5
All of the above
Which of the following is/are included in definition of Goods as defined under section 2(52) of the CGST Act, 2017
I. Money
II. Actionable claim
III. Security
IV. Growing crops
Select the correct answer from the options given below
IV only
II & III
II & IV
I & II
Rule 30 of the CGST Rules inter alia provides value of supply of goods or services or both based on cost shall be ...................% of cost of production or manufacture or the cost of acquisition of such goods or the cost of provision of such services
100
10
110
120
What is the nature of supply if the nature of Supply is not determinable?
Intra-state
Inter-state
Either (a) or (b) at the option of Taxpayer
Either (a) or (b) at the option of PO
IGST is payable when the supply is ........
Interstate
Intra- UT
Intra-state
All of the above
Maximum rate of CGST prescribed by law for intrastate supply made is.......
18%
40%
20%
28%+cess
Aggregate turnover does not include
Inward supplies on which tax is payable on reverse charge basis
Exempt supplies
Export of goods or services or both
Inter-State supplies of persons having the same PAN number
A supply comprising of two or more supplies shall be treated as the supply of that particular supply that attracts highest rate of tax.
Composite
Mixed
Both (a) and (b)
None of the above
When can the transaction value be rejected for computation of value of supply
When the buyer and seller are related and price is not the sole consideration
When the buyer and seller are unrelated or price is not the sole consideration
It can never be rejected
When the goods are sold at very low margins
GST is levied on supply of all goods and service except.....
Alcoholic liquor for human consumption
Tobacco
Health care service
All of the above
Which of the following persons can opt for the composition schemeunder subsections (1) and (2) of section 10 of the CGST Act, 2017, inthe State of Delhi?
1. Registered person whose aggregate turnover in the precedingfinancial year did not exceed 75 lakh.
2. Registered person whose aggregate turnover in the precedingfinancial year did not exceed 1.5 crore.
3. A person engaged in manufacture of pan masala, tobacco andmanufactured tobacco substitutes.
4. A person engaged in the manufacture of ice cream, other edibleice, whether or not containing cocoa.
5. A person engaged exclusively in providing restaurant service.
6. A person engaged exclusively in supply of medicines.
1, 2, 3, 5
1, 2, 5, 6
2, 3, 4, 5
3, 4, 5, 6
Mr. Allauddin, a stationery retailer, located and registered under GST in Allahabad, has received order for supply of goods worth 2,00,000 on 12th November from another local registered dealer, Mr. Jallauddin.
Goods were supplied under the cover of a tax invoice. Mr. Allauddin, incurred the following additional expenses before the goods were delivered to Mr. Jallauddin:
Packing charges - 3,000
Freight & Cartage - 2,500
Handling Charges - 1,500
Mr. Jallauddin made full payment (including the additional amounts charged by Mr. Allauddin) on delivery of the goods for which he was allowed instant cash discount of 2,000.
The applicable rates of tax on the goods supplied are: IGST @ 18%, CGST @ 9% and SGST @ 9% and the amounts given above are exclusive of GST. Mr. Allauddin paid CGST of 18,000 and SGST of 18,000. As a tax consultant, determine the further tax liability of Mr. Allauddin.
CGST - 630 and SGST - 630
CGST - 450 and SGST - 450
CGST - 18,630 and SGST - 18,630
CGST - 18,450 and SGST - 18,450
What is the time of supply of vouchers when the supply with respect to the voucher is not identifiable?
Date of issue of voucher
Date of redemption of voucher
Earlier of (a) & (b)
(a) & (b) whichever is later
Which of the following is not a supply under the CGST Act, 2017?
Goods supplied free of cost by X & Sons to its agent for further supply to customer at 5,000 for which invoice will be issuedby the agent in his own name.
Importation of accounting services (for business purposes) free of cost from a dependent father residing in US.
An expensive watch gifted to an employee for 50,000. No other gifts provided to such employee during the entire financial year.
A machinery disposed off free of cost on which input tax credithas been availed.
What is time of supply of goods, in case of forward charge?
Date of issue of invoice
Due date of issue of invoice
Date of receipt of consideration by the supplier
Earlier of (a) & (b)
Which of the following shall not be included in value of supply?
GST
Interest
Late fee
Commission
Where the goods being sent or taken on approval for sale or return are removed before the supply takes place, the invoice shall be issued:
before/at the time of supply
6 months from the date of removal
Earlier of (a) or (b)
None of the above
Which of the following transactions does not qualify as supply underGST law?
Disposal of car without consideration and the supplier has not claimed input tax credit on such car.
A principal makes supplies to his agent who is also registered under GST and is situated within the same State and the invoice for further supply is issued by the agent in his name.
Head Office makes a supply of services to its own branch outside the State.
A person imports services without consideration for the purposes of his business from his elder son living outside India.
Which types of duties subsumed into GST to be levied by Centre or States.
Stamp Duty
Duties of Excise on medical and toilet preparation
Property Tax
Basic Custom Duty
Aircool Ltd., a supplier of air conditioners, is registered under GST inthe State of Maharashtra. It has a policy to gift an air conditioner to its employees [residing in Gujarat] at the end of a financial year in terms of the employment contract. The company installs such air conditioners at the residence of the employees.
During the current financial year, the company gifted its employees 150 air conditioners and got the air conditioners installed at the residence of these employees. The total open market value of such air conditioners is 52.50 lakh (excluding GST). The tax rate on such air conditioners is 28% (14% CGST, 14% SGST and 28% IGST). Compute the GST liability of Aircool Ltd., if any.
7,35,000 - CGST, 7,35,000 SGST
14,70,000 - IGST
Nil
7,35,000 IGST
The value of supply should include:
Any non-GST taxes, duties, cesses, fees charged separately by supplier
Interest, late fee or penalty for delayed payment of any consideration for any supply
Subsidies directly linked to the price except subsidies provided by the Central and State Governments
All of the above
Jolly Electronics (P) Ltd., an authorized dealer of GG Micro Ltd., is located and registered under GST in Lucknow, Uttar Pradesh. It hassold following items to Mr. Rakesh (a consumer):
| Product | Amount |
|---|---|
| Refrigerator (500 litres) taxable @ 18% | 40,000 |
| Stabilizer for refrigerator taxable @ 12% | 5,000 |
| LED television (42 inches) taxable @ 12% | 30,000 |
| Split air conditioner (2 Tons) taxable @ 28% | 35,000 |
| Stabilizer for air conditioner taxable @12%. | 5,000 |
| Total value | 1,15,000 |
Jolly Electronics (P) Ltd. has given a single invoice indicating price of each item separately to Mr. Rakesh. Mr. Rakesh has given a single cheque of 1,00,000 for all the items as a composite discounted price. State the type of supply and the tax rate applicable on the same.
Composite supply; highest tax rate applicable to split airconditioner, i.e. 28%
Mixed supply; highest tax rate applicable to split airconditioner, i.e. 28%
Supply other than composite and mixed supply; highest tax rate applicable to split air conditioner, i.e., 28%
Supply other than composite and mixed supply; respective taxrate applicable to each item
Which of the following statements is false?
ITC on works contracts services availed by a software company for construction of its office, is blocked.
ITC on works contract services availed by a manufacturing company for construction of pipelines to be laid outside its factory, is blocked.
ITC on goods and/or services used by an automobile company for construction of a foundation on which a machinery (to be used in the production process) is to be mounted permanently,is allowed.
ITC on works contract services availed by a consulting firm for repair of its office building is blocked provided the company has booked such expenditure in profit and loss account.
Which of the following services are covered under Reverse Charge Mechanism of CGST Act, 2017?
i. Legal Consultancy
ii.Goods Transport Agency
iii. Labour Supply
iv. Rent-a-Cab
i & iii
i & iv
i,ii,& iii
All the above
What are the taxes levied on an intra-State supply?
CGST
SGST
CGST and SGST
IGST
Sitting fees received by director of XYZ Ltd., is liable for GST in the hands of the………
Director
XYZ Ltd
Both of above
None of the above
What is the time of supply of service where services are received from an associated enterprise located outside India?
Date of entry of services in the books of account of recipient of service
Date of payment
Earlier of (a) & (b)
Date of entry of services in the books of the supplier of service
ITC on works contract service can be availed only if
Engaged in same line of business
Service related to movable property
Service related to immovable property
All of above
Which of the following taxes will be levied on imports?
CGST
SGST
IGST
CGST and SGST
Which of the following taxes have been subsumed in GST?
Central sales tax
Central excise duty
VAT
All of the above