Practice Test

Q1) What is the time of supply of service if the invoice is issued within 30 days from the date of supply of service? Show Answer

Q2) What is the time of supply of service if the invoice is not issued within 30 days from the date of supply of service and no advance payments are received? Show Answer

Q3) How is the date of receipt of payment by the supplier determined? Show Answer

Q4) Minimum Service periods required to constitute a continuous supply of services with periodic payment ........................ . Show Answer

Q5) What is the time of supply of service in case of reverse charge mechanism? Show Answer

Q6) What is the time of supply of service in case an associated enterprise receives services from the service provider located outside India? Show Answer

Q7) What is the time of supply of vouchers in respect of services when the supply with respect to the voucher is identifiable? Show Answer

Q8) Value of services rendered is of 1,18,000. Date of issue of invoice is 5th September 2020. Advance Received is Rs. 20,000 on 20th August 2020. Balance amount received on 7th September 2020. What is the time of supply of service. Show Answer

Q9) Determine the time of supply in each of following independent cases in accordance with provisions of CGST Act, 2017:
Date of actual supply of service - 10-11-2020;
Time [Date] of Invoice, Bill or Challan as the case may be - 30-11-2020;
Date on which payment received - 15-12-2020 Show Answer

Q10) Determine the time of supply in each of following independent cases in accordance with provisions of CGST Act, 2017:
Date of actual supply of service - 10-11-2020;
Time [Date] of Invoice, Bill or Challan as the case may be - 30-11-2020;
Date on which payment received - 15-11-2020 Show Answer

Q11) Determine the time of supply in each of following independent cases in accordance with provisions of CGST Act, 2017:
Date of actual supply of service - 10-11-2020;
Time [Date] of Invoice, Bill or Challan as the case may be - 12-12-2020;
Date on which payment received - 30-04-2021 Show Answer

Q12) Determine the time of supply in each of following independent cases in accordance with provisions of CGST Act, 2017:
Date of actual supply of service - 10-11-2020;
Time [Date] of Invoice, Bill or Challan as the case may be - 22-12-2020;
Date on which payment received - 12-12-2020 Show Answer

Q13) Apte & Apte Ltd. is located in India and holding 51% of shares of Wilson Ltd., a USA based company. Wilson Ltd. provides Business Auxiliary Services to Apte & Apte Ltd. :- From the following details, determine the time of supply of Apte & Apte Ltd.: Agreed consideration : US $ 1,00,000; Date on which services are supplied by Wilson Ltd. : 16-12-2020; Date on which invoice is sent by Wilson Ltd. : 19-12-2020; Date of debit in the books of account of Apte & Apte Ltd. : 30-12-2020; Date on which payment is made by Apte & Apte Ltd. : 23-03-2021 Show Answer

Q14) From the following information determine the time of supply of services where services are taxed on reverse charge basis.
Date of invoice issued by supplier - 30-11-2020;
Date of completion of service - 30-11-2020;
Date of payment by recipient - 10-12-2020;
Entry of receipt of services in recipient's books - 12-12-2020 Show Answer

Q15) From the following information determine the time of supply of services where services are taxed on reverse charge basis.
Date of invoice issued by supplier - 30-11-2020;
Date of completion of service - 30-11-2020;
Date of payment by recipient - 15-11-2020;
Entry of receipt of services in recipient's books - 30-11-2020 Show Answer

Q16) From the following information determine the time of supply of services where services are taxed on reverse charge basis.
Date of invoice issued by supplier - 30-11-2020;
Date of completion of service - 30-11-2020;
Date of payment by recipient - 10-03-2021;
Entry of receipt of services in recipient's books - 30-11-2020 Show Answer

Q17) What is time of supply of goods, in case of forward charge? Show Answer

Q18) The date on which the supplier receives the payment shall be Show Answer

Q19) Mr. A sold gods to Mr. B Determine the TOS in accordance with the provisions of Section 12 of the CGST Act, 2017 in case supply involves movement of goods. Date or removal – 1st Oct. 2021, Date of invoice – 2nd Oct. 2021,Date when goods made available to the recipient – 3d Oct. 2021.Date of receipt of payment – 15th Nov. 2021. Show Answer

Q20) Mr. A sold goods to Mr. B Determine the TOS in accordance with the provisions of Section 12 of the CGST Act, 2017 in case supply involves movement of goods.Date of removal – 3rd Oct. 2021,Date of Invoice – 1st Oct. 2021,Date when goods made available to the recipient – 4th Oct. 2021,Date of receipt of payment – 25th Nov. 2021 Show Answer

Q21) Determine the Time of Supply in accordance with provisions of Section 12 of the CGST Act, 2017 in case supply involves movement of goods. Date of invoice? 02-10-2021,Date when goods made available to the recipient? 03-10-2021,Date of receipt of payment? 15-11-2021. Show Answer

Q22) Determine the Time of supply in accordance with provisions of Section 12 of the CGST Act, 2017 in case supply involves movement of goods.Date of Removal of goods : 03-10-2021, Date of invoice : 01-10-2021, Date goods made available to recipient : 04-10-2021. Show Answer

Q23) Determine the Time of supply in accordance with provisions of Section 12 of the CGST Act, 2017 in case supply involves movement of goods. Date of Removal of goods : 05-11-2021 Date of invoice : 04-11-2021 Date goods made available to recipient : 06-11-2021, Date of receipt of payment? 01-10-2021. Show Answer

Q24) Mr. A sold goods to Mr. B Determine the TOS in accordance with the provisions of Section 12 of the CGST Act, 2017 in case supply does not involve movement of goods.Date of delivery? 2nd Oct. 2021. (Date when the goods made available to the recipient),Date of Invoice ? 3rd Oct. 2021, Date of receipt of payment? 15th Nov. 2021. Show Answer

Q25) Determine the Time of supply in case goods are supplied on approval basis - Removal of goods : 01-12-2021, Issue of Invoice : 15-12-2021 ,Accepted by recipient : 05-12-2018,Receipt of payment : 25-12-2021. Show Answer

Q26) Where the supplier of taxable good receives an amount upto _____ in excess of the amount indicated in the tax invoice, the time of supply to the extent of such excess amount shall, at the option of the said supplier, be the date of issue of invoice in respect of such excess amount. Show Answer

Q27) The time of supply to the extent it relates to an addition in the value of supply by way of interest, late fee or penalty for delayed payment of any consideration shall be the date on which Tax Invoice. Show Answer

Q28) Tax invoice must be issued by _____ on supplies made by him. Show Answer

Q29) An invoice must be issued Show Answer

Q30) In case of goods sent on sale on approval basis, invoice has to be issued Show Answer

Q31) 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 Show Answer

Q32) GST a dealer has sent some goods t oCST, another dealer, for Sales on Approval Basis. In absence of any confirmation even after 6 months, it will be treated as Show Answer

Q33) What is time of supply of goods liable to tax under reverse charge mechanism? Show Answer

Q34) Determine the Time of supply in accordance with provisions of Section 12 of the CGST Act, 2017 in case recipient of goods is liable to pay tax under reverse charge mechanism.Date of Invoice : 01-10-2021, Date of receipt of goods : 15-10-2021, Date of payment in books : 10-10-2021, Date of debit of payment in Bank A/c : 12-10-2021. Show Answer

Q35) what is the time of supply of vouchers when the supply with respect to the voucher is identifiable? Show Answer

Q36) What is the time of supply of vouchers when the supply with respect to the voucher is not identifiable? Show Answer

Q37) What is date of receipt of payment? Show Answer

Q38) XYZ Ltd. Has purchased for its employees 100 vouchers dated 24-12-2020 worth 1,000 each from ABC Ltd. A footwear manufactring company. The vouchers were issued by ABC Ltd. On 25-12-2020.The vouchers can be encashed at retail outlets of ABC Ltd. The same were given to employees on 26-12-2020. The employees of XYZ Ltd. Encashed the same on 01-01-2021. Determine time of supply of vouchers. Show Answer

Q39) What is the time of supply of service if the invoice is issued within 30 days Show Answer

Q40) What is the time of supply of service if the invoice is issued within 30 days from the date of supply of service? Show Answer

Q41) What is the time of supply of service if the inovice is not issued within 30 days from the date of supply of service and no advance payments are received? Show Answer

Q42) What is the tome of supply of service for the supply of taxable serivices up to Rs. 1000 in excess of the amount indicated in the taxable invoice? Show Answer

Q43) How is the date of receipt of consideration by the supplier determined? Show Answer

Q44) Value of service rendered is Rs. 1,80,000. Ddate of issue of invoice is 5th Sept. 2021. Advance received is Rs. 20,000 on 20th August 2020. Balance amount received on 7th Sept. 2021. What is the TOS of Service? Show Answer

Q45) Determine the Time of supply in accordance with provisions of CGST Act, 2017. Date of actual supply of service - 10th Nov. 2021, Date of Invoice - 30th Nov. 2021, Date on which payment received - 15th Dec. 2021. Show Answer

Q46) Determine the TOS in accordance with provisions of CGST Act, 2017,Date of actual supply of service -10th Nov. 2021, Date of Invoice - 30th Nov. 2021. Show Answer

Q47) Determine the TOS in accordance with provisions of CGST Act, 2017,Date of actual supply of service -10th Nov. 2018,Date of Invoice - 12th Dec. 2018,Date on which payment received - 30th April 2019 Show Answer

Q48) Determine the TOS in accordance with provisions of CGST Act, 2017,Date of actual supply of service -10th Nov. 2021, Date of Invoice - 22th Dec. 2021,Date on which payment received - 12th Dec. 2021. Show Answer

Q49) If Supply of Services has ceased under a contract before the completion of supply: Show Answer

Q50) The tax invoice should be issued _____ the date of supply of service Show Answer

Q51) In case of taxable supply of services, invoice shall be issued within a period of _______ form the date of supply of service. Show Answer

Q52) Continuous supply of services" means a supply of services who provided, or agreed to be provided continuously or an recurrent basis, under a contract, for a period exceeding ________ MONTHS with periodic payment obligatons and includes supply of such services as the Government may, subject to such conditions, as it may, by notification, specify Show Answer

Q53) In case of continuous supply of services, where due date of payment is ascertainable from the contract, invoice shall be issued Show Answer

Q54) In case of continuous supply of services, where due date of payment is ascertainable from the contract, invoice shall be issued Show Answer

Q55) Minimum Service period required to constitute a continuous supply of services with periodic payment Show Answer

Q56) What is the time of supply of service in case of reverse charge mechanism? Show Answer

Q57) From the following information determine the TOS of goods where goods are taxed on reverse charge basis-Date of issue of Invoice by the supplier - 30th Nov. 2021, Date of receipt of goods : 30th Nov. 2021, Date of payment by the recipient - 10th Dec. 2021, Entry of receipt of services in the recipient's BOA - 12th Dec. 2021. Show Answer

Q58) What is the time of supply of service in case an associated enterprise receives services from the service provide located outside India? Show Answer

Q59) A Ltd. Is located in India and W Ltd. Located in USA are associated enterprises (as A Ltd holds 51% of the shares of W Ltd.) W Ltd. Provides some technical services to A Lts. In India. From the following details, determine the TOS for A Ltd. (as importation of services is the case of RCM) Agreed Consideration - $ 10,000.Date on Which services are supplied on W Ltd. - 16th Dec. 2021, Date on which invoice is sent by W Ltd. - 19th Dec. 2021, Date of entry in the books of Account of A Ltd. - 30th Dec. 2021, Date on which payment is made by A Ltd. - 23rd March 2022. Show Answer

Q60) What is the time of supply of vouchers in respect of services when the supply with respect to the voucher is identifiable? Show Answer

Q61) What is the time of supply of vouchers when the supply with respect to the voucher is not identifiable? Show Answer

Q62) There was increase in tax rarte from 20% to 24% w.e.f. 1.09.2021. Which of the following rate is applicable when services are provided after change in rate of tax in September 2021, but invoice issued and payment received, both in August, 2021 : Show Answer

Q63) There was increase in tax rarte from 20% to 24% w.e.f. 1.09.2021. Which of the following rate is applicable when services are provided, and invoice raised after change in rate of tax in September, 2021, but payment received in August 2021: Show Answer

Q64) There was increase in tax rate from 20% to 24% w.e.f. 1.09.2021. Which of the following rate is applicable if the supplier has opted for compositoin levy and invoice was issued after change in rate of tax in September, 2021 but payment received, and goods supplied in August, 2021. Show Answer

Q65) For all dealers in goods, except for composition dealers, the Actual/ Due Date of Invoce whichever is earlier is the TOS Show Answer

Q66) A registererd person supplying taaxable goods shall issue a tax invoice within 30 days from the date of supply of goods. Show Answer

Q67) "Removal" in relation to goods, means despatch of the goods for delivery by the supplier Show Answer

Q68) "Removal" in relation to goods, means collection of the goods for delivery the supplier Show Answer

Q69) Time of supply of a voucher Where supply is identifitable at the time of issuance of voucher is the date of redemption of voucher. Show Answer

Q70) Points credited into digital wallert is a voucher Show Answer

Q71) Mobile per-paid card is not a voucher Show Answer

Q72) In case of cessation of supply of services before completion of supply. The invoice (to the extent of the supply made before such cessation) should be issued at the time when the supply ceases. Show Answer

Q73) If a supplier of taxable services receives an amount up to [Rs. 1,000/-] in excess of the amount indicated on the tax invoice, then the supplier has to take the date of issue of invoice in respect of such supply as time of supply Show Answer

Q74) Which of the following is an inter-State Supply? Show Answer

Q75) Which of the following is an intrastate Supply? Show Answer

Q76) Which of the following transaction is inter-state supply of goods? Show Answer

Q77) Which of the following transaction is inter-state supply of goods involving movement of goods? -i)Location of supplier is in Banglore and location of recipient is in Mumbai and goods are shipped to Kolkata, ii)Location of supplier is in Banglore and place of supply is Mumbai , iii)Location of supplier and place of supply is Bangalore , iv)None of the above Show Answer

Q78) Supply of goods in the course of import into the territory of India is Show Answer

Q79) Place of supply of a transaction in territorial waters is Show Answer

Q80) ________ is levied on inter-state supply of goods and services. Show Answer

Q81) IGST means Show Answer

Q82) ________ supply shall attract IGST. Show Answer

Q83) Unless and until notified, IGST shall not be levied on the inter-State supply of which of the following Show Answer

Q84) What is rate of tax IGST? Show Answer

Q85) _________ is levied on imports of goods and services. Show Answer

Q86) Import/Export is treated as ________ in GST. Show Answer

Q87) Inter State supplies means Show Answer

Q88) 'Import of services'' means the supply of any service , where- Show Answer

Q89) Zero rated supply includes Show Answer

Q90) The supply of goods to SEZ unit is treated as ________ in the hands of the supplier for eligibility of ITC. Show Answer

Q91) Place of supply of food taken on board at Delhi for an aircraft departing from Delhi to Bangalore via Hyderabad is Show Answer

Q92) What is location of supply in case of importation of goods? Show Answer

Q93) Place of supply of goods, other than supply of goods imported into, or exported from India, when supply involves movement of goods is the Show Answer

Q94) Place of supply of goods, other than supply of goods imported into, or exported from India, when supply does not involves movement of goods is the Show Answer

Q95) Place of supply of goods, other than supply of goods imported into, or exported from India, where the goods are assembled or installed is the Show Answer

Q96) Place of supply of goods, other than supply of goods imported into, or exported from India, where the goods are supplied on board a conveyance such as vessel, an aircraft, a train or motor vehicle is the Show Answer

Q97) Where will be the place of supply when the goods are supllied on the direction of the third party? Show Answer

Q98) Where will be the place of supply of goods spplied in a train which is heading towards Delhi from Chennai, if the goods are taken on board at Coimbatore? Show Answer

Q99) In case of any ambiguity where the place of supply cannot be determined as provided in IGST Act, 2016 who will determine place of supply? Show Answer

Q100) The place of supply of goods imported into India shall be the Show Answer

Q101) The Place of supply of goods exported from India shall be the Show Answer

Q102) Real estate agent in Delhi charges brokerage fee to Company A located in Chandigarh for assistance in getting a commerical property in Kolkata. Which is the place of supply in this case? Show Answer

Q103) Mr. X a resident from Pune conducts training for employees of P Ltd. Being a registered person under GST based out in Chennai at a resort in Derjeeling. The place of supply in this case is: Show Answer

Q104) If XYZ Ltd. A company based out of Bangalore, award online maintenance contract of its serves located in Mumbai office to Y INC, a company based out of USA, and as per the terms of the online maintenance Y INC shall be required to perform regular maintenance from USA using internet, then the place of supply is Show Answer

Q105) Mr. Y residing in Ahmedabad appoints an architech in Delhi to provide Indian traditional home design for his proposed construction at Los Angeles, the place of supply of service is Show Answer

Q106) If NM shipping Co. located in Chennai charges ocean freight charges for transport of goods to California for a customer located in Bangalore, the place of supply of service will be Show Answer

Q107) The default rule of place of supply of services made to a registered person shall be the Show Answer

Q108) The default rule of place of supply of services made to any person other than a registered person if address on record exist shall be the Show Answer

Q109) The default rule of place of supply of services made to any person other than a registered person if address on record doesn't exist shall be the Show Answer

Q110) Place of supply of services of architects in relation to the design of office building shall be the Show Answer

Q111) Place of supply of services in relation to lodging accommodation shall be the Show Answer

Q112) ABC Ltd. of Delhi has entered into a contract with KSM Training Ltd. of Mumbai for training and performance appraisal of its employees. The services were performed at Nainital Training Centre of KSM Training Ltd. Determine the place of supply of services in case ABC Ltd. is not registered. Show Answer

Q113) The place of supply of services provided by way of admission to a cultural, artistic, sporting, scientific, educational, entertainment event or amusement park or any other place and services ancillary thereto shall be the Show Answer

Q114) The place of supply of services provided by way of transportation of goods, including by mail or courier, to a person other than a registered person, shall be the Show Answer

Q115) Place of supply of servces in relation to mobile connection for pre-paid customers other than through internet banking shall be the Show Answer

Q116) The place of supply of passenger transportation services to a person other than a registered person , shall be the Show Answer

Q117) The place of supply of services on board a conveyance, including a vessel, an aircraft, a train or a motor vehicle shall be the Show Answer

Q118) The place of supply of insurance services to a registered person, shall be the Show Answer

Q119) The provisions relating to Nature and Place of Supply are found only in the IGST Act. Show Answer

Q120) Where the location of the supplier and the place of supply are in two different Union Territories, it is known as an inter-Union supply. Show Answer

Q121) Supply of goods imported into the territory of India, till they cross the customs frontiers of India, shall be treated to be a supply of goods in the course of inter-State trade. Show Answer

Q122) Any supplies made to SEZ unit/developer or vice versa are inter-State supplies. Show Answer

Q123) Broadly, place of supply is based on the place where the property in the goods is transferred. Show Answer

Q124) Generally the place of supply of goods is the place of production of goods. Show Answer

Q125) Where the supply does not involve movement og goods, the place of supply of such goods shall be the location of the goods at the time at which the movement of goods terminates for delivery to the recipient. Show Answer

Q126) Where the supply does not involve movement of goods, the place of supply shall be location of such goods at the time of the delivery to the recipient. Show Answer

Q127) Where the supply involves movement of goods, the place of supply of such goods depends upon whether the movement is by the supplier or the recipient. Show Answer

Q128) Where the supply involves movement of goods, the place of supply of such goods shall be the location of the goods at the time at which the movement of goods terminates for delivery to the recipient. Show Answer

Q129) Where the supply does not involve movement of goods, the place of supply shall be location of such goods at the time at which the movement of goods terminates for delivery to the recipient. Show Answer

Q130) Where the goods are delivered by the supplier to a recipient on the direction of a third person the place of supply of such goods shall be the principal place of business of such third person. Show Answer

Q131) Where the goods are delivered by the supplier to a recipient on the direction of a third person the place of supply of such goods shall be the principal place of business of the supplier. Show Answer

Q132) Where the goods are delivered by the supplier to a recipient on the direction of a third person the place of supply of such goods shall be the principal place of business of the recipient. Show Answer

Q133) Where the goods are assembled by the supplier at site of the recipient, the place of supply shall be the registered address of the recipient. Show Answer

Q134) Where the goods are supplied on board a conveyance the place of supply, shall be the first scheduled point of depature of that coveyance for the journey. Show Answer

Q135) A supply is treated as imports only if the Payment is made in concertible foreign exchange. Show Answer

Q136) In a B2B supply, the place of supply is normally the location of the registered recipient. Show Answer

Q137) In a B2C supply, the place of supply is normally the location of the recipient. Show Answer

Q138) The Place of Supply of catering services will be the location of the supplier. Show Answer

Q139) The Place of Supply of plastic surgery services will be the address on record of the recipient. Show Answer

Q140) The Place of Supply of health service will be location where these services are actually perormed, whether the supplier and/or recipient are registered or not. Show Answer

Q141) The Place of Supply of training services will be where services are actually performed whether the recipient is registered or not. Show Answer

Q142) The place of Supply of services by way of admission to a sporting event will be the location of the registered recipient of service. Show Answer

Q143) The Place of Supply of services by way of organizing a sporting event will be the location of the registered recipient of service. Show Answer

Q144) Services of transportation of goods supplied to a registered person will be the location where goods are handed over for such transportation. Show Answer

Q145) The place of supply of passenger transportation service to a person shall be the location of the transporter. Show Answer

Q146) The place of supply of services on board a conveyance is the location at which the service is supplied on board. Show Answer

Q147) For determining the place of supply of both goods and services supplied on board a conveyance, no distinction is made between registered and unregistered recipients. Show Answer

Q148) Place of Supply of Fixed Telephone Services is the billing address on record of the recipient. Show Answer

Q149) Place of Supply of Post-Paid Mobile Connection Services is the location of the supplier. Show Answer

Q150) Place of Supply of Pre-Paid Mobile Connection Services is the billing address of the recipient of service. Show Answer

Q151) Place of Supply of Pre-Paid Mobile Connection Services sold through internet is the location where the payment is received. Show Answer

Q152) Place of Supply of banking Services is always the location of where the service is performed. Show Answer

Q153) Goods taken to warehouse from port or customs station are subject to IGST. Show Answer

Q154) The value of supply of goods and services shall be the Show Answer

Q155) The value of supply of goods and services shall be the Show Answer

Q156) When can the transaction value be rejected for computation of value of supply. Show Answer

Q157) Persons shall be deemed to be "related persons" if any person directly or indirectly owns, controls or holds______ or more of the outstanding voting stock or shares of both of them; Show Answer

Q158) The value of supply should include Show Answer

Q159) which of the following shall not be included in value of supply? Show Answer

Q160) The value of taxable supply should not include- Show Answer

Q161) Interest or late fee or penalty for delayed payment of any consideration for any supply Show Answer

Q162) Subsidies provided by the Central/State Govt. Show Answer

Q163) The value of supply should include- Show Answer

Q164) From the following information determine the value of taxable supply as per provisions of Section 15 of the CGST Act, 2017? Contracted value of supply of goods (including GST @ 18%) 1180000 The contracted value of supply includes the following: (1) Cost of primary packing 25000 (2) Cost of protective packing at recipient's request for safe transportation 15000 Show Answer

Q165) From the following information determine the value of taxable supply as per provisions of Section 15 of the CGST Act, 2017? Price (including GST @ 18%) 11,00,000
Other information:
(i) Commission paid to agent by recipient on instruction of supplier not included in Price 5,000 (ii) Freight and insurance charges paid by recipient on behalf of supplier not included in Price 75,000. Show Answer

Q166) What deductions are allowed from the transaction value Show Answer

Q167) Discount given after the supply is deducted from the value of taxable supply, if- Show Answer

Q168) When deductions are allowed from the Transaction Value? Show Answer

Q169) Determine the value of taxable supply as per Section 15 of the CGST Act; 2017:
Contracted sale price of goods (including CGST and SGST @ 5%) 1056000
The contracted sale price includes the following elements of cost:
(i) Cost of drawings and design 5000
(ii) Cost of primary packing 2000
(iii) Cost of packing at buyer's request 4000
(iv) Freight and insurance from 'place of removal' to buyer's premises 43000
A discount of 6000 was given by the supplier at the time of supply of goods, CGST and SGST is levied @ 5%. Show Answer

Q170) If the goods are supplied to related persons then the value of taxable supply shall be determined Show Answer

Q171) 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 Show Answer

Q172) As per Rule 31 of the CGST Rules, residual method for determination of value of supply of goods or services or both will apply when: Show Answer

Q173) Mr. Santa located in Nashik purchases 10000 Hero ink pens worth Rs. 400000 from Lekhana Wholesalers located in Mumbai. Mr. Mohan's wife is an employee in Lekhana Wholesalers. The price of each Hero pen in the open market is Rs. 52. The supplier additionally charges Rs. 5000 for delivering the goods to the recipient's place of business. The value of such supply will be: Show Answer

Q174) What will be the value of supply if Giriyas supply Sony television set for Rs. 85000 along with the exchange of an old TV and if the price of the Sony television set without exchange is Rs.100000, the open market value of the Sony television set is: Show Answer

Q175) Provisions of value of supply under the CGST Act______ made applicable to IGST Act. Show Answer

Q176) Officers of one another's business are_____ persons. Show Answer

Q177) Employer and employees are ________ persons. Show Answer

Q178) A dealer has charged Rs.118000 inclusive of 18% GST. The value of supply will be_____ . Show Answer

Q179) Invoice is for Rs.100. Cash discount of Rs.5 is given for payment before due date. Final Taxable value of supply will be ______. Show Answer

Q180) The value of the supply shall be the open market value of such supply, where the supply of goods or services is for a consideration ______in money. Show Answer

Q181) Mr. A being a registered person sells TV to all customers at Rs.45000. He supplied new TV for Rs.42000 along with the exchange of an old TV. The open market value of TV vide Rule 27 is Rs._______. Show Answer

Q182) S. 15(1) helps to determine value of supply made for non-monetary consideration. Show Answer

Q183) A company and its sole agent are related persons. Show Answer

Q184) Central Excise Duty on manufactured tobacco is included in the taxable value of supply. Show Answer

Q185) Installation and testing charges at the recipient's site are included in the taxable value of supply. Show Answer

Q186) Late fee for delayed payment of any consideration for any supply is included in the taxable value of supply. Show Answer

Q187) The value of supply shall exclude subsidies directly linked to the price. Show Answer

Q188) The value of supply shall include subsidies provided by the Central Government. Show Answer

Q189) Trade discount given in the invoice is not included in the taxable value of supply. Show Answer

Q190) Taxable value of imports will be include the basic custom duty charged on imports. Show Answer

Q191) Where the value of supply of goods is not determinable by any other rules of valuation, the value shall be 90% of the cost of production of such goods. Show Answer

Q192) Where the value of a supply of goods is not determinable by any other rules of valuation, the value shall be 110% of the invoice value of such goods. Show Answer

Q193) In the case of supply of services, the supplier may opt for Rule 31 ignoring Rule 30 of the CGST Rules. Show Answer