topic value of supply

(a) (i)

(b) (i) and (ii)

(d) (i), (ii) and (iii)

None

2. If the goods are supplied to related persons then how should the taxable person ascertain the value of supplies?

(a) Seek the help of the GST officer

(b) Use the arm’s length price as required under the incomes tax law

(d) Refer the Rules which are prescribed for this purpose

None

3. Which of the following shall not be included in the value of supply?

(a) Commission

(b) Late fee or penalty for delayed payment

(d) Interest

None

4. The value of supply shall include

(a) Any taxes, duties, cesses, fees and charges levied other than GST

(b) Interest or late fee or penalty for delayed payment of any consideration for any supply

(d) All of the above

None

5. Which of the following shall be excluded in the value of supply?

(a) Any discount which is given before/at the time of the supply if such discount has been duly recorded in the invoice issued in respect of such supply

(b) Any discount which is given after the supply has been effected

(c) Any discount which is given after the supply has been effected provided input tax credit as is attributable to the discount on the basis of document issued by the supplier has been reversed by the recipient of the supply

(d) Discount as per (a) and (c) above

None

6. The transaction value for computation of value of supply can be rejected if

(a) The buyer and seller are related and price is not the sole consideration

(b) The goods are sold at very low margins

(d) All of the above conditions are satisfied

None

7. Which of the following statements is true under GST?

(a) Grand-parents are never considered as related persons to their grandson/granddaughter

(b) Grand-parents are always considered as related persons to their grandson/granddaughter

(c) Grand-parents are considered as related persons to their grandson/granddaughter only if they are wholly dependent on their grandson/granddaughter

(d) None of the above

None

8. Which of the following statement(s) is/are correct?

(a) Section 15 of CGST Act prescribes different provisions for valuation of goods and services

(b) CGST Act and IGST Act have different provisions for valuation of supply

(d) (a) and (b)

None

9. Where the supplier and the recipient of the supply are not related and the price is the sole consideration for the supply, the value of supply shall be

(a) Wholesale price

(b) Market value

(d) Transaction value

None

10. With reference to the provisions relating to transaction value u/s 15 of the CGST Act, 2017, which of the following is not correct?

(a) Central excise duty will not be included in transaction value for supply of tobacco.

(b) Municipal taxes paid by tenant will be included in transaction value for supply of renting service.

(d) Customer makes payment of freight which is payable by the supplier, directly to the service provider. However, supplier does not include this amount in the invoice. Such amount will be included in transaction value of the supplier.

None

Topic - Value Of Supply

Topic -
Value Of Supply