CA Final Value of Supply — practice questions
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Practice CA Final Value of Supply in the app →Discount given BEFORE or AT the time of supply, duly recorded in the invoice, is:Special exemption from valuation rules — value of supply notified under Sec 15(5):X Ltd supplies machinery to Y Ltd (related) at Rs 5 lakh; OMV is Rs 8 lakh; Y can claim full ITC. Value for GSSubsidy received by a supplier directly linked to the price of supply is:Rule 30 (cost-based valuation) prescribes value as:Rule 28 — second proviso: where the recipient is eligible for FULL input tax credit, the value declared in theTrade discount of 10% routinely given by Hindustan Ltd to its dealers, recorded on every invoice. Hindustan LtSec 15(2)(c) includes commission and packing charged by the supplier. ABC Ltd sells goods for Rs 1 lakh and chRule 27 (consideration NOT wholly in money) — value is determined as the open market value PLUS:Packing and incidental expenses charged by the supplier to the recipient are:X provides 'free' AC repair to customer Y under warranty (no separate consideration; warranty cost was embeddeTwo persons are 'related' under Sec 15 if (one of the conditions):Mr. A, a chartered accountant, files GST returns for client B and also pays Rs 5,000 GST late-fee to the goverRule 31A — value of supply in case of lottery, betting, gambling and horse racing — uses:Rule 32(4) — life insurance business — value of supply where premium is allocated for INVESTMENT is:Late fee / interest / penalty for delayed payment of consideration is:A post-supply discount is excluded from value ONLY if:Per Sec 15(2), the value of supply INCLUDES which of the following?Where value cannot be determined under Sec 15(1) (related parties / non-money consideration), it is determinedPure agent (Rule 33): for an expense incurred by the supplier as a pure agent to be EXCLUDED from value, whichSection 15(1) prescribes that the value of supply is the:Inclusion under Sec 15(2)(b) — 'any amount that the supplier is liable to pay in relation to such supply but wRule 32(3) — air travel agent — value of supply of services on supply of services in relation to booking of tiDiscount of 2% offered to a customer for payment within 7 days of invoice is recorded ON the invoice itself. IWhere a registered second-hand goods dealer makes the supply of used goods and HAS NOT availed ITC on its purcRule 29 covers supply of goods made through an AGENT. Value is:Rule 34 — rate of exchange for value of supply (where consideration is in foreign currency) shall be the referRule 28 (supplies between distinct/related persons) provides that value shall be:Rule 32 — value in case of supply of foreign currency from one Indian rupee to another and vice-versa: a regisABC Ltd offers a buy-two-get-one-free scheme on shirts. The 3 shirts are sold for the price of 2 (Rs 2,000). T