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CA Inter GST Time, Value, Place of Supply and Input Tax Credit — practice questions

Explore 86 free GST Time, Value, Place of Supply and Input Tax Credit questions in CA Inter Taxation. Open each question or exercise to read its content, reference answers and available explanation.

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GST Time, Value, Place of Supply and Input Tax Credit questions and exercises with answers

Showing questions 1–30 of 86.

Under forward charge, what is the time of supply of goods?Read the answer and worked solution →Excess over the invoice amount up to what sum may take the invoice date as time of supply?Read the answer and worked solution →For time of supply, the date of receipt of payment is theRead the answer and worked solution →On reverse charge, a service's time of supply falls after how long from invoice?Read the answer and worked solution →If the supply under a voucher is not identifiable at issue, time of supply is the date ofRead the answer and worked solution →If time of supply cannot be fixed otherwise and a periodical return is due, it is the dateRead the answer and worked solution →Time of supply for interest on late payment is the dateRead the answer and worked solution →If the invoice is late, a service's time of supply is the earlier of payment andRead the answer and worked solution →Service invoice issued in time on 12 March; payment received 5 March. Time of supply?Read the answer and worked solution →Goods supplied before a rate change; invoice issued before it, payment received after. Time of supply?Read the answer and worked solution →Bank credit date counts in a rate change if credited after how many working days?Read the answer and worked solution →The value of a supply is the transaction value, which isRead the answer and worked solution →Which separately charged levy is NOT added to value of supply?Read the answer and worked solution →Commission and packing charged by the supplier to the recipient areRead the answer and worked solution →Interest for delayed payment of consideration is treated, for value of supply, asRead the answer and worked solution →Which price-linked subsidy is excluded from value of supply?Read the answer and worked solution →A discount is excluded from value if duly recordedRead the answer and worked solution →For a post-supply discount to be excluded from value, the recipient must haveRead the answer and worked solution →Two persons are deemed related if one holds this share of voting stock of bothRead the answer and worked solution →Which pair is deemed to be related persons for section 15?Read the answer and worked solution →Persons are deemed related when one is the other'sRead the answer and worked solution →Price Rs 50,000; packing Rs 2,000 billed separately; Rs 1,500 discount shown on invoice. Value of supply?Read the answer and worked solution →Price Rs 80,000, plus Rs 1,200 late-payment interest and Rs 800 packing billed. Value of supply?Read the answer and worked solution →A supplier gets a Rs 5,000 private subsidy tied to the price; buyer pays Rs 95,000. Value of supply?Read the answer and worked solution →Sale price Rs 1,00,000; a Rs 10,000 discount is given after supply with no prior agreement. Value?Read the answer and worked solution →Import of services for consideration is a supply even when it is madeRead the answer and worked solution →Which is a supply even without consideration under Schedule I?Read the answer and worked solution →Supply without consideration between related persons counts if madeRead the answer and worked solution →Gifts by an employer to an employee are not treated as supply up to what value in a financial year?Read the answer and worked solution →Goods sent free by a principal to his agent are a supply when the agentRead the answer and worked solution →

Worked practice questions

Under forward charge, what is the time of supply of goods?

  1. Earlier of invoice date or payment date
  2. Later of invoice date or payment date
  3. Date on which the goods are ordered
  4. Date of the buyer's first inspection
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Correct answer: A. Earlier of invoice date or payment date

Section 12 fixes the liability on goods at whichever comes first, the invoice (or last date to invoice) or receipt of payment.

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Excess over the invoice amount up to what sum may take the invoice date as time of supply?

  1. Rs 500
  2. Rs 1,000
  3. Rs 5,000
  4. Rs 10,000
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Correct answer: B. Rs 1,000

The proviso to section 12(2) lets the supplier treat an excess receipt of up to one thousand rupees as supplied on the invoice date.

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For time of supply, the date of receipt of payment is the

  1. later of books and bank date
  2. date the cheque is handed over
  3. earlier of books and bank date
  4. date of invoice issue
Show answer and solution

Correct answer: C. earlier of books and bank date

The explanation takes the date the payment is entered in the supplier's books or credited in his bank, whichever is earlier.

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More Taxation topics

Aggregation of Income, Set Off of Losses and DeductionsAdvance Tax, TDS and TCSProfits and Gains of Business or ProfessionIncome-tax Basic ConceptsSalariesResidence and Scope of Total IncomeIncome from House PropertyComputation of GST Liability