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Home > Articles by: Hansh Verma
- . What will be the value of supply if Giriyas supply Sony television set for ` 85000 along with the exchange of an old TV and if the price of the Sony television set without exchange is ` 1,00,000, the open market value of the Sony television set is: (a) ` 85,000 (b) ` 1,00,000 (c) ` 15,000 (d) ` 1,15,000 asked by TANI AGARWAL
- Mr. Santa located in Nashik purchases 10,000 Hero ink pens worth `4,00,000 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 `52. The supplier additionally charges `5,000 for delivering the goods to the recipient’s place of business. The value of such supply will be : (a) ` 5,20,000 (b) ` 5,25,000 (c) ` 4,00,000(d) ` 4,05,000 asked by NidhiJain
- In terms of Rule 32(7) of the CGST Rules, the value of taxable services provided by such class of service providers as may be notified by the Government, on the recommendations of the Council, as referred to in paragraph 2 of Schedule I of the CGST Act between distinct persons as referred to in section 25, where ITC is available, shall be deemed to be ……………….. (a) ` 10,000/- (b) Arm’s length price as required under the Income Tax law (c) NIL (d) As per the contract between the supplier and recipient asked by NidhiJain
- In the case of supply of services, the supplier may opt for Rule 31 ignoring Rule 30 of the CGST Rules? (a) True (b) False asked by RyanJain
- 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: (a) Value of supply cannot be determined under Rules 27 to 30 (b) Value of supply determined is more than the open market value of goods (c) Value of supply determined is more than the Value of supply of like kind and quality (d) All of the above asked by AayushPareek