Input Tax Credit and Its Utilization – Test 1

Where a registered person reverses the amount of ITC due to curcumstances given to section 18(4) of CGST Act, 2017, it shall form part of the output tax liability of registered person and details of the such reversal shall be furnished in the Form

Rohilla & Sons is registered under GST. It has transferred machinery of Rs. 12 lakhs exclusive of GST Rs.2,16,000 on 30.01.2019, which was purchased on 01.08.2017 for Rs.23.60 lakhs inclusive of GST of Rs.3.60.000. In such a case, what would be the amount  of GST required to be paid on supply of such machinery ?

Which of the following capital goods are supplied as scrap, in respect of which the taxable person shall pay tax on the transaction value determined u/s 15 of CGST Act, 2017 ?

Who is allowed to take input tax credit on inputs sent to a job worker for job work ?

Determine the correctness of the following statement :

The principal shall not be entitled to take credit of inputs in case inputs are directly sent a job worker for job work without being first brought to his place of business

Where the inputs sent for job work are not received back by the principal after completion of job work or otherwise within__________ of being sent out, it shall be deemed that such inputs had been supplied by the  principal to the job worker on the day when

In case of job work, where the inputs are sent directly to a job worker, the period of one year for receipt of material back by principal, failing which it is deemed that principal has supplied input to job worker shall be counted from

Who is allowed to take input tax credit on capital goods sent to a job worker for job work ?

Determine the correctness of the below statement  :

The principal shall be entitled to take credit of input tax on capital goods in case capital gods are directly sent to a job worker for job work without being first brought to his place of business.

Where the capital goods sent for job work are not received back by the principal within__________ of being sent out, it shall be deemed that such capital goods had been supplied by the principal to the job worker on the day when

In case of job work, where the capital goods are sent directly to a job worker, the period of 3 years for receipt of capital goods back by the principal, failing which it is deemed that principal has supplied said capital goods to job worker shall be counted from

Determine the correctness of the below statement :

In case of job work, the period of 1 year/3 years shall not be apply where moulds and dies, jigs and fixtures, or tools sent out to a job worker for job work.

Input Service Distributor (ISD) is an office or premises of the supplier of goods or services or both which receives bills/invoices etc. of

Whether an input service distributor needs to take a separate registration in respect of supply of goods or services or both done from place of ISD, if he has already taken a separate registration an an ISD ?

Input Service Distributor means an office of supplier of goods or services or both

The Input Service Distributor shall distribute the credit of central tax as

The Input Service Distributor shall distribute the credit of integrated tax as

Determine in case of input service distributor which of the following conditions shall apply ?

As per section 42 of CGST Act, 2017, ITC taken provisionally by the recipient on the basis of statement of inward supply will be matched by the system with

In which of the following cases, discrepancy found in ITC shall be communicated to the recipient ?

In which of the following cases, discrepancy found in ITC shall be communicated to the supplier ?

A discrepancy is found in respect of duplication of claim of ITC by recipient and such discrepancy has been communicated to the recipient in month of December, 2018. In such case

A discrepancy found in respect of ITC claimed by recipient against inward supply has not been reported by such supplier in his statement of outward supply. Such discrepancy has been communicated to both the persons in month of December, 2018 and the recipient has included such amount in his output tax liability in the December, 2018 return. The supplier has recorded such supply in March, 2019 return. In such a case

As per section 43 of the CGST Act, 2017, the details of every credit note relating to the outward supply furnished by supplier for a tax period,shall be matched with

The input tax credit as self-assessed in the return of a registered shall be credited to

The amount available in the electronic credit ledger may be used for making payment towards

What is the order in which the input tax credit on account of IGST shall be utilized ?

i. Payment of IGST

ii. Payment of CGST

iii. Payment of SGST/UTGST

What is the order in which the input tax credit on account of CGST shall be utilized ?

i. Payment of IGST

ii. Payment of CGST

iii. Payment of SGST/UTGST

What is the order in which the input tax credit on account o SGST/UTGST shall be utilized ?

i. Payment of IGST

ii. Payment of CGST

iii. Payment of SGST/UTGST

Mr. Tarun is a registered supplier of fabrics. He has an output tax liability on account of IGST of rs.5,000. Input tax credit on account of CGST is available of Rs.5,500 and SGST of Rs.6,000. He has adjusted his output tax liability against balance of ITC available on account of SGST of Rs.5,500 . Determine whether action of Mr.Tarun is valid as per the GST laws ?