Value of Supply – Test 2

Which section of CGST Act, 2017 governs the provision relating to Value of taxable supply ?

Value, for the purpose of computation of IGST liability will be _________ as used in computation of CGST Act, relating to value of supply with necessary changes.

___refers to the price actually paid or payable for the supply of goods or services, where supplier and the recipient are not related and the price is the sole consideration for the supply

Ishaan of Delhi sold goods to Jhanvi of Mumbai for Rs.5 lakhs, Ishaan and Jhanvi are not related to each other and Jhanvi will pay the amount within 30 days through cheque. Value of such supply, for the purpose of computation of GST liability would be

Raghav a trader has supplied certain imported goods for Rs.10,00,000 plus Basic Custom Duty (BCD) of Rs.1,00,000 to Pranit. In such a case, value of supply for computation of GST liability would be

Sulemaan, a manufacturer of tobacco has agreed to supply certain goods for Rs.7,35,000 plus Central Excise Duty of Rs.73,5000 to Ryan. In such case, value for computation of GST liability would be

Vedant, a supplier of chairs made a contract for supply of chairs after get into paint. Cost of painting the chairs amounts to Rs.50,000, which Vedant is liable to pay to the painter. However, the buyer paid painting charges directly to painter. What shall be the value of supply, if Vedant raised on invoice of Rs.4,00,000 excluding GST and painting charges ?

Jethalal & Son’s made a contract for supply of T.V. to its customer without any delivery charges. It raised an invoice of Rs.1,14,000 and delivered such T.V. at the address of customer. What shall be the value of supply, if delivery charges amounting Rs.4,000 have been paid by the customer to transport agency ?

Vihaan is engaged in the business of garments. He supplied 500 shirts to a customer @ Rs.1,000 per shirt and he also charged delivery charges of Rs.10,000. The value of supply in such a case shall be

Cirtel Ltd. supplied certain goods amounting Rs.8 lakhs to a customer on credit basis with a condition that, if payment is not made within 1 month from date of supply, interest will be charged @ 12% p.a. What shall be the value of supply, in case the payment is made by customer after 3 months ?

Which of the following shall be included in the value of supply, in case there is any delayed payment of any consideration for any supply ?

Siddharth supplied Rs.5,000 bottles @ Rs.100 per bottle to Viraj. The price of Rs.100 per bottle was after including the subsidy of Rs.10 received from Central Government i.e., the original price of the bottle was Rs.110. What shall be the value of supply in such a case ?

Adhirath supplied 1,000 solar cookers @ Rs.50 per solar cooker to Anjum. The price of Rs.50 per solar cooker was after including the subsidy of Rs.10 received from State Government i.e. the original price of the solar cooker was Rs.60. What shall be the value of supply in such a case ?

Aakash supplied 1,000 solar cookers Rs.50 per solar cooker to Anuj. The price of Rs.50 per solar cooker was after including the subsidy of Rs.10 received from Foreign Government i.e. the original price of solar cooker was Rs.60. What shall be the value of supply in such a case ?

Yogesh supplied 1,000 solar cookers Rs.50 per solar cooker to Ankush. The price of Rs.50 per solar cooker was after including the subsidy of Rs.10 received from Charitable Trust i.e., the original price of the solar cooker was Rs.60. What shall be the value of supply in such a case ?

Zayan supplied 1,000 solar cookers @ Rs.50 per solar cooker to Yash. The price of Rs.50 per solar cooker was after including the subsidy of Rs.10 received from Government company i.e. the original price of the solar cooker was Rs.60. What shall be the value of supply in such a case ?

Robin supplied 1,000 solar cookers @ Rs.50 per solar cooker to Sumit. He received subsidy of Rs.10,000 from another business entity, which is not considered in the computing the price of solar cooker. The value of supply shall be

Rajan supplied 5,000 shirts to Mahajan @ Rs.100 per shirt. He gave discount @ 10% on all the shirts and such discount has been duly recorded in the invoice raised by him. The value of supply shall be

Anjum Pvt. Ltd. is engaged in the business of trading in furniture. It allows a discount of 1% to the customers, who make payment before the due date. Such discount is _______ from the value, which is considered for computing GST.

Azad Pvt Ltd. is engaged in the business of manufacturing garments. It entered into an agreement with the dealer, to allow 10% discount by way of credit note, if a dealer purchases goods for more than Rs.35 lakhs within nine months from date of first supply. Such discount

Discount given after the supply has been effected, is to be deducted from value of such supply provided

Where the consideration for supply of goods or services, is not wholly in monetary terms, value of such supply would be determined as per _______ CGST Rules, 2017.

Bhavin supplied a cooler for Rs.50,000, in exchange of an old cooler. The value of the old cooler which is exchanged is Rs.3,000, and the open market value of new cooler is Rs.55,000. The value of supply, for the purpose of GST computation shall be

Chirag supplied a new mobile phone for Rs.30,000, in exchange of an old phone. The value of the old phone, which is exchanged is Rs.8,000, and the value of new phone, without exchange offer is Rs.35,000. The value of supply, for the purpose of GST computation shall be Rs.

Dhruv, a chartered accountant provided auditing services to a legal firm AYB. He charged Rs.5 lakhs from the legal firm and received legal advise in respect of his office dispute. Normally, he would have charged Rs.8 lakhs for such auditing services from other clients, and the legal firm would have charged Rs.4 lakhs for legal advise given to him. Dhruv shall pay the GST on value amounting Rs.

A chartered accountant provided services on taxation matter to a client, from which he charged Rs. 2 lakhs and he also received a travel voucher worth Rs.30,000 from such client. Value of supply for computation of GST would be Rs.____

Aman is an engineer and provided customized services to Sumit for Rs.15 lakhs. He received Rs.10 lakhs through cheque and remaining through bill of exchange. The value of supply in such a case shall be Rs.

Madhukar supplied 200 shirts to Raman and received 100 towels as a consideration. The price of shirts and towels were not known to each other as both made the supply for first time of such items. However, the market value for supply of like shirts and towel by other supplier is Rs.1,000 and Rs.1,5000 respectively. The value of supply in hands of Madhukar shall be

Madhukar supplied 200 shirts to Raman and received 100 towels as a consideration. The price of shirts and towels were not known to each other as both made the supply for first time of such items. However, the market value for supply of like shirt and towel by other supplier is Rs.1,000 and Rs. 1,500 respectively. The value of supply in the hands of Raman shall be Rs._______

Omkar supplied 200 shirts to Nikhil and received 100 towels as a consideration. The price of shirts and towel is not known to each other. The cost of purchase of shirt in the hands of Omkar is Rs.1,000 and cost of purchase of towel in the hands of Nikhil is Rs.1,500. What shall be the value of supply in the hands of Omkar ?