Value of Supply – Test 3

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 Nikhil ?

As per section 15(4) of CGST Act, 2017, where in respects of a supply, transaction is with related party and/or prices is not sole consideration, value for such supply would be as determined as per

Value for supply of goods or services between distinct or related person (other than through agent) would be determined as per _______CGST Rules, 2017 ?

The value of supply shall be determined as per ____ of CGST Rules, 2017, where the supply of goods have been made or received through an agent ?

Romil Ltd. of Punjab supplied goods to its branch located in Himachal Pradesh for Rs.2,00,000 and charged IGST of Rs.36,000. However, the same goods were sold by Romil Ltd. to an unrelated person for Rs.3,00,000. The value on which GST is computed shall be Rs.____________ (assume branch office is availing benefit of ITC of such supply )

Nabi Ltd. of Delhi supplied goods to its branch located in Mumbai for Rs.5,00,000 and charged IGST of Rs.18,000. However, the same goods were sold by Nabi Ltd. to an unrelated person for Rs.6,00,000. The value on which GST is computed shall be Rs._________ (assume branch office does not avail benefit of ITC of such supply?

Khalid Ltd. of Haryana supplied goods to its subsidiary company Rashid Ltd., located in Bihar for Rs.2,00,000 and charged IGST of Rs.36,000. However, the same goods were sold by Khalid Ltd. to an unrelated person for Rs.2,50,000. The value on which GST shall be computed would be Rs._____(assume Rashid Ltd. does not avails benefit of ITC of such supply )

Raghu and Anurag are brothers and both are registered under GST Laws, claiming input credit in their business. Raghu is a chartered accountant and provided certain services to his brother and charged Rs.1,00,000. However, Raghu would have charged Rs.2,00,000 from related person in respect of such services. What shall be the value of supply in such a case ?

Raminuj is engaged in profession of engineering and provides certain services to his employee for construction of his house for free. However, for similar work, he normally charges Rs.15 lakhs. The value of supply for the computation of GST would be

A Principal supplies groundnut to his agent, who subsequently sells it at a price of Rs.9,000 per quintal on day of supply to an unrelated party. Another independent supplier sells groundnuts of like kind and quality to agent for Rs.8,500 per quintal. The value of such supply made by principal shall be

Samar supplied 200 shirts to Singh, his agent. The agent sold shirts of like kind and quality at a price of Rs.1,000 per shirt. The open market value of such shirt is not available, but the cost of purchase of shirts in hands of Samar was Rs.800. The value of supply in the hands of Samar would be

Akbar supplied 200 shirts to Amar, his agent and the open market value such shirt is not available. The cost of purchase of shirt in hands of Akbar is Rs.800. The value of supply in the hands of Akbar would be

John supplied 200 shirts to his agent, Ali. The open market value of such shirt is Rs.1,000, and the cost of purchase of shirt in hands of John is Rs.800. What shall be the value of supply in the hands of John ?

John supplied 200 shirts to his agent, Ali. The open market value of such shirt is Rs.1,000, and the cost of purchase of shirt in hands of John is Rs.800. Agent sold shirts of like kind and quality at a price of Rs.1,100 per shirt. The value of supply in the hands of John would be

The value for supply of goods or services or both shall be determined as per ______ of CGST Rules, 2017, where the value if not determinable under any of Rules 27 to 29.

The value for supply of goods or services or both shall be determined as per ______ of CGST Rules, 2017, where the value is not determinable under any of Rules 27 to 30.

When value for supply of goods or services or both is not determinable under any of Rules 27 to 29, then value of such supply would be _____ as per Rule 30 of CGST Rules, 2017.

ABC ltd, is engaged in trading of furniture and it donated furniture to a charitable trust, on which company had already claimed ITC. If the cost of such furniture is Rs. 2 lakhs, the value for purpose of computation of GST on such supply would be Rs. ________

Supplier of __ can opt for Rule 31, ignoring Rule 30 of CGST Rules, 2017.

Punjab Government runs Maha Lakshmi lottery ticket, having face value of Rs.112 and the price notified by the Government is Rs.108. Government sold 5,000 tikets to a lottery distributor for sale within Punjab. The value, for the purpose of computation of GST would be Rs.________

Haryana Government runs Subh Lakshmi lottery tickets, having face value of Rs.250. The price notified by government is Rs.208. Government sold 5,000 tickets to a lottery distributor which can be sold in any of the state in India. The value for the purpose of computation of GST would be Rs.___

Delhi Government runs Dhan Lakshmi lottery ticket having face value of Rs.112, and price notified by the Government is Rs.90. Government sold 5,000 ticket to a lottery distributor, which is to be sold only in Delhi. The value for the purpose of computation of GST would be Rs.________

Rajasthan Government runs Kamao Lakshmi lottery tickets, having face value of Rs.256 and the price notified by government is Rs.190. Government sold 5,000 tickets to a lottery distributor which can be sold in any of the state in India. The value for the purpose of computation of GST would be

What shall be the value of supply of actionable claims in the form of chance to win in betting or gambling ?

What shall be the value of supply of actionable claims in the form of chance to win in horse racing ?

VBG exchanger is engaged in business of purchase and sale of foreign currency. It converted US $  20,000 into Indian currency @ 68/ $ RBI reference rate of US $  is 68.50 for that day. The value on which GST is payable would be ______(assume is does not opt for flat rate valuation)

CBG exchanger is engaged in business of purchase and sale of foreign currency. It converted US $ 15,000 in to Indian currency @ 60/ $. RBI reference rate for US $ is 60.50 for that day. In such case, value on which GST is payable would be _______(assume it opts for flat rate valuation)

Honey Money is engaged in business of purchase and sale of foreign currency. It converted US $ 50,000 from Indian currency @ 65/ $. RBI reference rate for US $ is 65.50 for that day. In such a case, value on which GST is payable would be (assume it opts for flat rate valuation)

Smart changer is engaged in business of purchase and sale of foreign currency. It converted US $ 5,000 in to Indian currency @ 60/$ RBI reference rate for US $ is 60.50 for that day. In such case, value on which GST is payable would be _______(assume it opts for flat rate valuation)