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what is supply under gst

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MCQ’s in what is supply under GST

Supply under GST

The taxable event in GST is supply of goods or services or
both.

Various taxable events like manufacture, sale, rendering
of service, purchase, entry into a territory of state etc. have
been done away with in favor of just one event i.e. supply.

The constitution defines “Goods and Services Tax” as any tax
on supply of goods, or services or both, except for taxes on
the supply of the alcoholic liquor for human consumption.

 

Supply under GST - Test 1

Subject :- GST

Chapter :- Supply under GST – Test 1

Questions :- 30

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supply in GST

The Meaning and scope of supply under GST can be understood in
terms of following six parameters, which can be adopted to
characterize a transaction as supply:
1. Supply of goods or services. Supply of anything other
than goods or services does not attract GST
2. Supply should be made for a consideration
3. Supply should be made in the course or furtherance
of business
4. Supply should be made by a taxable person
5. Supply should be a taxable supply
6. Supply should be made within the taxable territory.

Supply includes
All forms of supply of goods and/or services such as
sale,
transfer,
barter,
exchange,
license,
rental,
lease or
disposal
made or agreed to be made for a consideration by a person in course of or furtherance of business.

The term supply under gst includes the following attributes:

  1. You should make a supply that either involves goods or services.
  2. If you supply anything that is not categorized as goods or services, it is not considered a supply.
  3. In case you undertake any Barters or Exchanges, then GST is applicable even on such transactions.
  4. The term “Supply” also includes licences, leases, rentals with or without transfer of right to use. Therefore, GST is levied on such transactions as well.
  5. You should supply goods or services for a consideration. Consideration can be in the form of money or otherwise.
  6. In case, a third party pays money in lieu of or on behalf of the recipient, the same shall be considered a part of supply.
  7. Under GST, if you make any deposit as a recipient is not regarded as consideration. Unless the same is specifically applied to by the supplier.
  8. You should make a supply that is in the course of or for the furtherance of business.
  9. If you make a supply for personal consumption or in personal capacity, such supplies do not attract GST.
  10. You are eligible to make a supply only if you are a taxable person.
  11. If you are a non-taxable person and you make a supply to another non-taxable person, then such a supply is not leviable to GST.
  12. Under GST, you can make a supply to a non-taxable person also.
  13. A taxable person is the one who is registered or who is liable to be registered under the law.