Quiz on Value of Supply

What is the value of supply according to section 15(1) when the transaction is between unrelated persons and price is the sole consideration?

• Price actually paid or payable

• Cost price

• Market value

• Wholesale price

Which of the following is included in the value of supply as per section 15(2)(a)?

• Subsidies

• Taxes other than GST

• Discounts

• Penalties

When are discounts allowed as a deduction from the value of supply according to section 15(3)?

• If given before or at the time of supply and shown in the invoice

• Only if given before the supply

• Only if shown in the invoice

• Only if given after the supply

What type of discounts are excluded from the value of supply as clarified in Circular No. 92/11/2019 GST?

• All of the above

• Staggered discounts

• Volume discounts

• Secondary discounts

In the scenario where a supplier issues a credit note for a post-supply discount, what must the recipient do to comply with the conditions of section 15(3)?

• Return the goods

• Pay additional tax

• Ignore the credit note

• Reverse the input tax credit

According to section 15(2)(e), what type of subsidies are included in the value of supply?

• Subsidies provided by the Central Government

• Subsidies directly linked to the price

• Subsidies given by NGOs

• Subsidies provided by the State Government

When are post-supply discounts eligible for deduction from the value of supplies?

• If the discount is given by a related party

• If the discount is known at the time of supply and recorded in the invoice

• If the discount is given after the supply

• If the discount is given by the Central Government

In the context of GST, who would be deemed related persons?

• Employer and employee

• Employer and contractor

• Employer and customer

• Employer and supplier

What is included in the value of supply as per section 15(2)(c)?

• Third party payments made by the recipient

• GST charged separately

• Interest for delayed payment of consideration

• Incidental expenses charged by the supplier

When is interest for delayed payment of consideration included in the value of supply?

• When the interest is waived off

• When the interest is not known at the time of supply

• When the interest is received by the supplier

• When the interest is paid by the recipient