GST Supply and Taxation Quiz

Under GST, "supply" includes:

• Sale

• Transfer

• Barter, exchange, license, rental, lease, disposal

• All of the above

Which of the following does not constitute supply under GST?

• Import of services with consideration

• Activities specified in Schedule III

• Barter of goods

• Renting of property

Supply without consideration is taxable under GST if it falls under:

• Section 7(2)

• Schedule I

• Schedule II

• Section 8

Time of supply of goods (forward charge) is earliest of:

• Date of invoice or date of payment

• Date of supply or receipt of goods

• Invoice date or date of entry in recipient's books

• None

Time of supply of services (forward charge) is:

• Invoice date or payment date (earlier)

• Date of provision of service

• Due date of invoice or payment date

• Invoice date only

In case of reverse charge, the time of supply is:

• Date of receipt of goods/services

• Date of payment

• 30 days (goods)/60 days (services) from supplier invoice

• Earliest of above

Value of supply under GST is generally:

• Cost of goods + margin

• Transaction value (price actually paid/payable)

• MRP

• Market value

Which of the following is included in the value of supply?

• Taxes other than GST

• Incidental expenses like packing

• Interest/late fee for delayed payment

• All of the above

Discounts after supply are deductible only if:

• Established in agreement before supply

• ITC reversed by recipient

• Both a & b

• Never deductible

ITC is available only if:

• Possession of tax invoice

• Goods/services received

• Tax actually paid to government

• All of the above