Q1Comprehensive income computation including SEZ exemption, pr
15 marks very hard
Mr. Sunil, aged 48 years, a resident Indian has furnished the following particulars for the year ended 31.03.2024: (i) He occupies ground floor of his residential building and has let out first floor for residential use at an annual rent of ₹ 2,95,000. He has paid municipal taxes of ₹ 25,000 for the current financial year. Both these floors are of equal size. (ii) As per interest certificate from HDFC bank, he paid ₹ 1,50,000 as interest and ₹ 80,000 towards principal repayment of housing loan borrowed for the above residential building in the year 2018. (iii) He owns an industrial undertaking established in a SEZ and which had commenced operation during the financial year 2019-20. Total turnover of the undertaking was ₹ 400 lakhs, which includes ₹ 150 lakhs from export turnover. Out of ₹ 150 lakhs, only ₹ 120 lakhs have been received in India in convertible foreign exchange on or before 30.9.2024. This industrial undertaking fulfills all the conditions of section 10AA of the Income-tax Act, 1961. Profit from this industry is ₹ 40 lakhs. (iv) He employed 20 new employees for the said industrial undertaking during the previous year 2023-24. Out of 20 employees, 12 were employed on 1st May 2023 for monthly emoluments of ₹ 18,000 and remaining were employed on 1st September 2023 on monthly emoluments of ₹ 12,000. All these employees participate in recognised provident fund and they are paid their emoluments directly to their bank accounts. (v) He earned ₹ 30,000 and ₹ 40,000 as interest on saving bank deposits and fixed deposits, respectively. (vi) He also sold his vacant land on 01.12.2023 for ₹ 15 lakhs. The stamp duty value of land at the time of transfer was ₹ 16 lakhs. This land was acquired by him on 15.10.1998 for ₹ 2.80 lakhs. The FMV of the land as on 1st April, 2001 was ₹ 4.8 lakhs and Stamp duty value on the said date was ₹ 4 lakhs. He had incurred registration expenses of ₹ 12,000 at that time. The cost of inflation index for the financial year 2023-24 and 2001-02 are 348 and 100, respectively. (vii) He paid insurance premium of ₹ 40,000 towards life insurance policy of his son, who is not dependent on him. Compute total income and tax liability of Mr. Sunil for the Assessment Year 2024-25, in the manner so that he can make maximum tax savings.
Q1(a)GST computation with multiple services including exempted se
10 marks hard
Mr. Nandan lal, registered under GST, is engaged in supplying services in Hyderabad. He has furnished the following information with respect to the services provided/ received by him, during the month of February: (i) Carnatic music performance given by Mr. Nandan lal to promote a brand of readymade garments (₹ 1,40,000) (ii) Outdoor catering services availed for a marketing event organised for his prospective customers (₹ 50,000) (iii) Services of transportation of students provided to HSMG College providing education as part of a curriculum for obtaining a recognised qualification (₹ 1,00,000) (iv) Legal services availed for official purpose from an advocate located in Chennai (Inter-State transaction) (₹ 1,75,000) (v) Services provided to IFMP Bank as a business correspondent with respect to accounts in a branch of the bank located in urban area (₹ 2,00,000) (vi) Recovery agent's services provided to a car dealer (₹ 15,000) (vii) General insurance taken on a car (seating capacity 5) used for official purposes (₹ 40,000). Note: (i) Rates of CGST, SGST and IGST are 9%, 9% and 18% respectively. (ii) All inward and outward supplies are exclusive of taxes, wherever applicable. (iii) All the conditions necessary for availing the ITC have been fulfilled. (iv) The turnover of Mr. Nandan lal was ₹ 2.5 crore in the previous financial year. (v) All the transactions mentioned above are intra-State unless otherwise specified. Compute the net GST payable in cash, by Mr. Nandan lal for the month of February.
Q1(b)Valuation of taxable supply including freight and third-part
5 marks medium
LSP Ltd., a registered supplier, sold a machine to Balwant Ltd. It provides the following information in this regard: (i) Price of the machine [excluding taxes and other charges mentioned at S. Nos. (ii) and (iii)] ₹ 20,000 (ii) Third party inspection charges ₹ 6,000 [Such charges were payable by LSP Ltd. but the same have been directly paid by Balwant Ltd. to the inspection agency. These charges were not recorded in the invoice issued by LSP Ltd.] (iii) Freight charges for delivery of the machine ₹ 1,000 [LSP Ltd. has agreed to deliver the goods at Balwant Ltd.'s premises] (iv) Subsidy received from the State Government on sale of machine under Skill Development Programme ₹ 5,000 [Subsidy is directly linked to the price] (v) Discount of 2% is offered to Balwant Ltd. on the price mentioned at S. No. (i) above and recorded in the invoice. Note: Price of the machine is net of the subsidy received. Determine the value of taxable supply made by LSP Ltd. to Balwant Ltd.
Q1(i)Indexed cost of acquisition for capital gains
2 marks easy
Case: Mr. Pankaj, an Indian resident, purchased a residential house property at Kanpur on 20.08.1998 for ₹ 20.5 lakhs. The fair market value and the stamp duty value of such house property as on 1.4.2001 was ₹ 28.5 lakhs and ₹ 25 lakhs, respectively. On 05.02.2016, Mr. Pankaj entered into an agreement with Mr. Gyan for the sale of such property for ₹ 61 lakhs and received an amount of ₹ 2.5 lakhs as advance. However, as Mr. Gyan did not pay the balance amount, Mr. Pankaj forfeited the advance. On 10.05.2023, Mr. Pankaj sold the house property to Mr. Rohan for ₹ 1.50 crores, when the stamp duty value…
What shall be the indexed cost of acquisition of residential house property at Kanpur for computation of capital gains in the hands of Mr. Pankaj?
(a) ₹ 78,30,000
(b) ₹ 87,00,000
(c) ₹ 90,48,000
(d) ₹ 99,18,000
Q1(i)GST liability on advance payments
2 marks easy
Case: Ecotech Solutions Private Limited is engaged in manufacturing and supply of energy products and solutions across multiple States in India. The Company manufactures solar panels and also imports certain category of solar panels as per the customer orders. The company also provides installation services and annual maintenance contracts for its products. The Company received an advance payment for a bulk order of goods in March 2024, but the delivery was completed in May 2024. The amount of advance received by the Company was ₹ 1 crore. During the month of March 2024, the Company sold goods worth…
At what point of time, tax will be payable in relation to the advance received by the Company of ₹ 1 crore?
(a) The tax is payable at the time of receipt of advance.
(b) The tax is payable at the time of supply of goods.
(c) 50% of tax is payable at the time of receipt of advance.
(d) Tax is payable at the time of issuance of receipt voucher.
Q1(ii)Capital gains computation for residential property sale
2 marks easy
Case: Mr. Pankaj, an Indian resident, purchased a residential house property at Kanpur on 20.08.1998 for ₹ 20.5 lakhs. The fair market value and the stamp duty value of such house property as on 1.4.2001 was ₹ 28.5 lakhs and ₹ 25 lakhs, respectively. On 05.02.2016, Mr. Pankaj entered into an agreement with Mr. Gyan for the sale of such property for ₹ 61 lakhs and received an amount of ₹ 2.5 lakhs as advance. However, as Mr. Gyan did not pay the balance amount, Mr. Pankaj forfeited the advance. On 10.05.2023, Mr. Pankaj sold the house property to Mr. Rohan for ₹ 1.50 crores, when the stamp duty value…
The amount of capital gains taxable for A.Y. 2024-25 in the hands of Mr. Pankaj for sale of residential house property at Kanpur is -
(a) Nil
(b) (₹ 1,00,000)
(c) ₹ 63,00,000
(d) ₹ 1,13,00,000
Q1(ii)Reporting of supply value in GST return
2 marks easy
Case: Ecotech Solutions Private Limited is engaged in manufacturing and supply of energy products and solutions across multiple States in India. The Company manufactures solar panels and also imports certain category of solar panels as per the customer orders. The company also provides installation services and annual maintenance contracts for its products. The Company received an advance payment for a bulk order of goods in March 2024, but the delivery was completed in May 2024. The amount of advance received by the Company was ₹ 1 crore. During the month of March 2024, the Company sold goods worth…
The total amount of supply during the month of March, 2024 to be reported in GSTR -1 by the Company is ________.
(a) ₹ 1 crore
(b) ₹ 5 crores
(c) ₹ 6 crores
(d) ₹ 7 crores
Q1(iii)Capital gains on residential property sale in subsequent yea
2 marks easy
Case: Mr. Pankaj, an Indian resident, purchased a residential house property at Kanpur on 20.08.1998 for ₹ 20.5 lakhs. The fair market value and the stamp duty value of such house property as on 1.4.2001 was ₹ 28.5 lakhs and ₹ 25 lakhs, respectively. On 05.02.2016, Mr. Pankaj entered into an agreement with Mr. Gyan for the sale of such property for ₹ 61 lakhs and received an amount of ₹ 2.5 lakhs as advance. However, as Mr. Gyan did not pay the balance amount, Mr. Pankaj forfeited the advance. On 10.05.2023, Mr. Pankaj sold the house property to Mr. Rohan for ₹ 1.50 crores, when the stamp duty value…
The amount of capital gains taxable for A.Y. 2025-26 in the hands of Mr. Pankaj for sale of residential house property at Mumbai is -
(a) ₹ 8 lakhs
(b) ₹ 7 lakhs
(c) ₹ 4 lakhs
(d) ₹ 1 lakh
Q1(iii)GST credit note issuance on goods return
2 marks easy
Case: Ecotech Solutions Private Limited is engaged in manufacturing and supply of energy products and solutions across multiple States in India. The Company manufactures solar panels and also imports certain category of solar panels as per the customer orders. The company also provides installation services and annual maintenance contracts for its products. The Company received an advance payment for a bulk order of goods in March 2024, but the delivery was completed in May 2024. The amount of advance received by the Company was ₹ 1 crore. During the month of March 2024, the Company sold goods worth…
Which of the following options is correct in relation to the returned goods of value ₹ 1 crore ?
(a) Company has an option to issue single credit note against multiple invoices.
(b) Company has to mandatorily issue credit note against each invoice.
(c) The Company cannot issue credit note in any subsequent period after the supply is made.
(d) The Company can only issue a commercial credit note and GST adjustment cannot be made.
Q1(iv)Property transfer between relatives under section 56(2)(x)
2 marks easy
Case: Mr. Pankaj, an Indian resident, purchased a residential house property at Kanpur on 20.08.1998 for ₹ 20.5 lakhs. The fair market value and the stamp duty value of such house property as on 1.4.2001 was ₹ 28.5 lakhs and ₹ 25 lakhs, respectively. On 05.02.2016, Mr. Pankaj entered into an agreement with Mr. Gyan for the sale of such property for ₹ 61 lakhs and received an amount of ₹ 2.5 lakhs as advance. However, as Mr. Gyan did not pay the balance amount, Mr. Pankaj forfeited the advance. On 10.05.2023, Mr. Pankaj sold the house property to Mr. Rohan for ₹ 1.50 crores, when the stamp duty value…
The amount taxable under section 56(2)(x) in the hands of Mr. Gaurav, if any, is -
(a) Nil
(b) ₹ 1 lakh
(c) ₹ 3 lakhs
(d) ₹ 6 lakhs
Q1(iv)Valuation of returned goods resold under GST
2 marks easy
Case: Ecotech Solutions Private Limited is engaged in manufacturing and supply of energy products and solutions across multiple States in India. The Company manufactures solar panels and also imports certain category of solar panels as per the customer orders. The company also provides installation services and annual maintenance contracts for its products. The Company received an advance payment for a bulk order of goods in March 2024, but the delivery was completed in May 2024. The amount of advance received by the Company was ₹ 1 crore. During the month of March 2024, the Company sold goods worth…
In case returned goods are sold by the Company to customers other than the related parties, the value of supply of such goods under GST shall be _________.
(a) equivalent to original value of supply only.
(b) equivalent to original value of supply plus the cost incurred on making the goods reusable
(c) 110% of original value of supply plus the cost incurred on making the goods reusable.
(d) transaction value subject to the conditions mentioned in Section 15(2) of the CGST Act, 2017.
Q1(v)Tax credit for tax deducted at source on property sale
2 marks easy
Case: Mr. Pankaj, an Indian resident, purchased a residential house property at Kanpur on 20.08.1998 for ₹ 20.5 lakhs. The fair market value and the stamp duty value of such house property as on 1.4.2001 was ₹ 28.5 lakhs and ₹ 25 lakhs, respectively. On 05.02.2016, Mr. Pankaj entered into an agreement with Mr. Gyan for the sale of such property for ₹ 61 lakhs and received an amount of ₹ 2.5 lakhs as advance. However, as Mr. Gyan did not pay the balance amount, Mr. Pankaj forfeited the advance. On 10.05.2023, Mr. Pankaj sold the house property to Mr. Rohan for ₹ 1.50 crores, when the stamp duty value…
What shall be the tax credit available with Mr. Pankaj with respect to sale of property at Kanpur during P.Y. 2023-24 assuming the tax was fully deducted by Mr. Rohan?
(a) ₹ 2,00,000
(b) ₹ 1,50,000
(c) ₹ 1,00,000
(d) ₹ 87,000
Q1(v)Input tax credit on return-related expenses
2 marks easy
Case: Ecotech Solutions Private Limited is engaged in manufacturing and supply of energy products and solutions across multiple States in India. The Company manufactures solar panels and also imports certain category of solar panels as per the customer orders. The company also provides installation services and annual maintenance contracts for its products. The Company received an advance payment for a bulk order of goods in March 2024, but the delivery was completed in May 2024. The amount of advance received by the Company was ₹ 1 crore. During the month of March 2024, the Company sold goods worth…
Which of the following option(s) is correct in relation to the invoice of 1 lakh issued by the customer for the expenses relating to returned goods?
(a) The Company shall be eligible to avail full input tax credit.
(b) The Company shall not be allowed to avail input tax credit.
(c) The Company shall not be allowed to avail input tax credit in excess of 50% of the tax amount charged on such invoice.
(d) The Company shall be allowed to claim input tax credit only if it has not issued any credit note to the customer against such returned goods.
Q1(vi)Return filing requirement assessment year 2024-25
2 marks easy
Case: Mr. Pankaj, an Indian resident, purchased a residential house property at Kanpur on 20.08.1998 for ₹ 20.5 lakhs. The fair market value and the stamp duty value of such house property as on 1.4.2001 was ₹ 28.5 lakhs and ₹ 25 lakhs, respectively. On 05.02.2016, Mr. Pankaj entered into an agreement with Mr. Gyan for the sale of such property for ₹ 61 lakhs and received an amount of ₹ 2.5 lakhs as advance. However, as Mr. Gyan did not pay the balance amount, Mr. Pankaj forfeited the advance. On 10.05.2023, Mr. Pankaj sold the house property to Mr. Rohan for ₹ 1.50 crores, when the stamp duty value…
Is Mr. Pankaj required to file his return of income for A.Y. 2024-25?
(a) Yes, since his total income exceeds the basic exemption limit
(b) No, since his total income does not exceed the basic exemption limit
(c) Yes, since tax deducted in his case exceeds ₹ 25,000
(d) Yes, since his total income before exemption under section 54 exceeds the basic exemption limit
Q1(vi)Documentation for inter-unit goods movement
2 marks easy
Case: Ecotech Solutions Private Limited is engaged in manufacturing and supply of energy products and solutions across multiple States in India. The Company manufactures solar panels and also imports certain category of solar panels as per the customer orders. The company also provides installation services and annual maintenance contracts for its products. The Company received an advance payment for a bulk order of goods in March 2024, but the delivery was completed in May 2024. The amount of advance received by the Company was ₹ 1 crore. During the month of March 2024, the Company sold goods worth…
While moving the goods from Maharashtra unit to Gujarat unit by the Company, goods shall be accompanied by ____________.
(a) Original invoice issued in December, 2023
(b) Invoice issued by the returning customer to the Gujarat unit of the Company
(c) Invoice by Maharashtra unit to the Gujarat unit of the Company
(d) Delivery challan issued by the Customer to the Company.
Q2Income attribution to spouse from gift and business profit
2 marks easy
Mrs. Deepika, wife of Mr. Santosh, started a business of trading in beauty products on 15.7.2023. She invested ₹ 5 lakhs in the business on 15.7.2023 out of gift received from her husband, Mr. Santosh. She invested ₹ 4 lakhs from her own savings on the same date. She earned profits of ₹ 9,00,000 from her business for the financial year 2023-24. Which of the following statements is correct?
(a) Share of profit of ₹ 9,00,000 is includible in the hands of Mrs. Deepika
(b) Share of profit of ₹ 5,00,00 is includible in the hands of Mr. Santosh and share of profit of ₹ 4,00,000 is includible in the hands of Mrs. Deepika
(c) Share of profit of ₹ 4,00,000 is includible in the hands of Mr. Santosh and share of profit of ₹ 5,00,000 is includible in the hands of Mrs. Deepika
(d) Share of profit of ₹ 9,00,000 is includible in the hands of Mr. Santosh
Q2(a)Residential status determination and income computation for
6 marks medium
Mrs. Sia D'Souza is an American, got married to Mr. Kabir of India in New York on 14.02.2023 and came to India for the first time on 18.03.2023. She left for Australia on 16.08.2023. She returned to India again on 23.03.2024. On 01.04.2023, she had purchased a Flat in Mumbai, which was let out to Mr. Sameer on a rent of ₹ 26,000 p.m. from 1.6.2023. She had taken loan from an Indian bank for purchase of this flat on which bank had charged interest of ₹ 2,05,000 upto 31.03.2024. While in India, during the previous year 2023-24, she had received a gold chain from her in laws worth ₹ 1,50,000 and ₹ 1,65,000 from very close friends of her husband. Determine her the residential status and compute her total income chargeable to tax for the Assessment Year 2024-25 assuming she has shifted out of the default tax regime under section 115BAC.
Q2(a)GST liability on residential rental and sponsorship services
4 marks medium
State the person liable to pay GST in the following independent services provided:
Q2(b)TDS and TCS provisions for specific payments
4 marks medium
Briefly discuss the provisions of tax deduction/collection at source under the Income-tax Act, 1961 and determine the amount, if any, of TDS and TCS in respect of the following payments:
Q2(b)GST composition scheme eligibility and tax computation
6 marks medium
"Little Smiles", a photography firm, has commenced providing photoshoot services in Delhi from the beginning of current financial year 2023-2024. It has provided the following details of turnover for the various quarters till December, 2023: Quarter 1 (April,2023-June,2023): ₹ 20 lakh, Quarter 2 (July,2023-September,2023): ₹ 30 lakh, Quarter 3 (October,2023-December,2023): ₹ 40 lakh. You may assume the applicable tax rate as 18%. Little Smiles wishes to pay tax at a lower rate and opts for the composition scheme. You are required to advise whether it can do so and calculate the amount of tax payable for each quarter?
Q3Tax liability computation under section 115BAC
1 marks easy
Mr. X, a resident 47 years, has salary income (computed) of ₹ 7,25,000 and agricultural income of ₹ 1,00,000 for the P.Y. 2023-24. Compute his tax liability for A.Y. 2024-25 if he is paying tax under default tax regime under section 115BAC.
(a) ₹ 26,000
(b) ₹ 33,800
(c) Nil
(d) ₹ 30,160
Q3(a)Gross total income computation for salaried employee with va
6 marks medium
Ms. Priyanka, General Manager of ABC Ltd., Mumbai, furnishes the following particulars for the financial year 2023-24: (i) Salary ₹ 40,000 per month (ii) Value of medical facility in a hospital maintained by the company ₹ 10,000 (iii) Rent free accommodation owned by the company (iv) Housing loan of ₹ 7,00,000 given on 01.04.2023 at the interest rate of 6% p.a. (No repayment made during the year). The rate of interest charged by State Bank of India (SBI) as on 01.04.2023 in respect of housing loan is 9.5%. (v) A dining table was provided to Ms. Priyanka at her residence. This was purchased on 1.6.2020 for ₹ 60,000 and sold to Ms. Priyanka on 1.5.2023 for ₹ 30,000. (vi) Personal purchases through credit card provided by the company amounting to ₹ 10,000 was paid by the company. No part of the amount was recovered from Ms. Priyanka. (vii) A Maruti Suzuki car which was purchased by the company on 16.7.2021 for ₹ 2,50,000 was sold to the assessee on 14.7.2023 for ₹ 1,60,000. Other income received by the assessee during the previous year 2023-24: (a) Interest on Fixed Deposits with a company 7,000 (b) Income from specified mutual fund 3,000 (c) Interest on bank fixed deposits of a minor married daughter 4,000 (viii) Deposit in PPF Account made during the year 2023-24 ₹40,000 Compute the gross total income of Ms. Priyanka for the Assessment year 2024-25 if she exercised the option to shift out of the default tax regime under section 115BAC.
Q3(a)E-way bill requirements and applicability
5 marks medium
Mr. Sohan, a trader registered under GST in Delhi is engaged in wholesale business of toys for kids. Mr. Roshan registered under GST in Patiala, a regular return filer supplies toys in bulk to Mr. Sohan for selling to end consumers. Mr. Sohan paying tax in regular scheme in Delhi, has not filed GSTR-3B for last 2 months. Mr. Roshan wants to generate e-way bill for toys amounting to ₹ 5,00,000 to be supplied to Mr. Sohan. Also Mr. Mohan from Jammu approached Mr. Sohan for purchasing toys amounting to ₹ 75,000 for the purpose of return gift on his son's first birthday party. Sohan wants to generate an e-way bill in respect of an outward supply of goods to Mr. Mohan. Examine with reference to the provisions under GST law, whether Mr. Roshan and Mr. Sohan can generate e-way bill?
Q3(b)Partnership firm book profit and allowable salary computatio
4 marks medium
M/s. Ravi & sons, a partnership firm consisting of two partners, reports a net profit of ₹ 7,50,000 before deduction of the following items: Salary of ₹ 25,000 each per month payable to two working partners of the firm (as authorized by the deed of partnership), Depreciation on plant and machinery under section 32 is ₹ 2,50,000, Interest on capital 15% per annum (as per the deed of partnership). The amount of capital eligible for interest is ₹ 6,00,000 for both partners, Carry forward loss of P.Y. 2022-23 - ₹ 50,000. Compute for A.Y. 2024-25:
Q3(b)GST registration cancellation and revocation procedures
5 marks medium
Mr. Raj of Rajasthan intends to start business of supply of building material to various construction sites in Rajasthan. He has taken voluntary registration under GST in the month of April. However, he has not commenced the business till December due to lack of working capital. The proper officer suo-motu cancelled the registration of Mr. Raj. Examine whether the action taken by proper officer is valid in law. Mr. Raj has applied for revocation of cancellation of registration after 40 days from the date of service of the order of cancellation of registration. Department contends that application for revocation of cancellation of registration can only be made within 30 days from the date of service of the order of cancellation of registration. Comment upon the validity of contentions raised by Department.
Q4(a)Computation of taxable income with multiple losses and divid
6 marks medium
The following are the details relating to Mr. Roshan, a resident Indian, relating to the year ended 31.03.2024: Short term capital gain 1,50,000, Loss from house property [let out property] 2,50,000, Loss from speculative business 50,000, Loss from card games 20,000, Brought forward long term capital loss of A.Y. 2020-21 86,000, Dividend from ABC Ltd. 11,00,000, Loss from tea business 1,06,000. Mr. Roshan's wife, Shamita is employed with Ray Ltd., at a monthly salary of ₹ 25,000, where Mr. Roshan holds 21% of the shares of the company. Shamita is not adequately qualified for the post held by her in Ray Ltd. Compute taxable income of Mr. Roshan for the A.Y. 2024-25 if he has exercised the option to shift out of the default tax regime under section 115BAC. Ascertain the amount of losses which can be carried forward.
Q4(a)GST place of supply for inter-state goods purchase
5 marks medium
Discuss briefly the place of supply of goods purchased over the counter in one State and transported to another State by the buyer.
Q4(a) AlternativePlace of supply of event management services across states
5 marks medium
What would be the place of supply of services provided by an event management company for organizing a sporting event for a Sports Federation which is held in multiple States?
Q4(b)Return filing requirements despite income below exemption li
4 marks medium
In the following cases relating to P.Y.2023-24, the total income of the assessee or the total income of any other person in respect of which he/she is assessable under Income-tax Act does not exceed the basic exemption limit. State with reasons, whether the assessee is still required to file the return of income or loss for A.Y.2024-25 in each of the following independent situations:
Q4(b)Electronic credit ledger usage for GST tax payment
5 marks medium
Discuss whether the amount available in the electronic credit ledger can be used for making payment of any tax under the GST Laws?
Q7GST registration threshold and requirements
2 marks easy
Mr. Jambulal of Himachal Pradesh starts a new business and makes following supplies in the first month- (i) Intra-State supply of taxable goods amounting to ₹ 17 lakh (ii) Supply of exempted goods amounting to ₹ 1 lakh (iii) Inter-State supply of taxable goods amounting to ₹ 1 lakh. Whether he is required to obtain registration?
(a) Mr. Jambulal is liable to obtain registration as the threshold limit of ₹ 10 lakh is crossed.
(b) Mr. Jambulal is not liable to obtain registration as he makes exempted supplies.
(c) Mr. Jambulal is liable to obtain registration as he makes the inter-State supply of goods.
(d) Mr. Jambulal is not liable to obtain registration as the threshold limit of ₹ 20 lakh is not crossed.
Q8GST on residential property rental services
1 marks easy
Simmo Singh, a resident of Punjab, is having a residential property in Amritsar, Punjab which has been given on rent to a family for ₹ 72 lakh per annum for residence purposes. Determine whether Simmo Singh is liable to pay GST on such rent.
(a) Yes, as services by way of renting is taxable supply under GST.
(b) No, service by way of renting of residential property is exempt.
(c) No, service by way of renting of residential property does not constitute supply.
(d) Simmo Singh, being individual, is not liable to pay GST.