QGST-1Aggregate turnover under GST
0 marks hard
Case: Bali Bells Ltd. (hereinafter referred as Bali Bells), a private limited company registered in Chennai, Tamil Nadu, provides the following outward supplies in the month of September: Intra-State outward supplies - Taxable ` 40,00,000, Exempt ` 15,00,000; Inter-State outward supplies - Taxable ` 30,00,000, Exempt ` 10,00,000. Bali Bells Ltd. sold land for ` 2,00,00,000 (excluding GST) in the month of September. Bali Bells purchased one heavy steel machinery in the month of September for ` 1,00,000 (excluding GST @ 18%). Bali Bells capitalized the value of machinery along with GST paid on the sam…
Determine the aggregate turnover of Bali Bells for the month of September.
(A) ` 2,70,00,000
(B) ` 95,00,000
(C) ` 2,95,00,000
(D) ` 70,00,000
QGST-10GST on honorarium to guest anchors - taxability and registra
0 marks easy
Examine the implications of GST on payment of honorarium to the Guest Anchors.
QGST-2ITC on capital goods - restriction when depreciation claimed
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Case: Bali Bells Ltd. (hereinafter referred as Bali Bells), a private limited company registered in Chennai, Tamil Nadu, provides the following outward supplies in the month of September: Intra-State outward supplies - Taxable ` 40,00,000, Exempt ` 15,00,000; Inter-State outward supplies - Taxable ` 30,00,000, Exempt ` 10,00,000. Bali Bells Ltd. sold land for ` 2,00,00,000 (excluding GST) in the month of September. Bali Bells purchased one heavy steel machinery in the month of September for ` 1,00,000 (excluding GST @ 18%). Bali Bells capitalized the value of machinery along with GST paid on the sam…
Bali Bells wants to avail ITC on GST paid on the heavy steel machinery purchased in September. Which of the following statements is true in this regard?
(A) ITC on the machinery cannot be availed since depreciation has been claimed on the GST paid on the machinery under Income-tax Act, 1961.
(B) ITC on the machinery shall be allowed to the extent of 50% in the current financial year and balance 50% in the subsequent financial year.
(C) ITC on the machinery shall be allowed in the current financial year only to the extent of the depreciation claimed on GST paid on machinery.
(D) Full ITC of GST paid on the machinery can be availed in the current year.
QGST-3ITC on free samples - blocked credit under section 17(5) CGS
0 marks hard
Case: Bali Bells Ltd. (hereinafter referred as Bali Bells), a private limited company registered in Chennai, Tamil Nadu, provides the following outward supplies in the month of September: Intra-State outward supplies - Taxable ` 40,00,000, Exempt ` 15,00,000; Inter-State outward supplies - Taxable ` 30,00,000, Exempt ` 10,00,000. Bali Bells Ltd. sold land for ` 2,00,00,000 (excluding GST) in the month of September. Bali Bells purchased one heavy steel machinery in the month of September for ` 1,00,000 (excluding GST @ 18%). Bali Bells capitalized the value of machinery along with GST paid on the sam…
Whether Bali Bells can avail ITC on the free samples of goods distributed in the month of October?
(A) Yes; ITC is available on outward supplies even if made without consideration in the course or furtherance of business.
(B) No; ITC is not available since supply of samples is without consideration.
(C) No; ITC on free samples is blocked under section 17(5) of the CGST Act, 2017.
(D) No; ITC is not available since supply of free samples is not in course or furtherance of business.
QGST-4Time limit for availing ITC on invoices of previous financia
0 marks hard
Case: Bali Bells Ltd. (hereinafter referred as Bali Bells), a private limited company registered in Chennai, Tamil Nadu, provides the following outward supplies in the month of September: Intra-State outward supplies - Taxable ` 40,00,000, Exempt ` 15,00,000; Inter-State outward supplies - Taxable ` 30,00,000, Exempt ` 10,00,000. Bali Bells Ltd. sold land for ` 2,00,00,000 (excluding GST) in the month of September. Bali Bells purchased one heavy steel machinery in the month of September for ` 1,00,000 (excluding GST @ 18%). Bali Bells capitalized the value of machinery along with GST paid on the sam…
Bali Bells can claim ITC on inputs received in July of preceding financial year upto ___________ of the current financial year.
(A) 30th November
(B) 25th July
(C) 31st December
(D) 30th September
QGST-5Value of supply under section 15 CGST Act - treatment of TCS
0 marks hard
Case: Bali Bells Ltd. (hereinafter referred as Bali Bells), a private limited company registered in Chennai, Tamil Nadu, provides the following outward supplies in the month of September: Intra-State outward supplies - Taxable ` 40,00,000, Exempt ` 15,00,000; Inter-State outward supplies - Taxable ` 30,00,000, Exempt ` 10,00,000. Bali Bells Ltd. sold land for ` 2,00,00,000 (excluding GST) in the month of September. Bali Bells purchased one heavy steel machinery in the month of September for ` 1,00,000 (excluding GST @ 18%). Bali Bells capitalized the value of machinery along with GST paid on the sam…
Compute the value of supply under section 15 of the CGST Act, 2017 made by Bali Bells in the month of November.
(A) ` 45,000
(B) ` 47,500
(C) ` 48,500
(D) ` 51,000
QGST-6Net GST payable - value of supply including NGO subsidy, ITC
0 marks easy
Chill Ltd., Delhi, a registered supplier, manufacturing machineries has made a taxable supply of machinery during the month of March. It furnished the following details for each such machinery supplied:
(i) List price of machinery (exclusive of taxes): ` 10,00,000
(ii) Subsidy received from the Central Government for supply of machinery to Government School (exclusively related to supply at S. No. 1): ` 2,10,000
(iii) Subsidy received from an NGO for supply of machinery to an old age home (exclusively related to supply at S. No. 1): ` 2,00,000
(iv) Tax levied by Municipal Authority: ` 2,50,000
(v) Packing charges: ` 1,25,000
The list price is after considering both subsidies. Other charges/taxes are charged over and above the list price.
Purchases/services availed in respect of said machinery during March:
(1) Raw material (to be received in April) – GST ` 8,50,000
(2) Membership of a club for employees working in factory (not obligatory under any law) – GST ` 4,00,000
(3) Inputs to be received in 6 lots, 1st lot received during the month – GST ` 3,50,000
(4) Trucks used for transport of raw material – GST ` 1,50,000
(5) Capital goods (out of 3 items, invoice for 2 items is missing; GST on missing items ` 2,82,000) – GST ` 3,50,000
Note: CGST, SGST and IGST rates are 9%, 9% and 18% respectively. All inward and outward supplies are inter-State. All conditions for availing ITC fulfilled subject to information given above.
Compute the net GST payable in cash by Chill Ltd. for the month of March.
QGST-7E-invoicing - applicability threshold and exemptions for Gov
0 marks easy
Comment on the following with reference to relevant GST provisions:
QGST-8Annual return and final return - obligations on cancellation
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Batra Ltd., a normal taxpayer, is winding up its business in Rajkot. The Tax Consultant of Batra Ltd. has suggested that Batra Ltd. will have to file either the annual return or the final return at the time of voluntary cancellation of registration in the State of Rajkot. Do you agree with the stand taken by Tax Consultant of Batra Ltd.? Offer your comments. Ignore the aggregate turnover of Batra Ltd.
QGST-9E-way bill - editing after generation, cancellation provisio
0 marks easy
Mr. Shyam Nath, a registered person has caused movement of goods of consignment value exceeding ` 50,000 in relation to a supply and thus, generated e-way bill. However, after generation of e-way bill, he found a mistake in the e-way bill and wants to edit it. You are required to advise Mr. Shyam Nath whether he can do so with the help of relevant provisions.
Q14Total income and tax liability - professional income, salary
0 marks easy
Mrs. Kashish, a resident individual, aged 62 years, is a qualified medical practitioner. She runs her own clinic. Income & Expenditure A/c of Mrs. Kashish for the year ending 31.3.2023 is as under:
Expenditure: Salary to Staff ` 7,20,000; Administrative Exp. ` 11,64,000; Rent of clinic ` 5,76,000; Conveyance Expenses ` 1,44,000; Power & Fuel ` 1,44,000; Interest on Housing Loan ` 2,20,000; Interest on Education Loan for son ` 1,56,000; Amount paid to scientific research association approved & Notified under section 35 ` 1,50,000; Net profit ` 55,34,000; Total ` 88,08,000.
Income: Consultation Fees ` 74,28,000; Salary received from True Care Hospitals (P) Ltd. ` 10,80,000; Rental Income from House Property ` 2,40,000; Dividend from Foreign Companies (gross) ` 60,000; Total ` 88,08,000.
Additional information:
(i) She is working part-time with True Care Hospitals (P) Ltd. Salary details: Basic Pay ` 85,000 p.m.; Transport Allowance ` 5,000 p.m.; Total ` 90,000 p.m. During P.Y. 2022-23, her son underwent medical treatment in True Care Hospitals (P) Ltd. free of cost. The hospital would have charged ` 1,60,000 for similar treatment to unrelated patients.
(ii) She owns a residential house. Reconstruction started on 01-04-2022 and completed on 30-09-2022. After reconstruction, ground floor is self-occupied and first floor rented out since 1.10.2022 (both floors of equal area). Monthly rent ` 40,000. Tenant also pays ` 3,000 p.m. as power back-up charges. Housing loan of ` 25 lakhs taken for reconstruction on 01-04-2022. Interest for 01-04-2022 to 30-09-2022 was ` 1,20,000 and for 01-10-2022 to 31-03-2023 was ` 1,00,000. Municipal taxes paid: F.Y. 2021-22 ` 5,000 and F.Y. 2022-23 ` 5,000.
(iii) Other information:
(a) Conveyance expenses include ` 48,000 for conveyance from house to True Care Hospitals (P) Ltd. and back in relation to employment.
(b) Power & fuel expenses include ` 10,000 for generator fuel for providing power back-up to the tenant.
(c) Administrative expenses include ` 10,000 paid as Municipal Taxes for her house.
(d) Clinic equipments: Opening W.D.V. as on 01-04-2022 was ` 5,00,000; fresh purchase made on 28-08-2022 is ` 75,000 paid in cash.
(e) She paid tuition fee of ` 40,000 for her grand-daughter, debited to her Capital A/c.
(f) She availed a loan of ` 25,00,000 from bank for higher education of her son. She repaid principal of ` 3,00,000 and interest of ` 1,56,000 during P.Y. 2022-23.
You are required to compute the total income and tax liability of Mrs. Kashish for the A.Y. 2023-24 assuming she is not opting for the provisions of section 115BAC.
Q15Verification of return of income - authorised persons
0 marks easy
Who is authorized to verify the return of income of the following assessees?