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B Com Exam  >  B Com Tests  >  Goods and Services Tax (GST)  >  Test: Value of Supply - B Com MCQ

Test: Value of Supply - B Com MCQ


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10 Questions MCQ Test Goods and Services Tax (GST) - Test: Value of Supply

Test: Value of Supply for B Com 2024 is part of Goods and Services Tax (GST) preparation. The Test: Value of Supply questions and answers have been prepared according to the B Com exam syllabus.The Test: Value of Supply MCQs are made for B Com 2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises, MCQs and online tests for Test: Value of Supply below.
Solutions of Test: Value of Supply questions in English are available as part of our Goods and Services Tax (GST) for B Com & Test: Value of Supply solutions in Hindi for Goods and Services Tax (GST) course. Download more important topics, notes, lectures and mock test series for B Com Exam by signing up for free. Attempt Test: Value of Supply | 10 questions in 10 minutes | Mock test for B Com preparation | Free important questions MCQ to study Goods and Services Tax (GST) for B Com Exam | Download free PDF with solutions
Test: Value of Supply - Question 1
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What is the term used to describe the mechanism in GST where the supplier of goods/services is liable to pay tax?

Detailed Solution for Test: Value of Supply - Question 1
The mechanism in GST where the supplier of goods/services is liable to pay tax is called "Forward charge." Under this mechanism, the supplier is responsible for collecting and remitting the tax.
Test: Value of Supply - Question 2
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In the case of reverse charge mechanism in GST, who is liable to pay the tax?

Detailed Solution for Test: Value of Supply - Question 2
In the case of the reverse charge mechanism in GST, the recipient of goods/services is liable to pay the tax instead of the supplier. This mechanism is typically applied to specific services and scenarios as mentioned in the text.
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Test: Value of Supply - Question 3
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Which of the following is NOT an example of a service to which the reverse charge mechanism applies in GST?

Detailed Solution for Test: Value of Supply - Question 3
Restaurant services are not typically subject to the reverse charge mechanism in GST. The reverse charge mechanism applies to certain specific services, as listed in the text, but restaurant services are not included.
Test: Value of Supply - Question 4
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What is the significance of applying the reverse charge mechanism in GST?
Detailed Solution for Test: Value of Supply - Question 4
One of the significant purposes of applying the reverse charge mechanism in GST is to increase tax revenues. It helps in ensuring that tax liability is met by the recipient in certain cases, which can lead to increased tax collections.
Test: Value of Supply - Question 5
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When does the time of supply for vouchers in GST occur, according to Section 12(4) of the CGST Act?
Detailed Solution for Test: Value of Supply - Question 5
According to Section 12(4) of the CGST Act, the time of supply for vouchers in GST occurs on the date of issue of the voucher if the supply is identifiable at that time.
Test: Value of Supply - Question 6
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What is the method used to determine the value of supply under GST when the consideration is not wholly in money?
Detailed Solution for Test: Value of Supply - Question 6
When the consideration for a supply is not wholly in money, the value of supply under GST can be determined using the "residual method." This method is used when other valuation methods are not applicable.
Test: Value of Supply - Question 7
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What component is excluded from the value of supply under GST as per Section 15(2)(a) of the CGST Act?
Detailed Solution for Test: Value of Supply - Question 7
Section 15(2)(a) of the CGST Act excludes taxes, duties, cess, fees, and charges levied under any act from the value of supply under GST.
Test: Value of Supply - Question 8
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What is the method used to determine the value of supply under GST when the value cannot be determined by other prescribed methods?
Detailed Solution for Test: Value of Supply - Question 8
The "residual method" is used to determine the value of supply under GST when the value cannot be determined by other prescribed methods. It is a fallback method when other methods are not applicable.
Test: Value of Supply - Question 9
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Which of the following is NOT excluded from the aggregate turnover under GST?
Detailed Solution for Test: Value of Supply - Question 9
The value of inward supplies is not excluded from the aggregate turnover under GST. It is considered as part of the aggregate turnover.
Test: Value of Supply - Question 10
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What is the definition of "related parties" under GST?
Detailed Solution for Test: Value of Supply - Question 10
Under GST, "related parties" are defined as parties with specific relationships as defined in the GST Act. These relationships are outlined in the text and include officers or directors of one another's businesses, legally recognized partners, employer-employee relationships, and more.
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