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Test: Time of Supply - CA Intermediate MCQ


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10 Questions MCQ Test Taxation for CA Intermediate - Test: Time of Supply

Test: Time of Supply for CA Intermediate 2024 is part of Taxation for CA Intermediate preparation. The Test: Time of Supply questions and answers have been prepared according to the CA Intermediate exam syllabus.The Test: Time of Supply MCQs are made for CA Intermediate 2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises, MCQs and online tests for Test: Time of Supply below.
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Test: Time of Supply - Question 1

Under which section of the CGST Act, 2017, is the time of supply for goods determined?

Detailed Solution for Test: Time of Supply - Question 1
The time of supply for goods is determined under Section 12 of the CGST Act, 2017.
Test: Time of Supply - Question 2

For continuous supplies of goods, when is the time of supply determined?

Detailed Solution for Test: Time of Supply - Question 2
For continuous supplies of goods, the time of supply is determined by the time when each invoice is issued.
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Test: Time of Supply - Question 3

What is the time of supply for goods in the case of reverse charge basis?

Detailed Solution for Test: Time of Supply - Question 3
In the case of goods on reverse charge basis, the time of supply is the earliest of the following dates: Date of receipt of goods or Date of payment as entered in the books of accounts of the recipient or Date on which payment is debited in the recipient's bank account or Date immediately following thirty days from the date of the invoice.
Test: Time of Supply - Question 4
In the case of goods, when does the time of supply occur if tax is paid on a forward basis?
Detailed Solution for Test: Time of Supply - Question 4
In the case of goods where tax is paid on a forward basis, the time of supply occurs at the earliest of the following dates: Date of issue of invoice by the supplier.
Test: Time of Supply - Question 5
What is the term used in GST law to determine the date when the tax liability arises for a supply?
Detailed Solution for Test: Time of Supply - Question 5
In GST law, the term used to determine the date when the tax liability arises for a supply is "Time of Supply." It is crucial to calculate and discharge the tax liability correctly.
Test: Time of Supply - Question 6
When does the time of supply occur for vouchers exchangeable for goods?
Detailed Solution for Test: Time of Supply - Question 6
The time of supply for vouchers exchangeable for goods occurs at the earliest of the following dates: Date of issue of voucher, if the supply is identifiable at that point.
Test: Time of Supply - Question 7
When none of the specified provisions in Section 13 of the CGST Act can be applied, what determines the time of supply for services?
Detailed Solution for Test: Time of Supply - Question 7
When none of the specified provisions in Section 13 can be applied, the time of supply for services is determined by the due date of filing the periodical returns.
Test: Time of Supply - Question 8
What is the time of supply for services in the case of reverse charge basis?
Detailed Solution for Test: Time of Supply - Question 8
In the case of services on reverse charge basis, the time of supply is the earliest of the following dates: Date of payment credited to the supplier's bank account or Date of receipt of services or Date of payment debited in the recipient's bank account or Date immediately following sixty days from the date of the invoice.
Test: Time of Supply - Question 9
In the case of services, when does the time of supply occur if tax is liable to be paid on a forward basis?
Detailed Solution for Test: Time of Supply - Question 9
In the case of services where tax is liable to be paid on a forward basis, the time of supply occurs at the earliest of the following dates: Date of issue of invoice by the supplier.
Test: Time of Supply - Question 10
What is the time of supply for interest, late fee, or penalty added as an additional consideration for supplies made?
Detailed Solution for Test: Time of Supply - Question 10
The time of supply for interest, late fee, or penalty added as an additional consideration for supplies made is the date on which the supplier receives such additional consideration.
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