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Supply under GST includes all forms of supply such as sale, transfer, barter, exchange, and ___. |
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True or False: Import of services for consideration in the course of furtherance of business is considered a supply under GST. |
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Certain activities specified in ___ are treated as supply even if made without consideration. |
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What outlines the activities to be treated as supply of goods or supply of services under GST? |
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Fill in the blank: Activities that are neither supply of goods nor supply of services are excluded as per ___ under GST. |
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True or False: All activities that involve the exchange of goods or services are automatically considered a supply under GST. |
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False - Not all exchanges are considered a supply; only those defined in GST regulations are. |
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What is the primary factor that determines when tax liability arises under GST? |
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Fill in the blank: The definition of supply under GST includes rental and ___ of goods or services for consideration. |
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Composite supply involves two or more taxable supplies that are ___ and ___ together. |
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True or False: In a mixed supply, the supplies are naturally bundled together. |
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Fill in the blank: An example of a composite supply is when goods are supplied with ___, ___, and ___. |
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True or False: In a mixed supply, the supply attracting the lowest tax rate determines the tax liability. |
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False. In a mixed supply, the supply attracting the highest tax rate determines the tax liability. |
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Mixed supply consists of two or more individual supplies made together for a ___ price. |
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What is the key characteristic that differentiates composite supplies from mixed supplies? |
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Composite supplies are naturally bundled with one principal supply, while mixed supplies are not naturally bundled. |
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True or False: The GST liability arises at the time of receipt of payment for services. |
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False. The GST liability arises at the time of supply, which is when the services are provided or when the invoice is issued, whichever is earlier. |
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What is the time of supply if a supplier issues an invoice on 10th August but the service was provided on 1st August? |
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The time of supply is 1st August since it is the earlier event when the service was provided. |
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Fill in the blank: GST must be paid at the time of ___ for both goods and services. |
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If payment is received in advance, the time of supply for that amount is the date of receipt of such payment. |
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True or False: For services, the time of supply can never be earlier than the date of invoice issuance. |
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False. The time of supply for services is the earlier of when services are provided or when the invoice is issued. |
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What happens if an advance payment for goods is received on 2nd July, but the invoice is issued on 5th July? |
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The point of taxation for the advance payment is the date of receipt, which is 2nd July. |
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The time of supply for services is determined by the earliest of the following: the date of issue of invoice, date of receipt of advance/payment, and the date of ___ if the invoice is not issued within the prescribed period. |