Supply under GST includes all forms of supply such as sale, transfer, barter, exchange, and ___.

License

True or False: Import of services for consideration in the course of furtherance of business is considered a supply under GST.

True

Certain activities specified in ___ are treated as supply even if made without consideration.

Schedule I

What outlines the activities to be treated as supply of goods or supply of services under GST?

Schedule II

Fill in the blank: Activities that are neither supply of goods nor supply of services are excluded as per ___ under GST.

Schedule III

True or False: All activities that involve the exchange of goods or services are automatically considered a supply under GST.

False - Not all exchanges are considered a supply; only those defined in GST regulations are.

What is the primary factor that determines when tax liability arises under GST?

The concept of supply.

Fill in the blank: The definition of supply under GST includes rental and ___ of goods or services for consideration.

Lease

Composite supply involves two or more taxable supplies that are ___ and ___ together.

Naturally bundled and supplied

True or False: In a mixed supply, the supplies are naturally bundled together.

False. In a mixed supply, the supplies are not naturally bundled.

What determines the tax liability for a composite supply?

The tax for composite supplies is based on the principal supply.

Fill in the blank: An example of a composite supply is when goods are supplied with ___, ___, and ___.

Packing materials, transport, and insurance

True or False: In a mixed supply, the supply attracting the lowest tax rate determines the tax liability.

False. In a mixed supply, the supply attracting the highest tax rate determines the tax liability.

Mixed supply consists of two or more individual supplies made together for a ___ price.

Single

What is the key characteristic that differentiates composite supplies from mixed supplies?

Composite supplies are naturally bundled with one principal supply, while mixed supplies are not naturally bundled.

Fill in the blank: A package of canned foods, sweets, chocolates, and drinks sold for a single price is an example of a ___ supply.

Mixed

The time of supply for goods is determined by the earliest of which three events?

The date of issue of the invoice, the last date on which the invoice should have been issued, or the date of receipt of advance/payment.

True or False: The GST liability arises at the time of receipt of payment for services.

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.

Fill in the blank: For goods, the time of supply is when the supplier issues a tax invoice, or when the goods are ___ or ___ to the recipient.

Removed or made available

What is the time of supply if a supplier issues an invoice on 10th August but the service was provided on 1st August?

The time of supply is 1st August since it is the earlier event when the service was provided.

Fill in the blank: GST must be paid at the time of ___ for both goods and services.

Supply

How does the payment received in advance affect the time of supply for goods?

If payment is received in advance, the time of supply for that amount is the date of receipt of such payment.

True or False: For services, the time of supply can never be earlier than the date of invoice issuance.

False. The time of supply for services is the earlier of when services are provided or when the invoice is issued.

What happens if an advance payment for goods is received on 2nd July, but the invoice is issued on 5th July?

The point of taxation for the advance payment is the date of receipt, which is 2nd July.

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.

Provision of services