Chapter 2 - SUPPLY

Question 1

Supply under GST is defined under section _____

Answer 1

7

Question 2

Section 7 is divided in ____ parts

Answer 2

4

Question 3

how many schedules are dealt under section 7 ?

Answer 3

3

Question 4

activities which are deemed as supply even if made without consideration are listed under Schedule ___

Answer 4

I

Question 5

Activities which are neither supply of goods nor supply of services are given under Schedule ____

Answer 5

III

Question 6

Name the 3 general requirements that are needed for an activity to come under the purview of GST

Answer 6

1. it should involve SUPPLY of Goods or services or both
2. Made for a consideration
3. Made in the course or furtherance of business

Question 7

As per section 7(1)(a) supply includes all forms of supply such as STD BELL R (elaborate) made for a _________ in the _________

Answer 7

1. Sale, transfer, disposal, barter, exchange, lease, license, rental.
2. consideration
3. course or furtherance of business

Question 8

As per section 7(1)(b) supply includes ___________ made for a _______ ; ____________ in the course or furtherance of business

Answer 8

1. Import of services
2. consideration
3. whether or not

Question 9

7(1)(c) includes supply which are _______ for consideration and is read with Schedule ______

Answer 9

not made ; I

Question 10

Name the 4 activities that even if made without consideration shall be deemed as SUPPLY

Answer 10

1. permanent disposal of business assets on which ________
2. supply of G/S/B between distinct or related person
3. supply of GOODS between Agent and principal and vice versa
4. Import of services from related party or an establishment outside india in the course or furtherance of business

Question 11

Define related party

Answer 11

1.officer/director
2. partners
3. Family members*
4. controlled by same person
5. controlling same person
6. one controlled by other
7.sole distributor/Agent
8. one has 25% or more holding in both.

Question 12

if agent issues bill in the name of principal will it be deemed as supply under Schedule 1

Answer 12

NO

Question 13

classification of whether a supply is SOG or SOS is given under section _____ read with schedule _____

Answer 13

7(1A) ; II

Question 14

Goods sold on hire purchase is considered as supply of ______

Answer 14

Goods

Question 15

construction and sale of building is considered as SUPPLY if _______

Answer 15

any part of the consideration is received before issue of completion certificate.

Question 16

services by employee to employer in course of employment is ____

Answer 16

neither SOG nor SOS

Question 17

perquisites given to employee are considered as SUPPLY, true or false ?

Answer 17

FALSE - perquisites are given in course of employment to employee in return of the services provided by him.

Question 18

gifts worth up to ________ per ______ given by employer to employee is non taxable.

Answer 18

50000 ; FY;

Question 19

all actionable claims are taxed under GST; true or false ?

Answer 19

False - actionable claims other than lottery, betting and gambling are taxed under GST

Question 20

__________ supply involves more than one kind of supply made in conjunction for a single price where one of the supply is predominant.

Answer 20

Composite

Question 21

_________ supplies are supply of more than 2 kind made in conjunction for a single price but are not composite in nature

Answer 21

Mixed

Question 22

Taxability of - Composite Supply

Answer 22

taxed at the rate of principal supply

Question 23

Taxability of - Mixed Supply

Answer 23

taxed at the highest rate of the supplies in the bundle.