Tax Mohalla - Tax by KK

Section 35 of the CGST Act specified that every registered person shall keep and maintain true and correct accounts and records of a. Inward supplies - Value and Taxes b. Outward supplies - Value and Taxes c. Stock of goods - whether as supplier of goods or services d. ITC claimed and availed e. Output tax collected and paid Besides it also requires operator of warehouse or transporter who are unregistered to keep and maintain accounts and records of goods in transit and stored, details of consignor and consignee. Also if aggregate turnover for FY 2018-19 exceeds Rs. 5 Cr it shall get GST audit from a CA/CMA and furnish reconciliation statement in GSTR 9C. We have made GST MCQ which are best for revision.

As per Schedule III of CGST Act 2017 there are certain transactions which are treated as NO SUPPLY. If a transaction is no supply there is no question of taxable or exempt supply. Few examples are a. Sale of land b. Sale of building after completion of construction c. High seas sales. d. Bonded warehouse sale e. Supply of services by employee to employer in the course of employment. f. Court services If a transaction is treated as NO SUPPLY then value of such transaction is not a part of aggregate turnover.

GST return is first document where all transactions undertaken by supplier is complied in a specified form and submitted to www.gst.gov.in. The department on the basis of GST return can make assessment, inquiry, inspection, investigation and search and seizure. Few specific GST returns which are specified are: GSTR 1: Statement of outward supplied GSTR 3B: Summary return GSTR 4: Annual return for composition supplier GSTR 5: Non resident taxable person (NRTP) GSTR 5A: OIDAR GSTR 6: Input service distributor CMP 08: Payment of tax by composition supplier GSTR 9: Annual return GSTR 9A: Annual return for composition supplier GSTR 9B: Statement by E-Commercer operator GSTR 9C: Reconciliation statement GSTR 10: Final Return GSTR 11: Return filed by UIN

Section 9(1) creates levy where | GST certificate course | it says that where a taxable person makes taxable supply then | GST Training | supplier shall pay GST. But there are few specific supplies provided under section 9(3) where it | CA Final IDT | says in case of supply of goods or services or both recipient https://imojo.in/gstmobi | CS Professional Tax | shall pay GST instead of supplier. In those cases where supply falls in reverse charge supplier shall not get itself registered in GST instead as per section 24 of CGST Act recipient shall compulsorily get itself registered. #Reverse_charge_on_services: a. Import of service b. GTA c. Directorship service d. Renting of motor vehicle e. Insurance agent service f. Legal service g. Security service h. Sponsorship service i. Royalty service j. Govt services to business entity #Reverse_charge_on_goods a. Cashew nuts supplied by Agriculturist b. Bidi wrapper supplied by Agriculturist c. Tobacco leaves supplied by Agriculturis...

#Job work has been back bone of | best teacher for idt ca final | Indian industry and GST on Job work has been difficult to understand and more difficult to implement. #GSTITC04 has not seen light of the day. Lawyers, . | GST Certification course | Chartered accountants and like professionals are grappling with this issue. Let us understand in a very simple way. A #principal is registered who sends goods to a | GST Training | registered or unregistered job worker. This transaction is not a supply. Therefore goods cannot move through invoice. And goods need to come back to the place of business of principal and if principal wish it can supply from job worker's place. And how this all has been executed. Principal shall move goods through job work challan and eway bill is compulsory if there is inter state movement of goods from principal to job worker of any consignment value. As a student of CA, as a student of CS, as a student of CMA, as a student being an accountant,...

#E_ way bill is required for the #movement of goods | best teacher for idt ca final | from the place of business to any other | GST Certification course | place whether by reason of #supply or otherwise. The purpose of E way bill is to stop menace of fake invoice. E way bill is compulsory if consignment value of goods is minimum Rs. 50,000. However there are few State who have raised this limit to Rs. 1,00,000. But for job work inter state movement of goods e way bill is compulsory for any consignment value of goods. We truly believe that any GST student who are looking for giving exam of CA, CS, CMA or GST practitioner exam then this is the No 1 GST MCQ of India.

#GST Invoice is the the most basic document which evidences the | best teacher for idt ca final | transaction between gst supplier and gst recipient. | GST Certification course | The basic content of gst invoice is provided in #Rule 46 of CGST Rules. As per Rule 46 it should contain GSTN of supplier and if recipient is gst registered then it's #GSTN . It should also contain taxable value and amount of CGST, SGST, IGST and cess. IT should also contain date and serial no of invoice. GST invoice should be issued on time i.e. in case of supply of goods before removal of goods and in case of services within 30 days of completion of service. This GST mcq marks booster shall help you prepare the full GST Invoice chapter. Get a all India top CA rank

As per section 15 of CGST Act, 2017 your GST invoice | best teacher for idt ca final | value shall be accepted if transaction is between unrelated party | GST Certification course | and price is the sole consideration otherwise value shall be determined as per valuation rules. Rule 27 to 35 as per CGST Rules 2017. How to check the GST learned by you or GST studied by you is upto date or not. One of the place is to check by applying your GST knowledge to GST MCQ. As a GST student after many many GST readings you may tend to miss very important GST point. You might be a GST practitioner or CA student or CS student or CMA student it does not matter. Most of the chartered accountant or GST faculty might fail. But when applied to GST MCQ your fault may come out. But for all this you need to practice the best GST MCQ in the industry. This GST MCQ which your seeing on the screen is the BEST. These GST are made by eminent Author CS K K Agrawal who is ICAI and ICSI tax faculty.

Determination of place of supply u/s 12 of IGST Act is applicable only when location of supplier and location of recipient are both in India. In general place of supply is the registered place of recipient. But where recipient is not registered then place of supply is address on record of recipient. If address on record is not available then place of supply is location of supplier.

Section 10 : Domestic movement of goods. Section 11 : Export or import of goods In both the above case place of supply is destination of goods. In section 10(1)(b) which talks about bill to ship to transaction where three parties are involved. Suppose Part A order to Party B to deliver the goods to Party C. In this case Party B shall bill to Party A and deliver the goods to Party C and in turn Party A shall bill to Party C. In this case also place of supply is ultimately destination of goods.

Where conditions of Section 7 is satisfied the supply is inter state supply. Where conditions of section 8 is satisfied supply is intra state supply. In general if location of supplier and place of supply is in different State or in one State another UT or in different UT it is inter state supply. Where as if location of supplier and place of supply is in same state or in same UT then it is intra state supply. But in certain cases irrespective of location of supplier and place of supply it is always treated as inter state supply. a. Supply to and from SEZ b. In India to outside India

OIDAR service is that service where payment is automatic and delivery of service is also automatic. OIDAR is located in non taxable territory. For e.g. a. Buying of e books where as soon as the payment is made e book is downloaded to your device. b. Buying of domain name c. Advertising in facebook or google d. Buying of music online But where delivery is not automatic then such supply is not OIDAR service. OIDAR service supplying service in India to Non Taxable online recipient then OIDAR shall get itself registered in GST and pay GST on forward charge. But where OIDAR is supplying service to registered person then it is import of service and tax is payable on reverse charge basis.

Zero rated supply is a taxable supply where both inward supply is taxable and outward supply is also taxable. But the only difference is that in zero rated supply Govt. shall refund all the taxes both levied on inward supply or outward supply. Zero rated supply is of two types a. Export of goods or services b. Supply to SEZ unit or to SEZ developer

Schedule II supply in CGST Act, 2017. The purpose of Schedule II is to classify supply into supply of goods or supply of services. S II do not determine the taxable event which is supply. S II can classify a single supply of goods into supply of services or single supply of services into supply of goods. Similarly in case of bundled supply of goods or services. If classification of schedule II is not applicable then we look into section 8. Classification by composite supply or mixed supply.

Are you looking for not just an mcq but also which can make you prepare and revise entire GST. This mcq is designed for just that purpose only. Section 13 of IGST Act, 2017 is about determination of place of supply where either location of supplier or location of recipient is outside India or both are outside India. As per default rule place of supply is location of recipient is address of recipient is available in the ordinary course of business. But if not available then place of supply is location of supplier.