Time of supply (TOS) and Value of supply (VOS)

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Chapter 5

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Time of supply of service for the supply of taxable service upto Rs.1,000 in excess of the amount indicated in the taxable invoice:

10 points

a. At the option of the supplier – Invoice date or date of receipt of consideration

b. Date of issue of invoice

c. Date of receipt of consideration

d. Date of entry in the books of account

Clear selection

What is the time of supply of service if the invoice is not issued within 30 days from the date of provision of service?

10 points

a. Date of issue of invoice

b. Date on which the supplier receives payment

c. Date of provision of service

d. Earlier of (b) & (c)

Clear selection

What is time of supply of goods liable to tax under reverse charge mechanism?

10 points

a. Date of receipt of goods

b. Date on which the payment is made

c. Date immediately following 30 days from the date of issue of invoice by the supplier

d. Earlier of (a) or (b) or (c)

Clear selection

In case of taxable supply of services, invoice shall be issued within a period of __________ from the date of supply of service.

10 points

a. 30 days

b. 45 days

c. 60 days

d. 90 days

Clear selection

What is the time of supply of vouchers when the supply with respect to the voucher is identifiable?

10 points

a. Date of issue of voucher

b. Date of redemption of voucher

c. Date of entry in books of accounts

d. Earlier of (a) or (b) or (c)

Clear selection

Date on which the supplier receives the payment as per section 12 of CGST Act is

10 points

a. Date entered in books of accounts

b. Date of credit in bank account

c. Date entered in books of accounts or date of credit in bank account, whichever is earlier

d. Date on which receipt voucher is issued by supplier

Clear selection

Mr.A supplies goods worth Rs.24,300 to Mr.B and issues an invoice on 25th July. Mr.B pays Rs.25,000 on 30th July against such supply of goods. The excess Rs.700 (being less than Rs.1,000) is adjusted in the next invoice for supply of goods issued on 5th August. The time and value of supply:

10 points

a. Rs.25,000 – 30th July

b. Rs.24,300 – 25th July and for Rs.700 – 30th July

c. Rs.25,000 – 25th July

d. Rs.24,300 – 25th July and for Rs.700 – 5th August

Clear selection

The value of supply should include:

10 points

a. Any non-GST taxes, duties, cesses, fees charged separately by supplier

b. Interest, late fee or penalty for delayed payment of any consideration for any supply

c. Subsidies directly linked to the price except subsidies provided by the Central and State Governments

d. All of the above

Clear selection

Where the goods being sent or taken on approval for sale or return are removed before the supply takes place, the invoice shall be issued:

10 points

a. before/at the time of supply

b. 6 months from the date of removal

c. Earlier of (a) or (b)

d. None of the above

Clear selection

Discount given after the supply is deducted from the value of taxable supply, if –

10 points

a. Such discount is given as per the agreement entered into at/or before the supply

b. Such discount is linked to the relevant invoices

c. Proportionate input tax credit is reversed by the recipient of supply

d. All of the above

Clear selection

What is the time of supply of service in case of reverse charge mechanism?

10 points

a. Date on which payment is made to the supplier

b. Date immediately following 60 days from the date of issue of invoice

c. Date of invoice

d. Earlier of (a) and (b)

Clear selection

What is the time of supply of service where services are received from an associated enterprise located outside India?

10 points

a. Date of entry of services in the books of account of recipient of service

b. Date of payment

c. Earlier of (a) & (b)

d. Date of entry of services in the books of the supplier of service

Clear selection

Value of services rendered is Rs.1,00,000. Date of issue of invoice is 5th August. Advance received is Rs.25,000 on 20th June. Balance amount received on 7th August. Time of supply for Rs.1,00,000:

10 points

a. Rs.1,00,000 – 5th August

b. Rs.1,00,000 – 20th June

c. Rs.25,000 – 20th June and Rs.75,000 – 5th August

d. Rs.25,000 – 20th June and Rs.75,000 – 7th August

Clear selection

Which of the following shall not be included in value of supply?

10 points

a. GST

b. Interest

c. Late fee

d. Commission

Clear selection

Which of the following statement(s) is/are correct?

10 points

a. Section 15 of CGST Act prescribes different provisions for valuation of goods and services

b. CGST Act and IGST Act have different provisions for valuation of supply

c. Section 15 of CGST Act prescribes same set of provisions for valuation of goods and services

d. (a) and (b)

Clear selection

Time of supply of goods under CGST Act,2017

10 points

a. Date of issue of invoice

b. Date of receipt of consideration by supplier

c. Date of dispatch of goods

d. Earlier of (a) & (b)

Clear selection

What is the time of supply of service if the invoice is issued within 30 days from the date of provision of service?

10 points

a. Date of issue of invoice

b. Date on which the supplier receives payment

c. Date of provision of service

d. Earlier of (a) & (b)

Clear selection

In case of taxable supply of services by an insurer, invoice shall be issued within a period of __________ from the date of supply of service.

10 points

a. 30 days

b. 45 days

c. 60 days

d. 90 days

Clear selection

When can the transaction value be rejected for computation of value of supply?

10 points

a. When the buyer and seller are related and price is not the sole consideration

b. When the buyer and seller are related or price is not the sole consideration

c. It can never be rejected

d. Both (a) and (b)

Clear selection

What is the time of supply of vouchers when the supply with respect to the voucher is not identifiable?

10 points

a. Date of issue of voucher

b. Date of redemption of voucher

c. Date of entry in books of accounts

d. Earlier of (a) or (b) or (c)

Clear selection

In case of continuous supply of services, where due date of payment is not ascertainable from the contract, invoice shall be issued:

10 points

a. before or at the time when the supplier of service receives the payment

b. on or before the due date of payment

c. Either (a) or (b)

d. None of the above

Clear selection

Value of supply under section 15 is:

10 points

a. Wholesale price

b. Market value

c. Maximum retail price

d. Transaction value

Clear selection

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