GST- Supply

Value of supply of goods or services or both shall be the "Transaction Value" if:

• Supplier and recipient of supply are unrelated

• Price is actually paid/ payable

• Price is sole consideration

• All of the above

Who is not deemed to be a related person for the purpose of supply?

• A family member
• A business partner
• Customers

• Sole Agent

Rule 29 deals with:

• Value of supply made or received through an agent

• Value of supply of goods or services or both based on cost

• Both of the above

• None of the above

Value of supply of goods or services where consideration is not wholly in money:

• (a) Open Market Value

• (b) Sum total of consideration in money

• Both (a) and (b)

• Either (a) or (b)

Who is considered a related person for the purpose of supply?

• Someone who is connected or associated with the supplier

• Someone who is not involved with the supplier

• Someone who is unrelated to the supplier

• Someone who is not connected or associated with the supplier

When is the "Transaction Value" not considered as the value of supply?

• When it is not the actual consideration for the supply

• When it is the actual consideration for the supply

• When it is the value of supply

• When it is not related to the supply

Value of supply of actionable claim in form of chance to win in betting, gambling or horse racing in a race club shall be:

• The amount of money received as consideration
• The cost of the betting ticket
• The total number of participants
• The value of the prize won

Determination of value in respect of second hand goods, where no ITC has been availed on first purchase:

• Selling Price of second hand goods

• Purchase Price of second hand goods

• All of the above

• Selling Price (-) Purchase Price

Value of supply of goods or services where consideration is not wholly in money:

• non-monetary consideration

• consideration in goods

• consideration in services

• consideration in kind

GST came into force in India with effect from:

• July 1, 2017
• June 1, 2017

• July 1, 2016

• July 1, 2018