Mr. Pankaj of Delhi supplied goods to Mr. Krishna of Delhi for ` 1 lakh, on which total GST was charged @ 12%. Mr. Krishna, after purchase of goods, added 20% margin of profit (on cost) and sold the entire goods to Mr. Ravi of Delhi. The total amount of tax payable after claiming input tax on such transaction by Mr. Krishna is:

Related MCQs

• Section 2(62) of the CGST Act, 2017 specifies input tax in relation to a registered person to mean Central Tax, State Tax, Integrated Tax or Union Territory Tax charged on any supply of goods or services or both and also include: (i) Integrated goods and services, tax charged on import of goods (ii) Tax under the provisions of section 9(3) and 9(4) (iii) Tax paid under composition levy (iv)Tax under Union Territory Goods and Services Tax Act
• Patel of Surat, Gujarat supplied good to Patil of Mumbai, Maharashtra for ` 1,20,000 (excluding GST) but after adding 30% profit margin (on cost). Patil is also a taxable person. IGST rate is 18%. The amount of input tax credit that can be availed and the maximum time limit for availing such input tax credit by Patil of Mumbai, Maharashtra as per CGST Act, 2017 is
• Mr. Bala has made supply (within State) of taxable goods to the tune of ` 17 lakh, export supplies of ` 3 lakh and intra-State supply of exempt services of ` 4 lakh. His aggregate turnover as per section 2(6) of the CGST/ SGST Act, 2017 is
• ABC Ltd. of Mumbai supplied goods to XYZ Ltd. of Delhi under a contract for the goods to be delivered at the factory of the buyers. Goods removed from the factory of ABC Ltd. on 9-8-2019 and were delivered in the factory of XYZ Ltd. of Delhi on 16-8-2019. Invoice for the suppliers was raised by ABC Ltd. on 18-8-2019. Payment of the bill was received on 20-9-2019. The time of supply in this case under GST be taken as
• In relation to a registered person, input tax means the Central tax, State tax, Integrated tax or Union Territory tax charged on any supply of goods or services or both made to him and includes
• Mr. Richard, a trader in Delhi has opted for composition scheme of taxation under GST. Determine the rate of total GST payable by him under composition scheme:
• Where the supplier of taxable goods receives an amount upto in excess of the amount indicated in the tax invoice, the time of supply to the extent of such excess amount shall, at the option of the said supplier, be the date of issue of invoice in respect of such excess amount.
• Mr. Arun, a registered supplier, is engaged in selling sweets. The sweets are sold in boxes and the cost of each sweet box is ` 500. In order to increase his turnover, he purchased certain juice cans @ ` 20 each and added juice can with every sweet box as a gift. A sweet box along with free juice can is sold at ` 500 each. Which of the statements is correct ?
• Which of the following services are notified under section 9(3) of CGST Act, 2017 or section 5(3) of IGST Act, 2017 the tax on which shall be paid on reverse charge basis by the recipient of such supply ? (i) Supply of security services provided by a person other than a body corporate to a composition tax payer (ii) Services supplied by an insurance agent to insurance company located in taxable territory (iii) Supply of services by way of renting of hotel accommodation through e-commerce operator. (iv)Supply of notified categories of goods or services or both by a supplier, who is not registered, to specified class of registered persons. Choose from the following options :
• There was increase in tax rate from 20% to 24% w.e.f. 1.9.2019. Which of the following rate is applicable if the supplier has opted for composition levy and invoice was issued after change in rate of tax in September, 2019 but payment received, and goods supplied in August, 2019 :