CA Inter MCQs Indirect Tax – Value of Supply

CA Inter MCQs GST or IDT ( Indirect Tax ) – Practice CA Inter MCQs of Value of Supply

Question – 1

Siddharth supplied 5,000 bottles @ Rs. 100 per bottle to Viraj. The price of Rs. 100 per bottle was after including the subsidy of Rs. 10 received from Central Government i.e. the original price of the bottle was Rs.110. What shall be the value of supply in such a case ?

a. 5,00,000
b. 5,50,000
c. 4,50,000
d. None of the above




Question – 2

Where the consideration for supply of goods or services, is not wholly in monetary terms, value of such supply would be determined as per __________ CGST Rules, 2017.

a. Rule 27
b. Rule 28
c. Rule 29
d. Rule 44

Question – 3

When value for supply of goods or services or both is not determinable under any of Rules 27 to 29, then value of such supply would be ____________ as per Rule 30 of CGST Rules, 2017.

a. 110 % of the cost of production or manufacture
b. 110% of cost of acquisition of goods
c. 110% of cost of provision of such services
d. Either of the above

Question – 4

A Life Insurance Company has charged gross premium of Rs. 100 lakhs from policyholders in respect of risk cover without any investment. Compute the value of supply of insurance policy.

a. 100 lakhs
b. 25 lakhs
c. 10 lakhs
d. None of the above

Question – 5

Care Taker Life Insurance Company has charged gross premium of Rs. 300 lakhs from policyholders in which 79% is towards investment to be made on behalf of policyholders. Compute the value of supply of insurance policy, if the amount invested has not been intimated to policyholders at the time of supply of services. (Assume Insurance company does not opt for valuation in terms of Rule 32(4) of CSGT Rule, 2017)

a. 300 lakhs
b. 49.80 lakhs
c. 57 lakhs
d. 30 lakhs




CA Inter MCQs GST or Indirect Tax

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