Indirect Tax Laws - November 2024

Chirag imported a machine from China at % 100 lakh in May, 2023 on payment of all duties of customs. The said machine was exported (sent back) to the supplier for repairs in August, 2023 and re-imported without any remanufacturing or reprocessing in March, 2024 after repairs as per the terms of warranty. The repairs were carried out free of cost but 50% of the cost of material was to be borne by Chirag. Following details are available in relation…

The proper officer issued show cause notice on 25" February, 2024 demanding the penalty for late deposit of tax on escaped supply relating the month of August, 2023. Note: All amounts given above are exclusive of taxes, wherever applicable. All supplies are intra-State and chargeable to GST @ 9% each under CGST and SGST. From the information given above, choose the most appropriate answer for the following Q Nos. 4 to 9 with reference to GST law: 4. Amount of…

During the month of April, 2024, Pukhraj Gupta provided the following outward Supplies: Particulars Amount (%) Taxable supply of goods 4,00,000 Insurance agent service to Samta Insurance Company 30,000 registered under GST Interest received for late payment from various customers 10,000 Recovery agent service to Vipul Limited, a trader of goods 40,000 Security and housekeeping service provided to Bachpan School 50,000 (upto higher secondary), an unregistered person under GST, at its Annual Day function held at Vallabh Convention centre being…

13. What is the aggregate turnover of the financial year 2023-2024 under section 2(6) of the CGST ACT 2017? A. ₹1,45,90,000 B. 1,45,50,000 C. ₹1,43,50,000. D. ₹1,43,90,000 (2 Marks) 14. What is the place of supply in respect of transaction with Perfect Wedding organization Planner? A. Mumbai for both the event B. Karnataka for both the event C. For Pre-wedding- Mumbai and for marriage and reception- Paris D. Japan for both the event (2 Marks) 15. Which of following outward…

All the conditions necessary for availing the ITC have been fulfilled. There was no opening balance of any input tax credit. Compute the minimum net GST payable in cash by Sachha and Sudh Limited for the month of April, 2024 by considering that company wants to pay minimum amount of SGST as far as possible legally. Working notes and correct provision of law for each point should form the part of your answer along with applicable provisions of place of…