CA Inter Knowledge Portal

2nd GST Question for Today:- Determine the cases in which ITC will not be available amongst the following (i) A software professional providing technical consultancy buys a motorcycle for use of his employee. (ii) A motor driving school buys a car for being used in imparting motor driving training. (iii) A flying school imports an aircraft for use in its training activity. (iv) A manufacturer buys a small truck for the purpose of transporting its inputs and finished goods. Input tax credit cannot be taken on: (a) (iii) (b) (i), (ii), (iii), (iv) (c) (i) (d) (i), (iii)

Law Question for Today:- Sapan and Sanjay made a name reservation application accompanied by requisite fee to the Registrar for forming a new private company. The Registrar accorded its approval for reservation of most preferred name Sapanjay Softwares Private Ltd. on 6th July, 2018. In how many days, necessary documents for incorporation of the company must be submitted to the Registrar so that the reserved name does not get lapsed. a) Within 10 days from the date of approval b) Within 20 days from the date of approval c) Within 45 days from the date of approval d) Within 60 days from the date of approval

GST Question for Today:- Mr. Deepak has been registered as composition dealer in State of Haryana since 15th April 2023, when he got registered under GST law. On 18th July 2023, he imported services from California for which he paid Rs. 5,00,000 as consideration. Which of the following statements is correct in the given case:- a) Mr. Deepak is ineligible for composition scheme since he has made an Inter-State procurement of services b) Mr. Deepak is eligible for composition scheme and he has to pay tax @1% under reverse charge on import of services c) Mr. Deepak is eligible for composition scheme but he will have to pay tax @18% under reverse charge on import of services d) Mr. Deepak is eligible for compositions scheme. Further, reverse charge will not apply in his case since he is not a normal taxpayer

Law Question for Today:- Which of the following is not an Immovable Property (as per the provisions of the General Clauses Act, 1897): a) Land b) Building c) Timber d) Machinery permanently attached to the land

2n GST Question for Today:- Which of the following statements is correct for a tax payer who has opted for composition scheme? a) A registered person supplying goods/services under the composition scheme shall issue a bill of supply. b) Last date for payment of liability towards tax, interest, penalty, fee or any other sum is 20th day of each month. c) A composition dealer shall be required to file GSTR-1 and GSTR-3B on monthly basis. d) A composition dealer has an option to file GSTR-3B on quarterly basis, however tax payment has to be made on monthly basis upto 25th of next month

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Law Question for Today:- As per the Negotiable Instruments Act, 1881, when the day on which a promissory note or bill of exchange is at maturity is a public holiday, the instrument shall be deemed to be due on the…….. . a) said public holiday b) 5 days succeeding public holiday c) next succeeding business day d) next preceding business day

GST Question for Today:- In which of the following situations E-way bill will not be required? I) When the goods valuing INR 55,000 are transported using bullock cart ii) When the goods are transported from the customs port, airport, air cargo complex and land custom station to an inland container depot or a container freight station for clearance by customs. Goods value – INR 2,00,000/- iii) When the goods being transported are alcoholic liquor for human consumption, petroleum crude, high speed diesel iv) When empty cargo containers are being transported a) i b) i,ii c) i,ii,iii d) I, ii, iii and iv

Law Question for Today:- A had to travel to a different town for 5 days. He left his cow in the custody of B so that she can be taken care of. After two days the cow delivers a calf. Now, B has to return to A: a) Only the cow b) Only the calf c) Both the cow and the calf d) Either the cow or the calf

GST Question for Today:- Kidzee Ltd., a wholesaler of toys registered in Chandigarh, is renowned in the local market for the varieties of toys and their reasonable prices. Kidzee Ltd. makes supply of 100 pieces of baby’s learning laptops and chat learning phones to Nancy General Store on 25th September, 20XX by issuing a tax invoice amounting to Rs. 1,00,000. However, the said toys were returned by Nancy General Store on 30th September, 20XX. Which document Kidzee Ltd. is required to issue in such a case? (a) Debit Note (b) Refund voucher (c) Credit note (d) Payment voucher

GST Question for Today:- Mr. X (whose aggregate turnover in preceeding FY exceeds Rs. 5 Crore) has an output tax liability of Rs. 1,00,000 for the month of April 2023. He has also claimed ITC of Rs. 60,000 for the same month. Mr. X filed his GSTR-3B on 2nd June 2023 and discharged the remaining Rs. 40,000 through cash ledger. Which of the following statements is true with regard to interest u/s 50 a) Interest is charged @18% on Rs. 40,000 from 21st May till 2nd June b) Interest is charged @18% on Rs. 1,00,000 from 21st May till 2nd June c) Interest is charged @18% on Rs. 40,000 from 1st May till 2nd June d) Interest is charged @18% on Rs. 1,00,000 from 1st May till 2nd June