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Answer will be (A).
Only case where a transaction is treated as Supply even not in course or furtherance of business is import of service for consideration.
Logic -
Statement 1 - Security is neither goods nor service. But arranging or facilitating transaction in security is included in definition of service as per the latest Amendment. Hence statement 1 is incorrect.
Statement 2 - Refer schedule I of CGST Act.
Answer is (B).
See, motive of these MCQs is not to give a false sense of achievement. Rather it is to honestly measure our performance. People suggest me to give easy MCQs, however I will be failing in my duties if I do so.
Which of the following is not a supply as per section 7 of the CGST Act?
Statement 1: Facilitating transactions in securities is treated neither as goods nor as service.
Statement 2: An agent who issues invoice on behalf of Principal in his own name is treated as agent for the purpose of schedule I.
State the correct answer.
Congratulations to all those who attempted it. Correct or incorrect is part and parcel which we will improve over a period of time. All the best😊👍
In this case, answer is (C). Glad that 55% students have answered it correctly.
Dear Students, answer is (D).
Let me explain, its very important to read all options as many times there are more than 1 correct answer and we have to choose the most appropriate one. In this case, most appropriate answer is (D). Plz refer schedule II of CGST Act, 2017.
As per the CGST Act, 2017, business includes
a. Adventure not for pecuniary benefit
b. Any activity undertaken by a CG, a SG or any local authority in which they are engaged as public authorities Select the correct answer from the options given below
Any job work carried out by a job worker on another person’s goods shall be treated as ________.
From today onwards, everyday we will post two MCQs chapter wise. Today and tomorrow we will post MCQs on 'Supply under GST'. Participate and measure your preparedness every day😊😊 All the best👍👍
It's fully amended for Nov exams incorporating 55 page amendments issued by ICAI. Six months validity, 2 views, hard copy of book and MCQs delivered at your address😊😊
Pl share. Thanks and All the best👍👍
Plz download the App, Share it and enjoy Updated ITC chapter for Nov 2019. It's FREE & Fun😊😊
Will provide complete PGBP chapter as well for FREE once 1000 downloads are completed.
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