Top 50+ Solved Value of Supply MCQ Questions Answer

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Q. Discount given after the supply is deducted from the value of taxable supply, if –

a. such discount is given as per the agreement entered into at/or before the supply

b. such discount is linked to the relevant invoices

c. proportionate input tax credit is reversed by the recipient of supply

d. all of the above

  • d. all of the above
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Q. When deductions are allowed from the Transaction Value?

a. Discount offered to customers subject to conditions

b. Freight charges

c. Incidental expenses

d. Amount paid by customer on behalf of the supplier.

  • a. Discount offered to customers subject to conditions
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Q. Determine the value of taxable supply as per Section 15 of the CGST Act; 2017 :Contracted sale price of goods (including CGST and SGST @5%) 10,56,000 The contracted sale price includes the following elements of cost: (i) Cost of drawings and design 5,000 (ii) Cost of primary packing 2,000 (iii) Cost of packing at buyer’s request 4,000 (iv)Fright and insurance from ‘place of removal’ to buyer’s premises 43,000 A discount of 6,000 was given by the supplier at the time of supply of goods. CGST and SGST is levied @ 5%.

a. 10,56,000

b. 10,50,000

c. 10,00,000

d. 11,10,000

  • c. 10,00,000
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