BUISENESS MANAGEMENT
TAXES
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Price of the goods
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Packing charges of the goods
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Municipal tax
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All of the above
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Detailed explanation-1: -Value of Supply = (Monetary Consideration + In-kind Consideration)-GST on Total Consideration Note: The value of supply includes cess, billable expenses, subsidies, penalties, and all taxes except GST (and any other charges that may or may not be included in the price of the goods and services supplied).
Detailed explanation-2: -Transaction value is the price actually paid(or payable) for the supply of goods/services between un-related parties (i.e., price is the sole consideration) The value of supply under GST shall include: Any taxes, duties, cess, fees, and charges levied under any act, except GST.
Detailed explanation-3: -Sale of goods or service even as a vocation is a supply under GST. Therefore, even if a famous politician paints paintings for charity and sells the paintings even as a one-time occurrence, the sale would constitute Supply.