CA Inter May 25 Suggested Answers | Taxation
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Table of Contents
CA Inter Jan 25 Suggested Answer Other Subjects Blogs :
Case Scenario – I:
Mr. Satya (aged 59 years) is a resident Indian, opting for optional tax regime of the Income-Tax Act, 1961 and provides following information for the A.Y. 2025-26:
(i) Profit from specified business (eligible for deduction u/s 35AD) is ₹ 6,00,000.
(ii) Loss from trading of equity shares ₹ 50,000 and from trading of commodity derivatives ₹ 75,000.
(iii) Taken loan of ₹ 40 Lakh from State Bank of India for purchasing a house of stamp duty value of ₹ 42 Lakh in January 2022. He has let out this house in February 2024 for rent of ₹ 15,000 per month. He has paid ₹ 1,60,000 against principal and ₹ 4,40,000 against interest during the previous year 2024-25.
(iv) Loss from betting on horse races ₹ 25,000.
Based on the above information, answer the following MCQ No. 1 to 3 for the assessment year 2025-26.
1. Compute total income of Mr. Satya for the assessment year 2025-26.
(A) ₹ 61,000
(B) ₹ 3,25,000
(C) ₹ 1,25,000
(D) ₹ 2,11,000
2. Which statement is correct in respect of losses to be carried forward in next assessment years?
(A) Loss from trading of equity shares of ₹ 50,000 and loss from betting on horse races of ₹ 25,000 for 8 years
(B) Loss from trading of equity shares of ₹ 50,000 and loss from trading of commodity derivatives of ₹ 75,000 for 4 years
(C) Loss from trading of equity shares of ₹ 50,000 for 4 years and loss from betting on horse races of ₹ 25,000 for 8 years
(D) Loss from trading of equity shares of ₹ 50,000 for 4 years
3. What shall be the gross total income in the hands of Mr. Satya?
(A) ₹ 6,00,000
(B) ₹ 4,00,000
(C) ₹ 3,25,000
(D) ₹ 3,00,000
Solution:
4. On 18th June, 2024, unexplained money of ₹ 30 lakhs u/s 69A was detected of Mr. Mahesh. Expenses of ₹ 10 lakhs were incurred to earn the income. He has also a brought forward business loss of ₹ 4,00,000. Amount of income tax payable by Mr. Mahesh on such income shall be –
(A) ₹ 23,40,000
(B) ₹ 9,36,000
(C) ₹ 12,48,000
(D) ₹ 15,60,000
5. Mr. Shivam, a resident individual, has made following payments to M/s ABC Ltd. to purchase overseas tour programme packages:
(i) ₹ 4 lacs on 18-05-2024 to visit New York, USA.
(ii) ₹ 5 lacs on 11-03-2025 to visit London, UK.
Compute the amount of tax required to be collected u/s 206C(1G) by M/s ABC Ltd. assuming Mr. Shivam has furnished a valid PAN.
(A) On 18-05-2024: Nil, On 11-03-2025: ₹ 10,000
(B) On 18-05-2024: ₹ 20,000, On 11-03-2025: ₹ 1,00,000
(C) On 18-05-2024: ₹ 20,000, On 11-03-2025: ₹ 55,000
(D) On 18-05-2024: Nil, On 11-03-2025: ₹ 40,000
Case Scenario – II :
Mr. Gopal (aged 33 years) is a resident individual sold one of his residential house properties for ₹ 60,00,000 on 31.08.2024 which was purchased on 14.10.2021 in ₹ 45,00,000. His old tenant paid him rent in arrear for the above said property on 12.11.2024 amounting to ₹ 75,000 which was treated as unrealized rent by Mr. Gopal during earlier years. He purchased a residential plot on 08.12.2024 for ₹ 5,00,000 but no construction was started till date although he earned ₹ 30,000 as rent from this plot in the last quarter of previous year 2024-25. Mr. Gopal is opting for default taxation regime under section 115BAC of Income-Tax Act, 1961.
Cost of Index for P.Y. 2024-25: 363 and P.Y. 2021-22: 317
Based on the above information, answer the following MCQ No. 6 to 8 for the assessment year 2025-26.
6. Compute income from house property in the hands of Mr. Gopal.
(A) ₹ 75,000
(B) ₹ 1,05,000
(C) ₹ 73,500
(D) ₹ 52,500
Solution:
7. Assuming Mr. Gopal has no other income, his total tax liability shall be –
(A) ₹ 1,30,940
(B) ₹ 44,670
(C) ₹ 1,76,180
(D) ₹ 1,02,340
Solution:
8. Determine income from capital gains and exemption available to Mr. Gopal for purchasing residential plot considering benefit of the assessee.
(A) Long-term capital gain of ₹ 15,00,000 after no exemption.
(B) Long-term capital gain of ₹ 8,47,003 after no exemption.
(C) Long-term capital gain of ₹ 3,47,003 after claiming exemption of ₹ 5,00,000 u/s 54.
(D) Long-term capital gain of ₹ 12,00,000 after claiming exemption of ₹ 5,00,000 u/s 54.
Solution:
Case Scenario – III :
Raj Enterprises, a partnership firm registered under GST is engaged in the sale of both taxable and exempt goods and services in Bhubaneswar, Odisha. On 20-03-2024 it entered into a contract of providing painting services to one of its client for his office. The value of the whole contract was pre-decided for ₹ 2,00,000. The due date to complete contract was estimated to be 20-04-2024. However, due to some dispute with the client painting service was stopped abruptly on 31-03-2024. Only 60% of work was completed upto 31-03-2024.
Raj Enterprises received a new order from Mr. Mathur of Kerala on 25-04-2024 for supply constituting both taxable and exempt goods. He sold goods amounting ₹ 55,000 out of which goods worth ₹ 10,000 was exempt. The value of exempt goods is separately mentioned in the invoice and both goods are independent to each other. Applicable Rate of IGST was 12%. He issued a single invoice in respect of both taxable and exempt supply of goods.
The accountant of the firm advised the firm that the requirement of e-way bill is based on the requirement of consignment value of goods supplied.
The firm had received a GST refund of ₹ 50,000, which was sanctioned by the department erroneously and credited to cash ledger of the firm. An interest of ₹ 1,100 was also payable by the firm owing to the late payment of GST for previous tax periods. The firm’s output tax liability for the month of April 2024 is ₹ 2,50,000 including output tax liability, if any, on the above-mentioned transactions. The opening balance lying in the electronic credit ledger of the firm was ₹ 2,60,000 and the opening balance of Electronic Cash ledger was ₹ 70,000. All the amounts given above are exclusive of GST wherever applicable.
9. Consignment value of goods supplied to Kerala to Mr. Mathur, in order to determine applicability of issue of e-way bill, is
(A) ₹ 61,600
(B) ₹ 55,000
(C) ₹ 45,000
(D) ₹ 50,400
Solution:
10. Remaining Balance of Electronic Credit ledger and Electronic Cash ledger after filing return of April, 2024 will be
(A) ₹ 10,000 and ₹ 18,900
(B) NIL and ₹ 28,900
(C) ₹ 8,900 and ₹ 20,000
(D) ₹ 28,900 and NIL
Solution:
11. The due date of issuance of invoice and the value of such invoice issued for work contract is:
(A) 18-04-2024 and ₹ 2,00,000
(B) 31-03-2024 and ₹ 2,00,000
(C) 31-03-2024 and ₹ 1,20,000
(D) 30-04-2024 and ₹ 1,20,000
Solution:
12. Aggregate turnover of Techno India Private Limited, a registered person, is ₹ 800 crore.
Which of the following statements is correct in respect of QR Code?
(A) Invoices issued are required to have QR Code irrespective of whether it is issued against B2B supply, B2C supply, export supply or supply to Government Department.
(B) QR Code is required for Invoices issued for B2B supply, Export Supply and Supply to Government Department but not for B2C supply.
(C) QR Code is required for Invoices issued for B2B supply, B2C supply, Export Supply but not for Supply to Government Department.
(D) QR Code is required for Invoices issued for B2B supply, B2C supply and Supply to Government Department but not for Export Supply.
Solution:
13. Mr. Arun, a registered person, is del-credere agent (DCA) of Udhay Limited and AST Limited. Mr. Arun reported following transactions for the month of October 2024:
(i) Sale of Goods of Udhay Limited in DCA Capacity for ₹ 4,50,000 (Invoices are issued in the name of Udhay Limited)
(ii) Sale of Goods of AST Limited in DCA Capacity for ₹ 2,20,000 (Invoices are issued by Mr. Arun in his own name)
(iii) To both the principals he has given guarantee for the realization of payments from customers and to fulfil it he extends short-term transaction-based loan to the customer and charged interest for the same.
Interest earned from customers of Udhay Limited: ₹ 45,000
Interest earned from customer of AST Limited: ₹ 22,000
The value of supply of goods to customers on which tax will be paid by Mr. Arun is _____ and value of exempt supply is _____.
(A) ₹ 6,70,000 and ₹ 67,000
(B) ₹ 2,20,000 and ₹ 67,000
(C) ₹ 2,42,000 and ₹ 45,000
(D) ₹ 2,87,000 and ₹ 45,000
Solution:
Case Scenario – IV:
Sandeep, a registered person in Pune, Maharashtra, engaged in the business of providing training services to various registered and unregistered persons. During the month of October, 2024, he conducted training camps at different cities in Uttar Pradesh for general public and received ₹ 3,45,000 from such camps. He was hired by Arihant Pharma Limited, registered in Goa, to provide training to its employees for total consideration of ₹ 2,25,000. The training was given to 20 employees at Mumbai, Maharashtra. Sandeep also gave his residential property in Mumbai to Arihant Pharma Limited for the stay of employees who joined the training. ₹ 10,000 per person was additionally charged by Sandeep for period of stay of 30 days.
Sandeep hired a bus from Ravi (Registered in Maharashtra) at ₹ 50,000 for 30 days to transport trainees. The bus has enough seating capacity to transport 20 trainees. Cost of fuel is included in the consideration paid to Ravi. Sandeep also received security services from Protect You Security Limited for ₹ 35,000.
All the amounts given above are exclusive of tax, wherever applicable.
Rates of GST are 9%, 9%, and 18% for CGST/SGST/IGST respectively.
Subject to the information given above, all other conditions for availing ITC are complied with.
Based on the above information, choose the most appropriate answer for the questions 14 to 16:
14. Amount on which Sandeep is required to pay RCM is:
(A) ₹ 0
(B) ₹ 35,000
(C) ₹ 50,000
(D) ₹ 85,000
Solution:
15. Total tax payable in cash (including RCM) by Sandeep is:
(A) ₹ 1,38,600
(B) ₹ 1,02,600
(C) ₹ 1,23,300
(D) ₹ 87,300
Solution:
16. Amount of inter-state outward supply on which Sandeep shall pay tax is:
(A) ₹ 4,25,000
(B) ₹ 5,70,000
(C) ₹ 7,70,000
(D) ₹ 3,45,000
Solution:
Mrs. S.C. Bose (aged 62 years), a widow of a public sector employee, who died during his service in 2011. She earns income from business of running a flower bouquet shop at Kolkata and income from royalty from writing books of science and sells in India and abroad. Profit & Loss account for the year ended 31st March, 2025 furnished by her is given below:
|
Particulars |
₹ |
Particulars |
₹ |
|
To Opening stock |
1,00,000 |
By Sales of flower bouquet |
36,75,000 |
|
To Purchases |
15,66,000 |
By Family pension from PSU through bank |
3,60,000 |
|
To Salaries and wages |
4,90,000 |
By Royalty from California University for books sold (Foreign exchange brought into India) |
4,25,000 |
|
To Expenses relating to books authored by her |
75,000 |
By Dividend (Net of TDS) |
4,50,000 |
|
To Expenses in connection with dividends |
12,000 |
By Interest on FDR (No TDS deducted) |
76,000 |
|
To Repairs & Maintenance |
3,25,000 |
By Closing stock |
1,36,000 |
|
To Amount paid to IIT Chennai for scientific research projects |
35,000 |
|
|
|
To Computers and other electronic items (purchased on 01-12-2024) |
4,50,000 |
|
|
|
To Net Profit |
20,69,000 |
|
|
|
Total |
51,22,000 |
Total |
51,22,000 |
Additional information:
(i) Purchases include ₹ 2 lakhs related to flowers and creepers directly purchased from a farmer in cash on 26.09.2024.
(ii) Repairs & Maintenance includes one-time deposit of ₹ 2,00,000 paid to electricity and water department.
(iii) Computers and other electronic items include ₹ 1,00,000 paid for television and washing machine for her household use.
(iv) Salary & wages include salary paid ₹ 2,40,000 to her illiterate brother (reasonable salary as per market rate is ₹ 1,80,000).
(v) She purchased a residential house for ₹ 110 lakhs for which loan of ₹ 75 lakhs was taken from State Bank of India. Accrued interest was ₹ 3,37,500 till 31-03-2025 which was paid on 10-04-2025. No principal amount and interest was paid by Mrs. S.C. Bose till 31-03-2025. Ground floor of the house was used for shop and first floor was occupied for her residence.
(vi) She purchased an electric vehicle on 30-09-2024 for ₹ 25 lakhs for business purposes.
(vii) She sold 10,000 listed shares of SBCL Ltd. in ₹ 11,66,000 on 11-12-2024 which were purchased in ₹ 2,65,000 on 16.08.2024. STT was paid on purchase and sale both.
Compute total income of Mrs. S.C. Bose under default tax regime u/s 115BAC and optional tax regime of the Income Tax Act, 1961.
State with reasons whether income chargeable to tax in India for the A.Y. 2025-26 in the hands of recipients in following independent situations:
(i) Mr. Mahesh received dividend of ₹ 7 lakhs declared and paid by a foreign company outside India. Such dividend has been declared in respect of shares which derive their value substantially from assets situated in India. He is resident and not ordinarily resident in India.
(ii) Mr. Shivansh is a non-resident in India and residing in China has deposited ₹ 16 lakhs with M/s ABC Ltd., an Indian company, on 01-09-2024. He has received interest @ 12% per annum in China during the previous year 2024-25.
(iii) Mr. Ramesh received royalty of ₹ 8,25,000 in consideration of providing patent rights to Mr. Sunil. Mr. Sunil has developed a new product in India by utilizing the patent rights. 30% of the royalty was received in India and 70% was received outside India. Mr. Ramesh and Sunil both have status of non-resident in India.
Discuss the relevant provisions of Income Tax Act, 1961 with respect to tax deduction at source (TDS) and calculate amount of TDS also for the A.Y. 2025-26 in the following independent situations:
(i) Marks Pictures Ltd. is a movie and short films production house having turnover of ₹ 15.22 crores during the previous year 2023-24. Solar Varanasi LLP also produces short films and clippings and it has already produced a short film namely ‘Maha Kumbh’. On 16-10-2024, Marks Pictures Ltd. acquired television rights in consideration of ₹ 52 lakhs from Solar Varanasi LLP. (Both have valid PAN)
(ii) Mr. Mayank, a salaried individual, paid rent for his residential house at Mumbai to the house owner Mr. Nikhil in the following manner:
From April, 2024 to September, 2024: ₹ 75,000 per month; and
From October, 2024 to March, 2025: ₹ 1,00,000 per month
Mr. Sandeep, manager in CTL Pvt. Ltd. at Mumbai, furnishes following information for the year ended 31st March, 2025:
Basic salary is ₹ 55,000 per month and entitled to a commission of ₹ 2,500 per month. A company owned accommodation is provided to him in Mumbai. Furniture costing ₹ 2,40,000 was also provided.
He took a personal loan of ₹ 3,00,000 on 1st September, 2024 on which the interest @ 7.75% per annum was charged by the company. The entire loan is still outstanding. SBI rate of interest on 1st April, 2024 is 12.75%.
Mr. Sandeep is the owner of a house property in Kolkata which he constructed during the financial year 2016-17. The property consists of four identical units.
He occupied one unit for his residence and three units were let out at a rent of ₹ 20,000 per month per unit. The municipal value is ₹ 9,00,000 and the municipal tax was paid @ 20% of municipal value. Fair rent and standard rent are ₹ 7,50,000 and ₹ 8,50,000 respectively. One of the let-out units was vacant for six months during the year. Interest on loan taken for construction of the house is ₹ 2,00,000.
Compute total income of Mr. Sandeep for the A.Y. 2025-26 assuming he has opted out default tax regime u/s 115BA(1A).
Discuss the taxability with reason in the hands of recipient for the assessment year 2025-26 in respect of following receipts or income:
(i) Mr. Ram received a sum of ₹ 5,00,000 from his father on Ram’s wedding anniversary.
(ii) Mr. Govind sold his house property to Mrs. Radha for ₹ 1,25,00,000, whereas value determined by stamp valuation authority was ₹ 1,75,00,000.
(iii) Ms. Agastha got a gift of car worth ₹ 7,00,000 from her friend on her wedding anniversary.
Mr. Sanju, an individual assessee, aged about 32 years, furnishes the following details for the year ended on 31st March, 2025:
(i) Loss from Future & Option: ₹ 75,000
(ii) Profit from restaurant business (computed): ₹ 2,21,000
(iii) Share of profit in partnership firm M/s XL & Co. (19% share): ₹ 38,000
(iv) Income from salary (computed): ₹ 3,15,000
(v) Interest on loan paid for self-occupied house property: ₹ 1,75,000
(Principal amount paid: ₹ 1,20,000)
(vi) Short-term capital gain: ₹ 82,000
(vii) Long-term capital gain u/s 112A: ₹ 1,10,000
(viii) Long-term capital loss u/s 112: ₹ 68,000
(ix) His wife received salary of ₹ 2,40,000 from a partnership firm XL & Co., where she is an accountant. She does not have any professional qualification related to accounting.
(x) He paid ₹ 21,000 for medical insurance premium and ₹ 9,000 for preventive health check-up.
Brought forward speculative business loss: ₹ 26,000 (this being 3rd year from the year of loss) and brought forward short-term capital loss: ₹ 52,000 (this being the 4th year from the year of loss).
Compute total income of Mr. Sanju for the A.Y. 2025-26 if he exercises the option to shift out of default tax regime u/s 115BAC(1A). Also state the losses eligible to carry-forward.
State persons who are required to apply for the allotment of PAN under section 139A(1) of the Income Tax Act, 1961. Mention the time limit for making such application also.
Specify all the documents in which quoting of Aadhaar Number is mandatory u/s 139AA of the Income Tax Act, 1961. Also explain to whom provisions of section 139AA does not apply.
MLM Private Limited, a registered person in Udaipur, Rajasthan engaged in various lines of business, provided the following details regarding the transactions undertook in the month of March, 2024:
|
Outward Transactions |
Amount (₹) |
||||||
|
Advance received from Mr. Gokul for Business support services to be supplied in the month of April 2024. |
2,00,000 |
||||||
|
Provided commissioning services under Pure labour contract to M/s Raj Builders of Jaipur, Rajasthan for Multi-storey residential complex. |
5,00,000 |
||||||
|
Stock transferred without consideration to its branch in Jodhpur, Rajasthan. Branch has same GSTIN. |
1,25,000 |
||||||
|
Outward sale of goods to various unrelated persons:
|
As provided in the column |
||||||
|
Provided warehousing services for Kidney beans (Rajma), Red lentils and other pulses. |
50,000 |
|
Inward Transactions |
Amount (₹) |
|
Received Car rental services from Carman Private Limited, an unregistered company in Udaipur engaged in car renting services. MLM Private Limited paid rent on monthly basis (Cost of fuel also included in the monthly rent). [Rate of CGST and SGST is 6% each] |
1,20,000 |
|
Intra-state inward supply of various goods and services |
7,50,000 [Goods] |
|
for use in the course or furtherance of business. |
2,50,000 [Services] |
Additional Information:
(i) The Company paid ₹ 50,000 to Mr. Ajay, an independent director, as sitting fees.
(ii) The Company made donation of ₹ 4,50,000 to a local old age home (a trust not registered under GST) for setting a Water Cooler at old age home with the name of company embedded on the water cooler to express their support for the good cause.
(iii) All the figures are exclusive of GST.
(iv) All inward and outward supplies are intra-state except where otherwise stated.
(v) Subject to information given above, all the conditions necessary for availing the ITC have been fulfilled.
(vi) Rates of GST are given below except where otherwise stated:
|
Particulars |
CGST |
SGST |
IGST |
|
Supply of Goods |
6% |
6% |
12% |
|
Supply of Services |
9% |
9% |
18% |
Calculate the Net GST Payable in cash by MLM Private Limited for the month of March 2024. Support your calculations with relevant reasons.
Ajay, a registered person, provided the following details about transactions entered into by him in the month of July, 2024:
(i) He sold goods to Wellness Pharma in 3,000 units @ ₹ 400 each. Under Section 206C(1H) of Income Tax Act, 1961, he is required to collect tax (TCS) of ₹ 2,000 from Wellness Pharma. He included ₹ 2,000 as TCS in tax invoice issued to the party.
(ii) Under a contract with State Government, he sold goods to Economic Weaker Section families (identified by State Government) in 1,000 units (unit price is ₹ 400 per unit) @ ₹ 200 per unit. Balance ₹ 200 per unit will be paid to him by State Government as subsidy.
(iii) Issued credit notes worth ₹ 1,50,000 net of GST as discount to its registered dealers who purchased more than 5,000 units between October, 2023 to December, 2023 under Festival Bonanza Scheme declared on 01.10.2023. The above discount provided invoice wise with a condition of reversal of ITC by registered dealer.
(iv) Sold goods to Old Age Home for consideration of ₹ 1,00,000 (Normal Sale Value is ₹ 2,00,000). SAMVEDNA, an NGO registered under Section 12AA of Income Tax Act, 1961 gave them a subsidy of ₹ 30,000 to acknowledge his services to elderly people living in old age home.
(v) After analysis of sale report of first quarter he decided to give discount of 1% to shopkeepers whose total purchases exceeds ₹ 25,00,000 during the quarter ending June, 2024. Total discount given to such shopkeepers is ₹ 1,30,000.
Compute the taxable value of supply for the month of July, 2024 on which Mr. Ajay shall pay GST.
Suitable notes and assumptions should form part of your answer. All the amounts stated above are exclusive of GST.
M/s Poorvi Ltd., a registered supplier of various goods and services, provided the following information pertaining to GST paid on inward supplies for the month of August 2024.
|
Sr No. |
Particulars |
GST Paid (₹) |
|
1. |
Purchased goods which are used for activities related to his obligation under corporate social responsibility referred to in section 135 of The Companies Act, 2013. |
3,00,000 |
|
2. |
Purchased Raw material worth ₹ 5,90,000 including GST in 5 lots. 3 lots of raw material worth ₹ 3,00,000 excluding GST received in the current month and remaining lots will receive in the month of September 2024. |
90,000 |
|
3. |
Company paid for outdoor catering expenses for the lunch of its factory employees during the lunch hours as per the policy of the company. There is no legal obligation to provide such lunch facility to the employees. |
50,000 |
|
4. |
Purchased goods from M/s Om Traders – all goods and invoices were received by the company in August 2024, but one invoice out of these invoices has not been furnished by the supplier in the statement of outward supplies (using IFF). The GST paid on the invoice not furnished is ₹ 50,000. |
2,00,000 |
|
5. |
Purchased raw material to manufacture finished goods. Such finished goods to be sold to potential customers under Scheme ‘Buy one get one free’. |
1,50,000 |
Compute the amount of net ITC available to M/s Poorvi Ltd. for the month of August 2024 with necessary explanations for the treatment of all the items in the table as per the provision of the CGST Act, 2017 or CGST Rules, 2017 wherever applicable. Subject to information given above, all other conditions necessary for availing the ITC have been fulfilled.
Examine the following independent cases and determine whether the services are taxable under GST Act:
(i) Dhruv Printing Press, a registered entity under GST, received an order of ₹ 1,50,000 from Vishwakarma Technical Institute, a private ITI providing courses notified under Apprentices Act, 1961 for printing of pre-examination items like question papers, OMR sheets, answer booklets required for conducting of examination by the institute.
(ii) State Board of Education, a registered entity, charged ₹ 50,000 per year as affiliation charges from a school run by Dharampal Trust, registered under section 12AA of Income Tax Act, 1961 which gives education from class 1 to class 10.
(iii) Wecare Hospital, a registered entity, charged ₹ 19,500 for 3 days from Mr. Sahil who was admitted in Intensive Cardiac Care Unit (ICCU) due to heart attack.
(iv) Citcare Hospital, a registered entity, entered into an arrangement with Swadisht Caterers, a registered entity, to supply food to in-patients as per advice of doctor/nutritionist. Swadisht Caterers sends monthly bill to hospital for the food supplied by them to the admitted patients of hospital. Determine the taxability of Citcare Hospital.
Mr. Ranjan availed ITC of ₹ 1,00,000 in GSTR-3B for the month of June 2024. The Output liability for June 2024 was Nil. His intra-state output supply for the month of July 2024 was ₹ 5,00,000 (excluding GST). He utilized the availed ITC against the output liability for the month of July 2024 while filing GSTR-3B. Mr. Ranjan found on 22 September, 2024 that he wrongly availed ITC of ₹ 1,00,000 in the month of June 2024. He reversed the unutilized amount of wrongly availed ITC standing in credit ledger on 30 September, 2024 and paid the utilized amount of ITC by cash. The GST rate is 18%. Calculate the interest payable under the applicable GST law, if Mr. Ranjan filed:
(i) Form GSTR-3B for the month of June 2024 on 19 July, 2024.
(ii) Form GSTR-3B for the month of July 2024 was filed on 25 August, 2024.
Note: The due date of filing of GSTR-3B is 20th day of the following month. But the due date of filing of GSTR-3B was extended to 22nd August, 2024 for the month of July 2024.
Briefly discuss the provisions related to inspection and verification of goods in transit as laid in Rule 138C of CGST Rules, 2017.
As per Section 7 of the CGST Act, 2017 for the purposes of Goods and Services Tax, the expression “supply” includes all forms of supply of goods or services or both such as sale, transfer, barter, exchange, licence, rental, lease or disposal made or agreed to be made for a consideration by a person in the course or furtherance of business. Discuss as per provisions of CGST Act, 2017 (or rules thereunder), when an activity can be treated as supply even if there is no consideration, or even if it is not in the course or furtherance of business.
(i) Explain the provisions relating to the validity period of the registration certificate issued to Casual Taxable Person and Non-Resident Taxable Person.
(ii) List the deficiencies in the erstwhile value-added taxation which led to evolution of Goods and Services Tax.
Section 31 of CGST Act, 2017 requires that a tax invoice shall be issued before or at the time of delivery/removal of goods. Specify the situations where a tax invoice can be issued after delivery of goods. Discuss the provisions related to issue of tax invoice and delivery challan in case of transportation of goods in a semi knocked down or completely knocked down condition or in batches or lots.
Ruchika Saboo
An All India Ranker (AIR 7 - CA Finals, AIR 43 - CA Inter), she is one of those teachers who just loved studying as a student. Aims to bring the same drive in her students.
Ruchika Ma'am has been a meritorious student throughout her student life. She is one of those who did not study from exam point of view or out of fear but because of the fact that she JUST LOVED STUDYING. When she says - love what you study, it has a deeper meaning.
She believes - "When you study, you get wise, you obtain knowledge. A knowledge that helps you in real life, in solving problems, finding opportunities. Implement what you study". She has a huge affinity for the Law Subject in particular and always encourages student to - "STUDY FROM THE BARE ACT, MAKE YOUR OWN INTERPRETATIONS". A rare practice that you will find in her video lectures as well.
She specializes in theory subjects - Law and Auditing.
Yashvardhan Saboo
A Story teller, passionate for simplifying complexities, techie. Perfectionist by heart, he is the founder of - Konceptca.
Yash Sir (As students call him fondly) is not a teacher per se. He is a story teller who specializes in simplifying things, connecting the dots and building a story behind everything he teaches. A firm believer of Real Teaching, according to him - "Real Teaching is not teaching standard methods but giving the power to students to develop his own methods".
He cleared his CA Finals in May 2011 and has been into teaching since. He started teaching CA, CS, 11th, 12th, B.Com, M.Com students in an offline mode until 2016 when Konceptca was launched. One of the pioneers in Online Education, he believes in providing a learning experience which is NEAT, SMOOTH and AFFORDABLE.
He specializes in practical subjects – Accounting, Costing, Taxation, Financial Management. With over 12 years of teaching experience (Online as well as Offline), he SURELY KNOWS IT ALL.
"Koncept perfectly justifies what it sounds, i.e, your concepts are meant to be cleared if you are a Konceptian. My experience with Koncept was amazing. The most striking experience that I went through was the the way Yash sir and Ruchika ma'am taught us in the lectures, making it very interesting and lucid. Another great feature of Koncept is that you get mentor calls which I think drives you to stay motivated and be disciplined. And of course it goes without saying that Yash sir has always been like a friend to me, giving me genuine guidance whenever I was in need. So once again I want to thank Koncept Education for all their efforts."
"Hello everyone, I am Kaushik Prajapati. I recently passed my CA Foundation Dec 23 exam in first attempt, That's possible only of proper guidance given by Yash sir and Ruchika ma'am. Koncept App provide me a video lectures, Notes and best thing about it is question bank. It contains PYP, RTP, MTP with soloution that help me easily score better marks in my exam. I really appericiate to Koncept team and I thankful to Koncept team."
"Hi. My name is Arka Das. I have cleared my CMA Foundation Exam. I cleared my 12th Board Exam from Bengali Medium and I had a very big language problem. Koncept Education has helped me a lot to overcome my language barrier. Their live sessions are really helpful. They have cleared my basic concepts. I think its a phenomenal app."
"I cleared my foundation examination in very first attempt with good marks in practical subject as well as theoretical subject this can be possible only because of koncept Education and the guidance that Yash sir has provide me, Thank you."
