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As per Schedule I of the CGST Act, 2017, the following transactions are treated as supply, even if they are made without consideration: Permanent transfer or disposal of business assets on which input tax credit has been availed. This means that if a business disposes of or transfers a business asset on a permanent basis, and it has availed input tax credit on that asset, then the business is liable to pay GST on the disposal or transfer, even if it does not receive any consideration for it. The rationale behind this provision is to prevent businesses from availing input tax credit on business assets and then disposing of or transferring those assets without consideration, in order to avoid paying GST. Here are some examples: A business purchases a machine for ₹10,000 and claims input tax credit on the purchase. The business then donates the machine to a charity. The business is liable to pay GST on the donation, even though it does not receive any consideration for it.
A shopkeeper offers successive discounts of 20% and 10% on a product. If the marked price of the product is ₹1000, what is the selling price?
A train overtakes a bus traveling at a speed of 5 m/s in 8 seconds. If the length of the train is 160 meters, determine the speed...
In what ratio rice at 58 Rs/kg should be mixed with the rice at 32 Rs/kg so that selling mixture at Rs 54 per kg gives the profit of 35% if the quantity...
A shopkeeper has 76 kg rice a part of it, he sells at the profit of 48% and rest at loss of 28% and he get the loss of 16% so what is the quantity sold ...
Pipe ‘A’ can fill a tank in 16 hours whereas leak ‘A’ can empty it in 20 hours. If they both operate along with pipe ‘B’, then the given tan...
9 litre of milk is taken out from a container and replaced by water. This process is repeated once more, the ratio of quantity in container (M: W) is 16...
Two varieties of rice, type 'Basmati rice' priced at Rs. 41 per kg and type' Brown rice' at Rs. 76 per kg, are available. To achieve a final mixture cos...
There are three mixtures A, B and C. Mixture A contains 11% of water and B contains 16% of water. If A and B are mixed together than resultant mixture c...
(141.95 – 112.06) × (45.21 – 38.99) = ?
12, 13, 22, 47, 96, ?