Here are the links for Corporate and Other Laws marathon

Part 1(Other Laws)
https://youtu.be/CBsYUki7rLQPart

Part 2(Companies Act)
https://youtu.be/YUbGbii2G08Join

Part 3(Companies Act)
https://youtu.be/ZunvdhPe6Hw

Your GST question for today...Read the question carefully before answering

Sorry i realized that the options in the answer were not clearly visible

Posting it again

GST Question for Today:- Mr. X has output tax liability of IGST Rs. 50,000 for the month of August 2021. He has unutilized ITC ofRs. 15,000 IGST, Rs. 30,000 CGST and Rs. 35,000 SGST available in his credit ledger. Which should be the correct mechanism of adjustment for Mr. X:-
a) He should first adjust Rs. 15,000 IGST credit and thereafter Rs. 35,000 SGST credit. Balance Rs. 30,000 CGST credit should be carried forward
b) He should first adjust Rs. 15,000 IGST credit and thereafter Rs. 30,000 CGST credit and then Rs. 5000 SGST credit. Balance Rs. 30,000 SGST credit can be carried forward.
c) He is compulsarily required to adjust Rs. 15,000 IGST credit first. Thereafter for the balance Rs. 35,000, it is his option either to use CGST credit or SGST credit
d) Any of the three credits – IGST, CGST or SGST may be utilized in any order, as per the will of Mr. X

The correct answer to above question would be (b). In respect of IGST liability, first we need to use Igst credit and if both excess CGST and SGST credit are available, we need to give priority to CGST credit for utilization against IGST liability

For the Students who had got Flowcharts book in Dec 21 attempt, 3 chapters were not included since flowcharts of those chapters were not prepared then.

Hence sharing flowcharts of PGBP, Capital Gain and Gift in soft copies for benefit of all

The correct answer to above question would be (a). Sec 50 provides that in case of delayed payment of GST liability, Interest shall be chargeable on Net tax liability if such tax liability has been disclosed in the return before initiation of proceedings u/s 73 and 74

GST Question for Today:- Kidzee Ltd., a wholesaler of toys registered in Chandigarh, is renowned in the local market for the varieties of toys and their reasonable prices. Kidzee Ltd. makes supply of 100 pieces of baby’s learning laptops and chat learning phones to Nancy General Store on 25th September, 20XX by issuing a tax invoice amounting to Rs. 1,00,000. However, the said toys were returned by Nancy General Store on 30th September, 20XX. Which document Kidzee Ltd. is required to issue in such a case?
(a) Debit Note
(b) Refund voucher
(c) Credit note
(d) Payment voucher

The correct answer to above question would be (c). In case of Sales return, Sec 34 provides that Supplier is required to issue credit note for the value of goods + GST applicable thereon

GST Question for Today:- In which of the following situations E-way bill will not be required?
I) When the goods valuing INR 55,000 are transported using bullock cart
ii) When the goods are transported from the customs port, airport, air cargo complex and land custom station to an inland container depot or a container freight station for clearance by customs. Goods value – INR 2,00,000/-
iii) When the goods being transported are alcoholic liquor for human consumption, petroleum crude, high
speed diesel
iv) When empty cargo containers are being transported

a) i
b) i,ii
c) i,ii,iii
d) I, ii, iii and iv

https://youtu.be/BgOz6g1_LWA


https://drive.google.com/drive/folders/1EkH49S2-cWaO6sDbbSxJdNAgaSNRfcLW?usp=sharing

Ca inter fm revision with test

The correct answer to above question would be (d). All the transactions given above are outside the requirement of E-waybill as per Rule 139(14) i.e. no EWB required even if consignment value is more than 50,000