GST Question for Today:- Mr. Ram has just started his operations of selling footwear on 1st April 2023 in Haryana. His aggregate turnover during FY 2023-24 upto 31st October 2023 is just Rs. 15 lacs. Inspired by the growth of e-commerce in India, he registered himself with Flipkart (an electronic commerce operator) and sold goods worth Rs. 1,50,000 from Flipkart on 15th November 2023. On 1st December 2023, he made further supply of goods amounting to Rs. 6,00,000. He is confused about taxability under GST law. Which of the following is true about his GST liability and compliance:-

a) He is not required to get registration since threshold limit is Rs. 40 lacs in Haryana
b) He becomes liable to get registration on 1st December 2023 since the applicable threshold limit is Rs. 20 lacs which was crossed on 1st December 2023.
c) He becomes liable to get registration on 1st April 2023 i.e. date on which his business operations were started
d) He becomes liable to get registration on 15th November 2023 i.e. date on which he makes supply of goods through Flipkart

Law Question for Today:- XP Ltd declared 12% dividend to its Equity Shareholders. However Company missed to transfer unpaid dividend
to bank account even after 40 days from declaration of Dividend. In such case how much interest will be
payable?
a) 8% p.a.
b) 16% p.a.
c) 10% p.a.
d) 12% p.a.

GST Question for Today:- Mr. X (whose aggregate turnover in preceeding FY exceeds Rs. 5 Crore) has an output tax liability of Rs. 1,00,000 for the month of April 2023. He has also claimed ITC of Rs. 60,000 for the same month. Mr. X filed his GSTR-3B on 2nd June 2023 and discharged the remaining Rs. 40,000 through cash ledger. Which of the following statements is true with regard to interest u/s 50
a) Interest is charged @18% on Rs. 40,000 from 21st May till 2nd June
b) Interest is charged @18% on Rs. 1,00,000 from 21st May till 2nd June
c) Interest is charged @18% on Rs. 40,000 from 1st May till 2nd June
d) Interest is charged @18% on Rs. 1,00,000 from 1st May till 2nd June

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

Law Question for Today:- A had to travel to a different town for 5 days. He left his cow in the custody of B so that she can be taken care of.
After two days the cow delivers a calf. Now, B has to return to A:
a) Only the cow
b) Only the calf
c) Both the cow and the calf
d) Either the cow or the calf

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

Law Question for Today:- As per the Negotiable Instruments Act, 1881, when the day on which a promissory note or bill of exchange is at
maturity is a public holiday, the instrument shall be deemed to be due on the…….. .
a) said public holiday
b) 5 days succeeding public holiday
c) next succeeding business day
d) next preceding business day

Photo from Seema Arora

2nd GST Question for Today:- Which of the following statements is correct for a tax payer who has opted for composition scheme?
a) A registered person supplying goods/services under the composition scheme shall issue a bill of supply.
b) Last date for payment of liability towards tax, interest, penalty, fee or any other sum is 20th day of each month.
c) A composition dealer shall be required to file GSTR-1 and GSTR-3B on monthly basis.
d) A composition dealer has an option to file GSTR-3B on quarterly basis, however tax payment has to be made on monthly basis upto 25th of next month

2nd Law Question for Today:- Which of the following is not an Immovable Property (as per the provisions of the General Clauses Act, 1897):
a) Land
b) Building
c) Timber
d) Machinery permanently attached to the land

GST Question for Today:- Mr. Deepak has been registered as composition dealer in State of Haryana since 15th April 2023, when he got registered under GST law. On 18th July 2023, he imported services from California for which he paid Rs. 5,00,000 as consideration. Which of the following statements is correct in the given case:-
a) Mr. Deepak is ineligible for composition scheme since he has made an Inter-State procurement of services
b) Mr. Deepak is eligible for composition scheme and he has to pay tax @1% under reverse charge on import of services
c) Mr. Deepak is eligible for composition scheme but he will have to pay tax @18% under reverse charge on import of services
d) Mr. Deepak is eligible for compositions scheme. Further, reverse charge will not apply in his case since he is not a normal taxpayer