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

The correct answer to above question would be (D). Any person who is making supply of goods through ECO has to mandatorily get registered under GST as per Sec 24

Income Tax Question for Today:- Mr. Vikas took a loan of Rs. 15,00,000 @10% p.a. on 1-4-2020 for the construction of residential house for self-occupation. The construction of the house began in June, 2020 and was completed on 30-6-2022. He has not repaid any amount of loan so far. The amount of interest deduction u/s 24(b) for A.Y. 2023-24 is –
(a) Rs. 1,50,000
(b) Rs. 1,80,000
(c) Rs. 2,00,000
(d) Rs. 2,10,000

🔥 AVJ Academy brings you Excellent Revision Marathons for all subjects for quick revision before CA Inter May 23 exams

📺 GST Revision Marathon (Part A) by CA Sanchit Grover
https://youtu.be/uu0QKjJ77iA

📺 GST Revision Marathon (Part B) by CA Sanchit Grover
https://youtu.be/5QQydj8Lj28

✅ Income Tax Revision Marathon (Part A) by CA Sanchit Grover
https://youtu.be/1vXkiR1WJ_4

✅ Income Tax Revision Marathon (Part B) by CA Sanchit Grover
https://youtu.be/8KTqSDLFe_M

📺 Corporate Law Revision Marathon by CA Sahil Grover
https://youtu.be/dVMCeI1zesw

📺 Other laws Revision Marathon by CA Sahil Grover
https://youtu.be/jnyciIK2cqA

☀️ Accounts Revision Marathon by CA Jitin Tyagi
https://youtu.be/9BgKpjYd7zg

☀️ Cost Accounting Revision Marathon by CA Ishan Gupta
https://youtu.be/rM6Z51dipTw

📢 Advanced Accounts Revision Marathon by CA Jitin Tyagi
https://youtu.be/3DkohAXYCEo

💎 Audit & Assurance Revision Marathon by CA Vinay Wadhwa
https://youtu.be/fSBpU5gbGt4

📺 Strategic Management Revision Marathon by CA Sahil Grover
https://youtu.be/86-ajr3Pm78

💥 Most Comprehensive Question Bank of GST for CA Inter May 23 exams 👏👏

By CA Sanchit Grover Sir

💎 Complete coverage of all ICAI Study Material Questions, ICAI Past year Questions, RTPs and MTPs till date

💎 Solutions for all questions discussed in detail for Self Study

💎 All Solutions fully updated as per GST Provisions as on 31st October 2022 (relevant for CA-Inter May 23 exams)

💎 More than 500 MCQs and 20 Case Scenario Questions Covered for practice

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

Important questions List
https://drive.google.com/drive/folders/1K0SAO8LEEdJ_gLbQqMU81ObYDdpW1Pys?usp=share_link

Shared using Adobe Acrobat Reader.
Get the app: https://adobeacrobat.app.link/Mhhs4GmNsxb

Hi all
List of Important Questions and 7 Days Revision Schedule of Accounts has been posted above

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

Income Tax Question for Today:- APM Ltd. is a pioneer company in textile industry. At the end of F.Y. 2022-23, it decided to distribute deposit certificates (without interest) to its shareholders (preference as well as equity shareholders). Total value of accumulated profits of APM Ltd. was Rs. 25 lakhs. Mr. A is an equity shareholder of APM Ltd. holding 10% of share capital. During F.Y. 2022-23, Mr. A received deposit certificates (without interest) valuing Rs. 5,00,000 from APM Ltd. Comment upon taxability of receipt of deposit certificates in the hands of Mr. A.
(a) Deposit Receipts (without interest) are taxable to the extent of Rs.2,50,000 under Income from other sources.
(b) Deposit Receipts (without interest) are fully taxable under Income from other sources.
(c) Deposit Receipts (without interest) are exempt since DDT is payable by the company.
(d) Deposit Receipts (without interest) are fully taxable and shall be included in Gross total income. But such receipt shall be allowed as deduction under Chapter-VI A