GST Question for Today:- M/s. Vishu Megamart, operating a store located and registered in Rajasthan, has come out with big discount offers at the time of Diwali on various gift items. In order to attract more customers, it has decided to supply a gift pack containing 5 packets of Haldiram’s Namkeen (200 gram each) taxable @ 12%, 1 packet of Roasted Smoked Almonds (100 gram) taxable @ 18%, 1 packet of Bournville Chocolate (50 mg) taxable @ 28% and 1 bottle of Real Fresh Juice (1 litre) taxable @ 18% in a single basket for a single price of Rs. 1,000/. State the type of supply and the tax rate applicable on the same.

a) Composite supply; Tax rate of the principal item, i.e. Namkeen @18%
b) Composite supply; Highest tax rate out of all items, i.e. 28% applicable to chocolates
c) Mixed supply; Tax rate of principal item, i.e. Namkeen @18%
d) Mixed supply; Highest tax rate out of all items, i.e. 28% applicable to chocolates

Income Tax Question for Today:- Who among the following will qualify as non-resident for the previous year 2021-22?
- Mr. Joey, an Italian designer, came on visit to India to explore Indian handloom on 03.09.2021 and left on 15.12.2021. For past four years, he visited India for fashion shows and stayed in India for 100 days each year.
- Mr. Sanjay born and settled in Canada, visits India each year for three months to meet his parents and grandparents, born in India in 1946, living in Mumbai. His Indian income is ` 15,20,000.
- Mr. Chang, a Korean scientist, left India to his home country for fixed employment there. He stayed in India for study and research in medicines from 01.01.2017 till 01.07.2021.
Choose the correct answer:
(a) Mr. Joey and Mr. Chang
(b) Mr. Sanjay
(c) Mr. Sanjay and Mr. Chang
(d) Mr. Chang

Test no. 2 of GST would be on 26th Sep and rest of the schedule will remain the same

GST Question for Today:- Mr. Avishkar is a painter registered under GST in Delhi. He sends his artwork for exhibition in Mumbai. At what point of time, supply is considered to have been made under GST?
(a) When painting is completed.
(b) When painting is sent for exhibition in Mumbai.
(c) When painting is displayed at the exhibition in Mumbai.
(d) When painting is purchased by one of the visitors in the exhibition

GST Question for Today:- Mr. Dev Anand is engaged in providing services of facilitating sale and purchase of securities to various clients. He is also engaged in trading of securities. His turnover details are as follows:
Trading of securities Rs. 40,00,000/-
Brokerage on account of facilitating transactions in securities Rs. 30,00,000/-
You are required to ascertain aggregate turnover of Mr. Dev Anand under GST:
(a) Rs.30,00,000/-
(b) Rs.40,00,000/-
(c) Rs. 70,00,000/-
(d) Rs. NIL.

Income Tax Question for Today:- Mr. William, an Indian citizen and a Government employee, left India for the first time on 28.02.2021 on account of his transfer to High Commission in United Kingdom. During P.Y. 2021-22, he visited India only for a week on occasion of his brother marriage. During F.Y. 2021-22, his income composition includes salary, foreign allowances, rent from property in Singapore and interest earned from fixed deposits maintained with SBI. His taxable income for P.Y. 2021-22 will include:
(a) All of them, since Mr. William is a resident in India, hence his global income will be taxable
(b) Only interest earned from fixed deposits maintained in India
(c) No income shall be taxable since Mr. William is a non-resident in India for P.Y. 2021-22
(d) Salary and interest income of fixed deposits with SBI

The correct answer to above question would be (d). Since he visited India only for a week, he shall be non-resident. Salary received by him from Indian Government shall be deemed to accrue in India and hence taxable but allowances & perquisites shall be exempt u/s 10(7). Further, Interest rom FD in India shall also be deemed to accrue in India as per Sec 9.

GST Question for Today:- Mr. Manjot Singh Sidhu is a trader supplying goods from his firm M/s. Singh Traders. The office of the firm is located in Delhi whereas the godowns are located in the State of Uttar Pradesh, Punjab and Jammu & Kashmir (J & K).
M/s. Singh Traders made intra-State supplies from different States during the period from 1-Jul-2017 to 31-March-2018 as follows:
(i) Delhi-Taxable supplies: Rs. 21,00,000/-.
(ii) Punjab–Exempted supplies: Rs. 6,00,000/-.
(iii) Uttar Pradesh–Taxable and exempted supplies: Rs. 3,00,000/- each respectively.
(iv) J & K–Taxable and exempted supplies: Rs. 8,00,000/- and Rs. 3,00,000/- respectively.

Being a GST expert, Mr. Manjot Singh Sidhu seeks your advice to correctly ascertain the States in which he is required to take registration under GST:

a) Delhi, Punjab, Uttar Pradesh and J & K
b) Delhi, Uttar Pradesh and J & K
c) Delhi and Uttar Pradesh
d) Delhi

Income Tax Question for Today:- XYZ Ltd. has two units, one unit at Special Economic Zone (SEZ) and other unit at Domestic Tariff Area (DTA). The unit in SEZ was set up and started manufacturing from 12.3.2015 and unit in DTA from 15.6.2018. Total turnover of XYZ Ltd. and Unit in DTA is Rs. 8,50,00,000 and Rs. 3,25,00,000, respectively. Export sales of unit in SEZ and DTA is Rs. 2,50,00,000 and Rs. 1,25,00,000, respectively and net profit of Unit in SEZ and DTA is Rs. 80,00,000 and Rs. 45,00,000, respectively. XYZ Ltd. would be eligible for deduction under section 10AA in respect of PY 21-22 for -
(a) Rs. 38,09,524
(b) Rs. 19,04,762
(c) Rs. 23,52,941
(d) Rs. 11,76,471

The correct answer to above question would be (b). Export profits of SEZ unit = 80L x 250L / 525L
= Rs. 38,09,524
Since it is 7th year of operation, only 50% of export profits shall be exempt u/s 10AA. Hence Exemption u/s 10AA shall be Rs. 19,04,762/-

GST Question for Today:- Mr. Ram has just started his operations of selling footwear on 1st April 2020 in Haryana. His aggregate turnover during FY 2020-21 upto 31st October 2020 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 2020. On 1st December 2020, 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 2020 since the applicable threshold limit is Rs. 20 lacs which was crossed on 1st December 2020.
c) He becomes liable to get registration on 1st April 2020 i.e. date on which his business operations were started
d) He becomes liable to get registration on 15th November 2020 i.e. date on which he makes supply of goods through Flipkart