Related Party Transactions

What is the minimum percentage of voting stock/shares that a third person must control to be considered a related person?

25%

Which of the following relationships does not necessarily imply related persons?

Strangers in the market

When is a supplier required to obtain State-wise registration under GST?

When making a taxable supply

What is the consequence if Q Ltd. has a deciding role in corporate policy, operations management, and quality control of R Ltd.?

Q Ltd. and R Ltd. are related Signup and view all the answers

What is the implication if Ms. Priya holds 30% shares of ABC Ltd. and 35% shares of XYZ Ltd.?

ABC Ltd. and XYZ Ltd. are related Signup and view all the answers

Under GST, what is the consequence if a supplier makes a taxable supply from a particular State/UT?

The supplier is required to obtain registration only if the aggregate turnover exceeds a specified threshold limit Signup and view all the answers

What is the essential requirement for two persons to be considered related persons under GST?

One person must control the other Signup and view all the answers

What is the implication if a third person controls (directly/indirectly) both ABC Ltd. and XYZ Ltd.?

ABC Ltd. and XYZ Ltd. are related Signup and view all the answers

What is the condition for a transaction to be considered a supply without consideration?

The transaction should be made in the course or furtherance of business Signup and view all the answers

Who is considered a related person under GST law?

A person who is influenced by another person, like members of the same family or subsidiaries of a group company Signup and view all the answers

What is the implication of a supply made without consideration between related persons?

It is considered a supply if made in the course or furtherance of business Signup and view all the answers

What is the condition for input tax credit to be blocked on a motor vehicle?

The motor vehicle is permanently transferred free of cost Signup and view all the answers

What is the implication of a supply made without consideration between distinct persons?

It is considered a supply if made in the course or furtherance of business Signup and view all the answers

What is the category of assets that includes old laptops being used in a business?

Tangible assets Signup and view all the answers

What is the implication of a supply made without consideration between a holding company and its subsidiary?

It is considered a supply if made in the course or furtherance of business Signup and view all the answers

What is the condition for a transaction to be considered a supply with consideration?

The transaction should be made with consideration Signup and view all the answers

Which of the following activities is not treated as a supply even if made without consideration?

Export of goods by a principal to his agent Signup and view all the answers

What is the condition under which import of services is considered a supply under section 7(1)(b)?

The import of services is for a consideration whether or not in the course or furtherance of business Signup and view all the answers

Which of the following is an example of a supply under section 7(1)(b)?

A proprietor uses an architect's services for his personal residence Signup and view all the answers

Under which circumstances is the supply of goods or services between related persons not treated as a supply?

When the supply is made for a value not exceeding fifty thousand rupees in a financial year Signup and view all the answers

Which of the following is a condition for supply of goods or services to be treated as made in the course or furtherance of business?

The supply is made in the course or furtherance of business Signup and view all the answers

What is the implication of importing services from a related person outside India?

It is treated as a supply, whether or not made in the course or furtherance of business Signup and view all the answers

Which of the following activities is treated as a supply under Schedule-I?

Permanent transfer or disposal of business assets Signup and view all the answers

What is the condition under which supply of goods or services between related persons is treated as a supply?

The supply is made in the course or furtherance of business Signup and view all the answers

Related Party Transactions

Questions and Answers

What is the minimum percentage of voting stock/shares that a third person must control to be considered a related person?

Which of the following relationships does not necessarily imply related persons?

When is a supplier required to obtain State-wise registration under GST?

What is the consequence if Q Ltd. has a deciding role in corporate policy, operations management, and quality control of R Ltd.?

What is the implication if Ms. Priya holds 30% shares of ABC Ltd. and 35% shares of XYZ Ltd.?

Under GST, what is the consequence if a supplier makes a taxable supply from a particular State/UT?

What is the essential requirement for two persons to be considered related persons under GST?

What is the implication if a third person controls (directly/indirectly) both ABC Ltd. and XYZ Ltd.?

What is the condition for a transaction to be considered a supply without consideration?

Who is considered a related person under GST law?

What is the implication of a supply made without consideration between related persons?

What is the condition for input tax credit to be blocked on a motor vehicle?

What is the implication of a supply made without consideration between distinct persons?

What is the category of assets that includes old laptops being used in a business?

What is the implication of a supply made without consideration between a holding company and its subsidiary?

What is the condition for a transaction to be considered a supply with consideration?

Which of the following activities is not treated as a supply even if made without consideration?

What is the condition under which import of services is considered a supply under section 7(1)(b)?

Which of the following is an example of a supply under section 7(1)(b)?

Under which circumstances is the supply of goods or services between related persons not treated as a supply?

Which of the following is a condition for supply of goods or services to be treated as made in the course or furtherance of business?

What is the implication of importing services from a related person outside India?

Which of the following activities is treated as a supply under Schedule-I?

What is the condition under which supply of goods or services between related persons is treated as a supply?

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