Podcast
Questions and Answers
What is the minimum percentage of voting stock/shares that a third person must control to be considered a related person?
What is the minimum percentage of voting stock/shares that a third person must control to be considered a related person?
- 25% (correct)
- 15%
- 30%
- 20%
Which of the following relationships does not necessarily imply related persons?
Which of the following relationships does not necessarily imply related persons?
- Officer/director of one another's business
- Parent and subsidiary company
- Strangers in the market (correct)
- Employer and employee
When is a supplier required to obtain State-wise registration under GST?
When is a supplier required to obtain State-wise registration under GST?
- When aggregate turnover exceeds a specified threshold limit
- When making a taxable supply (correct)
- When making a non-taxable supply
- When importing services from outside India
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 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.?
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?
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 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 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?
What is the condition for a transaction to be considered a supply without consideration?
Who is considered a related person under GST law?
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 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 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 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 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 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?
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?
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)?
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)?
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?
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?
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?
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?
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?
What is the condition under which supply of goods or services between related persons is treated as a supply?
