
Dear Professional Seniors & Friends,
Warm Greeting!
Here is the Next post of #MCQ on concept based practical professional knowledge on Time of Supply under GST in case of change in rate of tax in a unique manner to be self answered by participants. The detailed answer of these MCQs shall be posted next day for the self assessment of the participants.
MCQ 77.1 An online portal, Online info, raises invoice for database access on 20th March 2017 on XYZ Ltd. The Payment is made by XYZ Ltd by a demand draft sent 24th March 2017. Online Info encashes the demand draft and thereafter, gives access to the database to XYZ Ltd from 4th April. In the meanwhile, the rate of Tax is Changed From 1st April 2017. What is the time of supply of Service of Data Base Access by Online Info
A. 20- 03-2017
B. 24-03-2017
C. 28-03-2017
D. 04-04-2017
MCQ 77.2 What will be the tax rate applicable in above question?
A. OLD Rate.
B. NEW Rate.
C. Rate on the date of issue of invoice .
D. None of the above.
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CA Sanjay Kumar Agrawal
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Dear Professional Seniors & Friends,
Warm Greetings!
This post of MCQ is on provisions relating to time of supply under GST in case of change in rate of tax.
Answer to MCQ 77.1: A) 20-03-2017
Answer to MCQ 77.2: A) OLD Rate
Practical Analysis for MCQ 77.1 & 77.2 :-
In case of goods or Services or Both have been supplied AFTER the change in Rate of Tax
S.No. | Condition | Time of Supply | Applicable Rate |
A | When invoice is issued and payment is received before change in Rate of Tax | Earlier of- a)Date of Receipt of Payment b)Date of Issue of Invoice | Old Rate |
B | Invoice is issued after the change in rate of tax but payment received before | Date of issue of invoice | New Rate |
C | Payment is received after the change in rate of tax but invoice issued before | Date of receiving payment | New Rate |
In case of goods or Services or Both have been supplied BEFORE the change in Rate of Tax
S.No. | Condition | Time of Supply | Applicable Rate |
D | When invoice is issued and payment is received after change in Rate of Tax | Earlier of- a)Date of Receipt of Payment b)Date of Issue of Invoice | New Rate |
E | Invoice is issued after the change in rate of tax but payment received before | Date of receiving payment | OLD Rate |
F | Payment is received after the change in rate of tax but invoice issued before | Date of issue of invoice
| OLD Rate |
(Disclaimer: The objective of the MCQ post is just to discuss the concept, it may happen, by change of facts, the answer may be different. Please do not treat this as professional opinion; you can definitely have your own opinion.)
Sincere Regards!
CA Sanjay Kumar Agrawal
Mobile: 9810116321
To access MCQ posts regularly, please Join Telegram Channel:
https://t.me/caSanjayKumarAgrawal
For All MCQ post please click on:
Webpage: http://www.casanjay.me/
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