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VOS Practice Questions

The document presents various cases involving transactions and valuations for GST purposes, including sales of electronics and exchanges involving goods. It discusses the complexities of determining taxable values when certain valuations are not available, as well as scenarios involving second-hand goods and repossession of items. Additionally, it poses questions regarding the taxable supply value in currency exchanges and purchases involving foreign currencies.

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4 views1 page

VOS Practice Questions

The document presents various cases involving transactions and valuations for GST purposes, including sales of electronics and exchanges involving goods. It discusses the complexities of determining taxable values when certain valuations are not available, as well as scenarios involving second-hand goods and repossession of items. Additionally, it poses questions regarding the taxable supply value in currency exchanges and purchases involving foreign currencies.

Uploaded by

shreyagupta090705
Copyright
© All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd

Case 1 – Y Ltd. is dealer in New City Square, offers iPhone X for Rs.

89,000 (with exchange


offer of any old iPhone). It also offers iPhone X without exchange for Rs. 98,000. Z purchases
iPhone X under exchange offer by exchanging an old iPhone 5. Value of old iPhone 5 is not
available.

Case 2 – X Ltd. manufactures printer. X Ltd. sells a laptop to Y Ltd. For this supply, Y Ltd. pays
Rs. 90,000 and a printer (manufactured by it). Known value of printer is Rs. 3,000. However,
value of laptop is not available.

Case 3 – Suppose in Case 2, X Ltd. offers same laptop to others for Rs. 95,000 (without any
exchange or barter). Y Ltd. purchases the laptop for Rs. 90,000 (+ a printer of Rs. 3,000).

Case 4 – A Ltd. sells a music system to B for Rs. 60,000. B provides free tax consultancy to A
Ltd. (value of such consultancy is Rs. 10,000). The same music system is normally sold by A
Ltd. to unknown person for Rs. 75,000.

Case 5 – Suppose in Case 4, normal value of music system is not available. Even value of tax
consultancy is not available. But the same model of music system is sold by another dealer in a
nearby city for Rs. 80,000 + handling charges of Rs. 2,000 + GST.

Q6. X sells $ 40,000 at the rate of Rs. 65 per US $ to a dealer. RBI reference rate on that date
for US $ is Rs. 65.75. Determine the value of taxable supply for GST purposes.

Q7. X purchases 20,00,000 Kenyan Shilling from a foreign exchange dealer at the rate of Rs.
0.62 per Kenyan Shilling. RBI reference rate is not available. Find out taxable value of supply.

Q8. X deals in buying and selling of second hand goods. On August 5, 2025, he purchases from
B a second hand fridge for Rs. 14,000. X makes some minor changes. He sells the same fridge
for Rs. 17,000 on August 10, 2025. He does not take any input tax credit on purchase of fridge
from B (B will not issue any tax invoice to X).

Q9. Y purchases an air-conditioner for Rs. 80,000 on August 6, 2025. It is financed by A Ltd. On
Y’s failure to pay EMIs, air-conditioner is repossessed by A Ltd. on December 2, 2025. Later on,
A Ltd. sells the air-conditioner on February 10, 2026 for Rs. 71,000.

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