OU B.Com 2021 Important Question Bank || Osmania University (Important Questions)
Subject Title: Theory & Practice of GST
Year: III Semester: VI
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Unit - I: Introduction to GST
- Define GST. What are the various taxes subsumed under GST?
- Explain the procedure for GST under registration.
- Explain the concepts of cancellation and revocation of GST.
Unit - II
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- Discuss in detail the concepts of supply of goods and services under GST
- Write in detail about invoicing in GST.
- What do you understand by the Input Tax Credit Mechanism (ITCM) or Input Tax Credit (ITC) under GST?
- Explain briefly payment of tax under GST.
- Case example: BLtd is registered in Bangalore, Karnataka receives an order from Ahmadabad, Gujarat for goods. Confirm the place of supply and-type of GST applicable.
- Case example: Mr. Ajith in , Telangana supplied computers to Mr. Hussain in Karimnagar, Telangana . The computers price is inclusive of GST Rs 90000. Tax rate is 18%. Mr. Ajith wants to know place of supply-and the value of GST.
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- Getting started with GST Discuss the various steps involved in enabling GST and defining tax details.
- Define interstate supply. Explain interstate inward (purchase) supply and outward (sales) supply.
- Define intrastate supply. Explain intrastate inward (purchase) supply and outward (sales) supply.
- What do you mean by purchase returns? What are steps involved in activating debit note (purchase returns).
- What do you mean by sales returns? What are steps involved in activating credit note (sales returns).
- How are tax rates defined at master levels and transactional level?
- Case example: Mr. S sells goods to Mr. R. The goods dispatched on 10-09-2018 and received by Mr. R on 16-09-2018 and approved on 23-09-2018. The date of issue actual invoice is 24-09-2018.Find the time of supply.
- Mr. Prashanth purchased 300 note books from Sunmate Co. For Rs.30000. He finds that 30 note books are damaged and returns them. What is the value of credit note to be issued ?
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Unit - Ill: Recording Advanced Entries, GST Adjustment and Return Filing
- Define Composition Dealer. What are the tax rates applicable for composition scheme?
- Define Unregistered Dealer. Explain about transactions with unregistered dealer.
- Define Exports. What are the various types of exports and their tax applicability?
- Explain various categories of type of supply of goods and services under GST.
- Define GST report. What are the different types of reports?
- What are the different modes of GST Payment? Explain 3 GST payment ledgers to be maintained by a registered dealer.
- Case examples: Mr Raju is a retail dealer having turnover of Rs.1,60,00,000 in domestic sales. Can He opt for composition scheme.
- Case example: Mr. Suhas is a dealer in mobiles, he sold a mobile along with mobile case for Rs.15000.The GST rate on mobile is 18% whereas for mobile case it is 12%. What is the type of supply applicable on mobile and calculate its GST value on.
- Case example: Mr. A sold 12 number of printers to Mr. B, Telangana (SEZ) worth 8,200 each. Which type of GST is applicable? And on which party. GST is levied.
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Unit - IV: Getting Started with GST (Services)
- What do you mean by services? Explain briefly about the determination of supply of services and place of supply of services.
- What do you understand by transferring Input Tax Credit To GST? What are the details required in TRAN-1 in order to claim credit?
- Write in detail about cancellation of services?
- Case example: An actor from Mumbai went to USA for plastic surgery on his face. Determine the place of supply of service.
- Case Example: Mr. Charan Provides mobile recharge and internet services to Mr. Tarun of Chennai. Specify the place of supply.
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Unit - V : Recording Advanced Entries and Migration to ERP
- Write a note on transaction of partial payments made to the supplier?
- What is meant by supply of services and Business to Consumer (B2C) supply of services?
- How to determine the time and place of supply of services.
- Write a note on exempt supply of services under GST.
- Explain about Reverse Charge Mechanism (RCM) on services.
- Explain the concept of advance receipts from customers under GST.
- Case Example: Mr. shyam received an advance of Rs 40,000 @ 18% on 10-11-2018 from Vinod for rendering advocate services. The service is to be performed on 20-12-2018. Explain the treatment of advance receipt from customer under GST.
- Case example: Mr. Hussain is receipt of advisory services from Mr. Tarun. Tarun received the advance of Rs 15,000 on 15-08-2018 from Mr. Hussain. He gave the advance receipt on 15- 08-2018 and invoice of Rs 40,000 (including advance) on 25-08-2018. What is the tax treatment if the advance receipt and issuing invoice happened in the same month under GST?
- Mr. Arjun is the receiver of designer service from Mr Lokesh. Mr. Lokesh received an advance of Rs 18,000 from Mr. Arjun on 15-04 -2018. The invoice is issued on 15-05-02018 for Rs. 50,000. Show the tax treatment if the advance receipt and invoice are issued on different months. The GST Rate is 18%.
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