✅ Option B — ₹1,000,000 (200% of tax payable)
Alpha Ltd., a registered person in Maharashtra, supplies goods to its distinct person Beta Ltd. in Gujarat without consideration. Beta Ltd. is eligible for full Input Tax Credit (ITC). The open market value of the goods is ₹5,00,000, and the cost of production is ₹4,00,000. Alpha Ltd. declares a value of ₹3,50,000 in the tax invoice. What is the value of supply under Rule 28 of the CGST Rules, 2017?
Which of the following Input Tax Credits (ITC) is ELIGIBLE to be availed by Zeta Ltd., a manufacturing company, under Section 17(5) of the CGST Act, 2017?
Delta Consultants completed a management consultancy assignment on 15th July. The invoice was issued on 28th August. Payment was credited to Delta Consultants' bank account on 20th August, though entered in the books of account on 22nd August. What is the Time of Supply under Section 13(2) of the CGST Act, 2017?
Zenith Marketing Ltd., located in Mumbai, acts as an intermediary / broker connecting foreign software buyers located in London with software developers in Bengaluru. For arranging the supply, Zenith receives a 10% commission in convertible foreign exchange from the London client. What is the Place of Supply and GST liability for Zenith Marketing Ltd.?
Under Rule 89(5) of the CGST Rules, 2017, for computing the maximum refund amount under the Inverted Duty Structure, which of the following Input Tax Credits is included in 'Net ITC'?
An importer imported machinery from Germany with FOB price of €1,00,000. In addition, the importer paid €5,000 to an independent buying agent in Germany for representing him abroad, and €10,000 to the German seller as engineering and design charges incurred in Germany necessary for production. Ocean freight was €8,000 and actual insurance was €1,200. What is the Custom Assessable Value if the exchange rate notified by CBIC is 1 € = ₹90?
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