Gst

25. Mr. A obtains new registration, voluntary registration, change of scheme from composition to regular scheme and from exempted goods/services to taxable goods/services. He can avail credit on inputs lying in stock. What is the time limit for taking said credit

[amp_mcq option1=”1 year from the date of invoice” option2=”3 year from the date of invoice” option3=”5 year from the date of invoice” option4=”None of the above” correct=”option1″]

Detailed SolutionMr. A obtains new registration, voluntary registration, change of scheme from composition to regular scheme and from exempted goods/services to taxable goods/services. He can avail credit on inputs lying in stock. What is the time limit for taking said credit

27. Whether credit can be availed without actual receipt of goods where goods are transferred through transfer of document of title before or during the movement of goods?

[amp_mcq option1=”Yes” option2=”No” option3=”Yes, in specific instances” option4=”Can be availed only after transfer of document of title after movement of goods” correct=”option3″]

Detailed SolutionWhether credit can be availed without actual receipt of goods where goods are transferred through transfer of document of title before or during the movement of goods?

28. A continuous supply of goods requires one of the following as a must:

[amp_mcq option1=”The goods must be notified by the Commissioner in this behalf;” option2=”The contract for supply lasts for a minimum period of 3 months;” option3=”The supply is made by means of a wire, cable, pipeline or other conduit;” option4=”Supplier invoices the recipient on a regular or periodic basis.” correct=”option2″]

Detailed SolutionA continuous supply of goods requires one of the following as a must:

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