Business Taxation and GST Exam Prep
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Sample questions with model answers
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Mr. Manjunath of Karnataka purchased goods from Mr. Venkatesh Babu, Karnataka for ₹ 8,55,000 including CGST @6% and SGST @ 6% in the month of July 2023. He incurred ₹2,50,000 as manufacturing expenses and added 30% profit on cost. Mr. Manjunath sold 80% of goods to Mr. Ramesh at Karnataka on 2-8-2023. Remaining 20% of the goods were transferred to his branch in Andra Pradesh on 2-8-2023. Compute Net GST payable.
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Net GST payable is calculated based on the sales and input tax credit adjustments, resulting in ₹1,00,000.
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The following income particulars of X Ltd. Supplied to you, compute the Gross Total income for the A Y 2024-2025. Income from House property: 50,500 Income from House property - II: 23,500 Profit from Business: 35,000 Loss from Business Unit-II: 20,000 Profit from speculative business: 75,000 Long term capital gain: 55,000 Long term capital loss: 20,000 Interest on Securities: 22,500 Income from poultry Business: 1,35,000.
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Gross Total Income is computed as ₹2,06,500 after adjusting losses and gains.
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What is managerial Decision? Explain tax planning in respect of own or lease and replace or renovation of assets.
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Managerial decision involves choosing between alternatives; tax planning regarding assets focuses on optimizing tax benefits from ownership or leasing.
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What is taxable event under GST? Explain the activities under Schedule - I which are to be treated as supply even if made without consideration.
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A taxable event under GST is the supply of goods or services; Schedule I includes activities like permanent transfer of business assets as deemed supply.
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