Time of Supply MCQ | 50 Free MCQs on GST

21. What is date of receipt of payment?
(a) Date of entry in the books
(b) Date of payment credited into bank account
(c) Date of deposit of cheque into bank account
(d) Earlier of (a) and (b)

22. XYZ Ltd. has purchased for its employees 100 vouchers dated 24-02-2019 worth 1,000 each from ABC Ltd. a footwear manufacturing company. The vouchers were issued by ABC Ltd. on25-02-2019. The vouchers can be encashed at retail outlets of ABC Ltd. The same were given to employees on 26-02-2019. The employees of XYZ Ltd. encashed the same on 01-03-2019.Determine time of supply of vouchers.
(a) 24-02-2019
(b) 25-02-2019
(c) 26-02-2019
(d) 01-03-2019

23. What is the time of supply of service if the invoice is issued within 30 days from the date ofprovision of service?
(a) Date of issue of invoice
(b) Date on which the supplier receives payment
(c) Date of provision of service
(d) Earlier of (a) and (b)

24. What is the time of supply of service if the invoice is issued within 30 days from the date ofsupply of service?
(a) Date of issue of invoice by the supplier
(b) Date of receipt of payment or date of issue of invoice whichever is later
(c) Date of receipt of payment by the supplier
(d) Date of receipt of payment or date of issue of invoice whichever is earlier

25. What is the time of supply of service if the invoice is not issued within 30 days from the date of supply of service and no advance payments are received?
(a) Date of issue of invoice by the supplier
(b) Date of completion of supply of service
(c) Date of receipt of payment by the supplier
(d) Date of receipt of payment or date of issue of invoice whichever is earlier

26. What is the time of supply of service for the supply of taxable services up to Rs 1000 in excess of the amount indicated in the taxable invoice?
(a) At the option of the supplier – Invoice date or Date of receipt of consideration
(b) Date of issue of invoice
(c) Date of receipt of consideration
(d) Date of entry in books of account

27. How is the date of receipt of consideration by the supplier determined?
(a) Date on which the receipt of payment is entered in the books of account
(b) Date on which the receipt of payment is credited in the bank account
(c) Earlier of (a) and (b)
(d) (a) and (b) whichever is later

28. Value of services rendered is Rs 1,18,000. Date of issue of invoice is 5th Sept. 2019. Advance received is Rs 20,000 on 20th August 2018. Balance amount received on 7th Sept. 2019. What isthe TOS of service?
(a) 5th Sept. 2019 – Rs 1,18,000
(b) 20th August 2019 – Rs 1,18,000
(c) 20th August 2019 – Rs 20,000 and 5th Sept. 2019 – Rs 98,000
(d) 20th August 2019 – Rs 20,000 and 7th Sept. 2019 – Rs 98,000

29. Determine the TOS in accordance with provisions of CGST Act, 2017.
Date of actual supply of service – 10th Nov. 2019
Date of Invoice – 30th Nov. 2019
Date on which payment received – 15th Dec. 2019
(a) 10th Nov. 2019
(b) 30th Nov. 2019
(c) 15th Nov. 2019
(d) 10th Dec. 2019

30. Determine the TOS in accordance with provisions of CGST Act, 2017
Date of actual supply of service – 10th Nov. 2019
Date of Invoice – 30th Nov. 2019
Date on which payment received – 15th Nov. 2019
(a) 10th Nov. 2019
(b) 30th Nov. 2019
(c) 15th Nov. 2019
(d) 10th Dec. 2019

Answer: 21)Earlier of (a) and (b) 22)25-02-2019 23)Earlier of (a) and (b) 24)Date of receipt of payment or date of issue of invoice whichever is earlier 25)Date of completion of supply of service 26)At the option of the supplier – Invoice date or Date of receipt of consideration 27)Earlier of (a) and (b) 28)20th August 2019 – Rs 20,000 and 5th Sept. 2019 – Rs 98,000 29)30th Nov. 2019 30)15th Nov. 2019