Mr. Noah is registered under GST in the State of Maharashtra. He sells footwear to his customers locally within the same State. He has been…
CA Final · Indirect Tax Laws · MTP · May 2024
Mr. Noah is registered under GST in the State of Maharashtra. He sells footwear to his customers locally within the same State. He has been appointed as an agent by Lucas Ltd., a company registered under GST in the State of Karnataka. During a financial year, Lucas Ltd., sends taxable goods worth - 5.00 crore from its Bengaluru store to Mr. Noah who sells such goods for 5.00 crore by raising invoices using the GSTIN of Lucas Ltd. Mr. Noah receives a commission of 60.00 lakh from Lucas (P) Ltd., during the said financial year. Compute the value of supply of Lucas (P) Ltd. and Mr. Noah for the financial year assuming that amounts given above are exclusive of GST, wherever applicable.
Suggested Answer and Working Notes:
Correct Answer: Option (C)
Lucas (P) Ltd.:5 crore and Noah :60 lakh
Topics: Value of Supply
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