Intra - state transactions refer to those where the buyer and the seller are located in different states.

True

No worries! We‘ve got your back. Try BYJU‘S free classes today!

False

Right on! Give the BNAT exam to get a 100% scholarship for BYJUS courses

Open in App

Solution

The correct option is B False
Intra-State supply of goods or services is when the location of the supplier and the place of supply i.e., location of the buyer are in the same state. In Intra-State transactions, a seller has to collect both CGST and SGST from the buyer.

Suggest Corrections

Similar questions

'Market refers to the place, where buyers and sellers gather together to see different items displayed.' State true or false.

2018		₹
Jan. 1	Started business with cash*	1,00,000
Jan. 3	Bought goods on credit from Gupta & Co., Delhi	20,000
Jan. 5	Cash sales	5,000
Jan. 8	Cash purchases	8,000
Jan. 10	Sold goods to Ahmed & Co., Lucknow	10,000
Jan. 11	Deposited cash in bank*	50,000
Jan. 13	Purchased a computer for office	20,000
Jan. 15	Took a loan from Mehboob*	70,000
Jan. 16	Goods returned by Ahmed & Co.	2,000
Jan. 17	Purchased furniture from Mehfil Mart, Kolkata	10,000
Jan. 18	Paid interest to Mehboob*	2,000
Jan. 19	Received claim from Ahmed & Co. for defects in goods supplied to them. Claim was accepted and rebate was allowed.*	1,000
Jan. 22	Paid rent by cheque	2,000
Jan. 24	Withdrew from bank*	20,000
Jan. 25	Sales of goods at counter after allowing trade discount of 10%	10,000
Jan. 26	Goods purchased from Gupta & Co., Delhi were destroyed by accident	10,000
Jan. 27	Advertisement expenses paid through bank	5,000
Jan. 28	Ahmed & Co. settled their account by cheque*	7,000
Jan. 29	Paid to Gupta & Co. by cheque*	18,000
	Discount allowed by them*	2,000
Jan. 31	Sold old newspapers	500

In which type of e-business transaction, both buyers and sellers are customers ?

2019		₹
April 1	Assets: Cash in Hand ₹ 20,000; Cash at Bank ₹ 35,000; Stock ₹ 15,000; Furniture ₹ 4,500; Input SGST ₹ 5,000; Input IGST ₹ 2,000 Debtors: Poonam ₹ 20,000; Sonu ₹ 10,000 Liabilities Creditors: Ashok ₹ 13,500; Pankaj ₹ 21,500
April 4	Purchased goods from Pankaj, Kolkata	5,000
April 7	Paid to Ashok by cheque in full settlement of his account*	13,000
April 10	Sold goods to Poonam, Delhi	11,000
April 12	Purchased goods from Ashok, Delhi	15,000
April 15	Sold goods to Sonu, Kanpur	6,000
April 18	Received cheque from Poonam on account*	24,500
	Allowed her discount*	500
April 25	Paid for stationery	1,200
April 27	Paid telephone bill by cheque	3,500
April 30	Paid salaries*	6,000

Join BYJU'S Learning Program