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Standard XI
Accountancy
Debit & Credit for Revenue in Advance
When does the...
Question
When does the liability to pay GST arise in case of supply of goods?
A
On raising of invoice
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B
At the time of supply of goods
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C
On receipt of payment
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D
Earliest of a, b or c
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Solution
The correct option is
B
At the time of supply of goods
At the time of supply of goods,
the liability to pay GST arise in case of supply of goods
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‘Tiptop Electronics’ supplied an AC of 1.5 ton to a company. Cost of the AC supplied is Rs 51,200 (with GST). Rate of CGST on AC is 14%. Then find the following amounts as shown in the tax invoice of Tiptop Electronics.
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In a situation of constant demand, equilibrium quantity does not change even when supply increases or decreases.
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