Welcome to your Ch 28: Valuation Rules: MCQ (16 to 20)
16. Examine the following statements-
(i) A money changer buys $ 1,000 for Indian Rupee at ₹ 80 whereas RBI reference rate is ₹ 82. Value of supply shall be ₹ 2,000
(ii) A money changer sells Naira 1,00,000 for ₹ 20,000 RBI reference rate is not available of this Nigerian currency. Value of supply shall be ₹ 1,000.
17. Examine the following statements where he has opted for slab valuation as per Rule 32(2)(b)-
(i) A person exchanged ₹ 10,000 with a money changer. Value of supply shall be ₹ 250.
(ii) A person exchanged ₹ 1,00,000 with a money changer. Value of supply shall be ₹ 1,250.
18. Examine the following statements-
(i) Air travel agent are pure agent for airlines and it’s customer.
(ii) Airline are pure agent for airport operator and shall recover passenger service fee and user development fees which is inclusive of GST.
19. Examine the following statement. A passenger books air ticket from Indigo airline for Mumbai to Delhi route. Base fare ₹ 3,000. Fuel Surcharge ₹ 1,000. PSF ₹ 200. UDF ₹ 100. Air travel agent earns ₹ 100 as commission for booking of each ticket.
(i) Value of supply is either ₹ 100 or ₹ 150 as per the option exercised by the air travel agent.
(ii) Indigo airline shall levy GST on ₹ 4,000.
20.Examine the following statement.
(i) Only risk premium is subjected to GST.
(ii) Where only one time gross premium is charged then value of supply is 10% of gross premium otherwise 25% for 1st year and 12.5% from subsequent year.
