Mr. X sells good to Mr. Y for ₹70,000 on 01.08.2024 with a term that payment will be done on 15.08.2024. The condition was imposed that if Mr. Y did not able to pay by 15.08.2024 he will be liable to pay a penalty of ₹15
CS Executive · Tax Laws · PYQS · December 2024
Mr. X sells good to Mr. Y for ₹70,000 on 01.08.2024 with a term that payment will be done on 15.08.2024. The condition was imposed that if Mr. Y did not able to pay by 15.08.2024 he will be liable to pay a penalty of ₹15 per day basis. Mr. Y made the payment on 28.08.2024 which was accepted by Mr. X. What will be the value of this transaction under GST?
Answer & Explanation:
Correct Answer: Option (B)
Official answer key: (B).
Topics: GST
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