Mahesh Electronics Ltd. engaged in manufacture of electronic products, gifted one laptop to Suresh, CFO of the company, free of cost on the occasion of Diwali. The regular sale price of laptop was ₹ 72,000 and the cost o
CS Executive · Tax Laws · PYQS · June 2023
Mahesh Electronics Ltd. engaged in manufacture of electronic products, gifted one laptop to Suresh, CFO of the company, free of cost on the occasion of Diwali. The regular sale price of laptop was ₹ 72,000 and the cost of laptop was ₹ 54,000. Assume the rate of GST as 5%. How much is the GST payable in respect of such gift?
Answer & Explanation:
Correct Answer: Option (B)
Official answer key: (B).
Topics: GST
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