Mr. Mayank Kohli, a famous cricketer, furnishes you with the following information and particulars of his various receipts/income for the month of March, 2019 : Particulars Amount (₹) 1. Receipts from Sports Authority of

CS Professional · Advanced Tax Laws and Practice · PYQS · December 2019
Mr. Mayank Kohli, a famous cricketer, furnishes you with the following information and particulars of his various receipts/income for the month of March, 2019 : Particulars Amount (₹) 1. Receipts from Sports Authority of India for participation in recognized events of matches. 30,00,000 2. Receipts from franchise of Indian Premier League (IPL) which is not recognized sports body for participation in the league matches. 50,00,000 3. Receipts from sports training academy for providing Coaching to young players; the academy is not registered u/s 12AA of the Income-tax Act, 1961. 30,00,000 You are required to calculate the value of taxable supply and the amount of GST payable thereon by taking the rate of GST as applicable of 18%.

Answer & Explanation:

Taxable Person - Mr. Mayank Kohli Computation of Value of taxable supply and GST for March, 2019 S.No. Particulars Amount (₹) 1 Receipts from Sports Authority of India for participation in recognized sports events. Exempt [Exempt vide Entry No. 68 of Exemption Notification No. 12/2017-CT (Rate)] 2 Receipts from franchise of Indian Premier League, not a recognized sports body. [being not exempt] 50,00,000 3 Receipts of sports training academy to coach young players [Liable for GST since sports training by charitable entities registered under section 12AA of the Income-tax Act, 1961 alone is exempt vide Entry No. 80 of Exemption No. 12/2017-CT (Rate)], This Academy is not registered under section 12AA of the Income-tax Act, 1961. 30,00,000 Value of Taxable Supply 80,00,000 GST payable @ 18% 14,40,000

Topics: CGST Act, 2017

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