ELEMENTS OF INDIRECT TAXES
MCQS
1. Which country has the second highest GST rate of 27?
(A) Colombia
(B) Brazil
(C) Argentina
(D) Chile
2. What kind of Tax is GST?
(A) Direct Tax
(B) Indirect Tax
(C) Depends on the type of goods and services
(D) None of the above
3. Which of the following tax will be abolished by the GST?
(A) Service Tax
(B) Income Tax
(C) Wealth Tax
(D) Corporation tax
4. India has chosen .......... model of dual-GST?
(A) Canadian
(B) Cuba
(C) Belize
(D) Nicaragua
5. GST was introduced as the ......... amendment Act.
(A) 101
(B) 100
(C) 102
(D) 103
6. A special purpose vehicle ............ has been launched to cater the needs of GST.
(A) GSTR
(B) GSTS
(C) GSTN
(D) GSTM
7. GST IS a .......... based tax on consumption of goods and services.
(A) Destiny
(B) Development
(C) Destination
(D) Ongin
8. Indian GST model has how many bands of tax rates?
(A) 3
(B) 4
(C) 5
(D) 2
9. The highest rate of tax prescribed under IGST is-
(A) 12%
(B) 28%
(C) 18%
(D) 5%
10. Combined Stake of Central and State Government in GSTN is-
(A) 49%
(B) 25%
(C) 51%
(D) 20%
11. The Central Board of Excise and Customs (CBE(C) announced that every year .......... will be considered as GST Day.
(A) July 1
(B) March 1
(C) June 1
(D) April 1
12. Who is the chairman of GST committee of state finance ministers?
(A) Amit Malhodra
(B) Amit Sastri
(C) Amit kohli
(D) Amit Mitra
13. What is Integrated Goods and Services Tax?
(A) Tax imposed on interstate trade
(B) Tax on international trade
(C)Tax imposed on value additions to exports
(D) Tax imposed on imported goods and services
14. Which article spells formation of GST Council?
(A) 246A (2)
(B) 269A (1)
(C) 270
(D) 279A
15. Which of the following tax will be abolished by the GST?
(A) Wealth tax
(B) Service Tax
(C) Corporation tax
(D) Income Tax
16. What is Integrated Goods and Services Tax?
(A) Tax imposed on imported goods and services
(B) Tax imposed on value additions to exports
(C) Tax imposed on interstate trade
(D) Tax on international trade
17. GST will be levied on-
(A) Retailers
(B) Manufacturers
(C) Consumers
(D) All of the above
18. What kind of Tax is GST?
(A) Indirect Tax
(B) Direct Tax
(C) Depends on the type of goods and services
(D) None of the above
19. Which constitutional amendment is done to pass the GST bill?
(A) 115th
(B) 122nd
(C) 120th
(D) 101st
20.Who is the chairman of GST council?
(A) Prime Minister
(B) RBI Governor
(C) Finance Minister
(D) Finance secretary
21. The country with highest GST Rate in the world is-
(A) Greece
(B) China
(C) India
(D) USA
22. In India GST came affective from July 1st, 2017, India has chosen ............ Model of dual-GST
(A) China
(B) Canadian
(C) UK
(D) USA
23. The tax IGST charged by ......... Government.
(A) Central
(B) State
(C) Both A and B
(D) Concerned department
24. GST comes under which amendment bill?
(A) 115
(B) 120
(C) 118
(D) 122
25. How many types of GST in India?
(A) 5
(B) 3
(C) 4
(D) 2
26. What is GST?
(A) Goods and Services Tax (GST)
(B) Goods and Services Total (GST)
(C) Gods and Services Tax (GST)
(D) None of these
27. What is CGST?
(A) Capital Goods and Service Tax
(B) Center Goods and Service Tax
(C) Capacity Goods and Service Tax
(D) Central Goods and Service Tax
28. What is SGST?
(A) State Goods and Service Tax
(B) South Goods and Service Tax
(C) S goods and services tax
(D) None of these
29. What is IGST?
(A) Integrated Goods and Service Tax
(B) Indian Goods and Service Tax
(C) Initial Goods and Service Tax
(D) None of these
30. Which state became the first state of India to ratify GST bill?
(A) Telangana
(B) Bihar
(C) Andhra Pradesh
(D) Assam
ELEMENTS OF INDIRECT TAXES
(EIDT)
MCQS - UNIT 1
GST IN INDIA - AN INTRODUCTION
1. Which of the following taxes have been subsumed in GST ?
a) Central Sales Tax
b) Central Excise Duty
c) VAT
D) All of the above
2. List-I of the Constitution contains matters in respect of which __________ has the exclusive right to make laws.
a) Central Government
b) State
c) Both Centre and State Governments
d) None of these
3. GST is levied on supply of all goods and services except
a) Tabaco
b) Alcoholic liquor for human consumption
c) Health care services
d) All of the above
4. On Petroleum Crude, High Speed diesel, motor Spirit (commonly) known as Petrol), Natural gas and Aviation Turbine Fuel:
a) GST is not levied at all
b) GST will be levied from a date to be notified on the recommendations of the GST Council.
c) GST is levied, but exempt
d) None of the above
5) The functions of Goods and Services Network (GSTN) include:
a) Facilitating registration
b) Forwarding the returns io Central and State authorities
c) Computation and settlement of GST
d) All of the above
6. Which article of the Constitution outlines the composition and functions of the GST Council?
a) 246A
b) 269A
c) 279A
d) 270
SAILENT FEATURE OF GOODS & SERVICES TAX
7. GST is one of the widely accepted indirect taxation system prevalent in more than ________ countries across the globe.
a) 190
b) 180
c) 170
d) 140
8. _______ was first country to adopt GST as indirect system of taxation.
a) UK
b) India
c) France
d) German
9. GST has rolled out with effect from _______.
a) 01-07-2017
b) 15-07-2017
c) 01-04-2017
d) 01-09-2017
10. GST is _________ Consumption tax.
a) original based
b) Destination based
c) Purchased based
d) Sales based
11. India has adopted ________ model of GST based on federal structure.
a) Dual
b) Single
c) Purchased based
d) None of the above
12. The first State which ratified the GST Bill in India.
a) Karela
b) Bihar
c) Jharkhand
d) Assam
SCOPE OF SUPPLY
13. What are different types of supplies covered under the scope of supply?
a) Supply made without consideration
b) Supplies made with consideration
c) Both of the above
d) None of the above
14. The activities to be treated as supply of goods or supply of services as referred in _______ of CGST Act,2017.
a) Schedule - I
b) Schedule - III
c) Schedule - II
d) Section 8
15. Supply Includes import of services for à consideration
a) In the course or furtherance of business
b) not in the course of furtherance of business
c) Whether or not in the course or furtherance of business
d) None of the above
16. Activities made of agreed to be made without a consideration covered in scope of supply are specified in _________.
a) Schedule - I
b) Schedule - III
c) Schedule - II
d) Section 8
17. Activities or transactions specified in ________ shall be treated neither as a supply of goods nor a supply of services.
a) Schedule I
b) Schedule II
c) Schedule IlI
d) Schedule 8
18. Activities or transactions undertaken by the Central Government, a State Government or any local authority in which they are engaged as public authorities as may be notified by the government on the recommendations of the council, shall be traded as __________.
a) Supply of goods
b) Neither as a supply of goods nor a supply of services
c) Supply of services
d) either as a supply of goods or as a supply of services
19. Transfer of the title on goods shall be treated as ________
A) Supply of goods
b) neither as a supply of goods nor a supply of services
c) Supply of services
d) either as a supply of goods or as a supply of services
20. Transfer if right in goods of undivided share in goods without the transfer of title thereof shall be treated as _________.
a) Supply of goods
b) neither as a supply of goods nor a supply of services
c) Supply of services
d) either as a supply of goods or as a supply of services
21. Transfer the title in goods under an agreement which stipułates that property goods shall pass at a future date upon payment of full consideration as agreed __________.
a) Supply of goods
b) neither as a supply of goods nor a supply of services
c) Supply of services
d) either as a supply of goods or as a supply of Services
22. Any lease, tenancy, easement, license to occupy land is ___________.
a) Supply of goods
b) neither as a supply of goods nor a supply of services
c) Supply of services
d) either as a supply of goods or as a supply, of services
23. Any lease or letting out of the building including a commercial, industrial or residential complex for business or commerce, either wholly or partly, is _________.
a) Supply of goods
b) neither as a supply of goods nor a supply of services
c) Supply of services
d) either as a supply of goods or as a supply of services
24. Any treatment or process which is applied to another person's goods is __________.
a) Supply of goods
b) neither as a supply of goods nor a supply of services
c) Supply of services
d) either as a supply of goods or as a supply of services
25. Renting of immovable property is ________.
a) Supply of goods
b) neither as a supply of goods nor a supply of services
c) Supply of services
d) either as a supply of goods or as a supply of services
26. Temporary transfer or permitting the use or enjoyment of any intellectually property right is _________
a) Supply of goods
b) neither as a supply of goods nor a supply of services
c) Supply of services
d) either as supply. of goods or as a supply of services
27. Services by an employee to the employer in the course of or in relation to his employment is __________.
a) Supply of goods
b) neither as a supply of goods nor a supply of services
c) Supply of services
d) either as a supply of goods or as a supply of services
28. Activity of funeral, burial crematorium or mortuary including transportation of the deceased is __________.
a) Supply of goods
b) neither as a supply of goods nor a supply of services
c) Supply of services
d) either as a supply of goods or as a supply of services
29) Actionable claims, other than lottery, betting and gambling are __________.
a) Supply of goods
b) neither as a supply of goods nora supply of services
c) Supply of services
d) either as a supply of goods or as a supply of services
30. Gifts exceeding _________ in value in a financial year by an employer to an employees shall not be treated as supply of goods or services or both.
a) Rs.1,50,000
b) Rs.1,00,000
c) Rs. 5000
d) Rs. 50,000
31. The ________ shall be treated as supply even if made without consideration.
a) Permanent transfer or disposal of business assets where input fax credit has been availed on Such assets
b) Permanent transfer or disposal of business assets where input tax credit has not been availed on such assets.
c) Both of the above
d) None of the above
32. ___________ shall be treated as supply even if made without consideration
a) Supply of goods by a principal to his agent where the agent undertakes to supply Such goods on behalf of the principal
b) Supply of goods by an agent to his principal where the agent undertakes to receive such goods on behalf of the principal
c) Both of the above
d) none of the above
33. ________ shall be treated as supply even if made without consideration.
a) Supply of goods by a principal to his agent where the agent undertakes to supply such goods on behalf of the principal
b) Supply of the by an agent to his principal where the agent undertakes to receive such goods on behalf of the principal
c) Permanent transfer or disposal of business assets where input tax credit has been availed on such assets.
d) All of the above
34. Import of service by a taxable person from a related person or from any of his other establishments outside India, in the course of furtherance of business shall ___________.
a) Not be treated as supply of service
b) Be treated as supply when made with consideration
c) Be treated as supply even made without consideration
d) Be treated as supply of goods
LEVY & COLLECTION
35. Intra state supply is liable to ________
a) SGST
b) CGST and SGST
c) IGST
d) CGST
36. The tax applicable to interstate supplies will be :
a) CGST+ IGST
b) SGST only
c) CGST only
d) IGST only
37. Supply of the following is not liable to CGST ________
a) Alcoholic liquor for industrial consumption
b) Alcoholic liquor for medicinal consumption
c) Alcoholic liquor for human consumption
d) Lottery
38. The central tax on the supply of _________ shall be levied with effect from such date as may be notified by the Government on the recommendations of the Council.
a) Petroleum crude 12%
b) High speed diesel
c) Motor sprit
d) All of the above
39. ________ is the maximum rate prescribed under CGST Act, 2017.
a) 12%
b) 28%
c) 40%
d) 20%
40. What are supplies on which reverse charge mechanism would apply ?
a) Notified categories of goods or services or both
b) Inward supply of goods or services or both from an unregistered dealer
c) Both of the above
d) None of the above
41. Whether Alcoholic Liquor for industries and usages is taxable under GST?
a) Non-Taxable
b) Exempted
c) Yes
d) No
42. What is the rate applicable under CGST to a registered person being a manufacturer opting to pay taxes under composition scheme ?
a) Manufacturing is not eligible for composition
b) 1% of turnover
c) 2.5% Of turnover
d) 5% of turnover
43. XYZ LTD. is supplier of goods as well as services. He can opt for composition scheme in respect of ________.
a) Supply of services
b) Neither for supply of goods nor supply of service
c) Supply of goods
c) Supply of goods as well as service
44. GST is levied on ________.
a) 'supply' of goods or services or both
b) 'supply' of goods
c) 'supply' of goods or services
d) 'supply' of services
EXTRA MCQS
45. GST is applicable to __________.
a) Whole of India including the state of Jammu and Kashmir
b) Whole of India
c) Whole of India excluding the state of Jammu and Kashmir
d) (a) and (b)
46. Burden of GST is to be borne by the ___________.
a) Final consumer
b) Manufacturer
c) Both
d) None
47. __________ started discussion on GST by setting up an empowered committee.
a) Manmohan Sinh Government
b) Vajpayee Government
c) Modi Government
d) All of the above
48. The Empowered Committee was headed by ___________.
a) Yashwant SInha
b) P Chidambaram
c) Asim Dasgupta
d) None
49. __________ recommended fully integrated GST on national basis.
a) Keikar Task Force
b) Tyagi Committee
c) Empowered Committee
d) All of the above
50. Govt. rolled out GST w.e.f. _______.
a) 1.07.2016
b) 1.07.2017
c) 1.04.2017
d) 1.04.2016
51. _______ was the first country to implement GST in the year 1954.
a) Russia
b) Japan
c) France
d) USA
52. GST would be applicable on "supply" of goods or services as against the present concept of tax on ________.
a) the manufacture of goods
b) on sale of goods
c) on provision of services
d) all of the above
53. GST would be based on the principle of _________.
a) destination based consumption taxation
b) origin based taxation
c) both of the above
d) none
54. An Integrated GST (IGST) would be levied on __________.
a) intra-State supply (including stock transfers) of goods or services
b) inter-state supply (Including stock transfers) of goods or service
c) import of goods
d) (b) and (c)
55. Taxable event of GST is _________.
a) Supply of goods or services or both
b) Supply of goods or services
c) Supply of goods
d) None
S.Y B.COM
SEMESTER - 4
ELEMENTS OF INDIRECT TAXES
(EIDT)
MCQS - UNIT II
1. The composition of levy is method of levy of tax designed for small taxpayers whose turnover is up to __________.
a) Rs.5 crore
b) Rs.1.50 crore
c) Rs.2 crore
d) Rs.1 crore
2. How many % of composition levy for Restaurant services?
a) 2.5%
b) 1%
c) 5%
d) None of these
3. In composition scheme GST available for small tax payer who aggregate turnover in preceding financial year does not exceeds...
a) Rs.1.5 Crore
b) Rs.1 crore
c) Rs.50 lakhs
d) Rs.75 lakhs
4. Small business Whose aggregate turnover below _________ need not to register.
a) Rs.30 lakh
b) Rs.20 lakh
c) Rs.2 lakh
d) Rs.5 lakh
5. Which is the date of filling GSTR-1?
a) 15th of next month
b) 10th of next month
c) 20th of next month
d) 18th of next month
6. Which type of return is GSTR-4?
a) Final Return
b) Annual Return
c) Monthly Return
d) Quarterly return
7. Who files GSTR-8?
a)Tax deductor
b) Registered person
c) Non-resident tax payer
d) E-commerce operation
8. Deposit of tax, interest, penalty fee or any other amount can be made by which mode ?
a) credit/debit card
b) Internet Banking
c) NEFT/RTGS
d) All of these
9. How many % of composition levy for manufacturers?
a) 0.5%
b) 2.5%
c) 5%
d) 1%
10. Taxable person whose registration has been surrendered or cancelled has to file return in which form?
a) GSTR-10
b) GSTR-8
c) GSTR-7
d) GSTR-2
11. For the state of Meghalaya and Sikkim, what is the turnover limit for composition scheme ?
a) Rs.25 lakh
b) Rs.50 lakh
c) Rs.75 lakh
d) Rs.1 crore
12. State the date of filling GSTR-9.
a) 20th of next month
b) 10th of next month
c) 31st December of next financial year
d) 13th of next month
TIME OF SUPPLY OF GOODS
13) The liability to pay GST arise __________ in case of supply of goods.
a) At the time of issue of invoice
b) At the time of supply of goods
c) On receipt of payment
d) Earliest of a, b or c
14. Time of supply of goods under CGST Act , 2017 is _________.
a) Date on which the supplier receives the payment with respect to the supply
b) Date of issue of invoice by the supplier
c) Date of dispatch of goods by the supplier
d) Earlier of (a) of (b)
15. Time of supply of goods liable to tax under reverse charge mechanism is ________.
a) Date on which the payment is made
b) Date of receipt of goods
c) Date immediately following 30 days from the date of issue of invoice by the supplier
d) Earlier of a, b, c
16. Time of supply of vouchers in respect of goods when the supply with respect to the voucher is identifiable is ________.
a) Date of redemption of voucher
b) Date of Issue of voucher or date of redemption of voucher whichever is earlier
c) Date of issue of voucher
d) Date of issue of voucher or date of voucher whichever is later
17. Time of supply of vouchers in respect of goods when the supply with respect to the voucher is identifiable is _________.
a) Date of redemption of voucher
b) Date of issue of voucher
c) Date of issue of voucher or date of redemption of voucher whichever is earlier
d) Date of issue of voucher or date of voucher whichever is later
18. What is date of receipt of payment?
a) Date of payment Credited into bank account
b) Date of entry in the books
c) Date of filing of return
d) Earlier of (a) and (b)
19. Determine the time of supply in accordance with provision of Section 12 of the CGST Act, 2017 in case supply involves movement of goods.
Date of Removal 01-10-2017
Date of Invoice 02-10-2017
Date when goods made available to recipient 03-10-2017
Date of receipt of payment 15-11-2017
a) 01-10-2017
b) 02-10-2017
c) 03-10-2017
d) 15-11-2017
20. Determine the time of supply in accordance with provision of Section 12 of the CGST Act, 2017 in case supply involves movement of goods.
Date of Invoice 02-10-2017
Date when goods made available to recipient 03-10-2017
Date of receipt of payment 15-11-2017
a) 01-11-2017
b) 02-10-2017
c) 03-10-2017
d) 15-11-2017
21. Determine the time of supply in accordance with provision of Section 12 of the CGST Act, 2017 in case recipient of goods is liable to pay tax under reverse charge mechanism.
Date of Invoice 01-10-2017
Date when goods made available to recipient 03-10-2017
Date of receipt of payment 15-11-2017
a) 01-10-2017
b) 15-10-2017
c) 12-10-2017
d) 10-10-2017
22. Determine the time of supply in accordance with provision of Section 12 of the CGST Act, 2017 in case recipient of goods is liable to pay tax under reverse charge mechanism.
Date of Invoice 01-10-2017
Date of receipt of goods 15-11-2017
Date of payment in books 18-11-2017
Date when payment debited in bank account 20-11-2017
a) 01-10-2017
b) 01-11-2017
c) 18-11-2017
d) 20-11-2017
TIME OF SUPPLY OF SERVICE
23. What is the time of supply of service if the invoice is issued within 30 days from the date of supply of service?
a) Date of issue of invoice by the supplier
b) Date of receipt of payment or date of issue of invoice whichever is later
c) Dale of receipt of payment by the supplier
d) Date of receipt of payment or date of issue of invoice whichever is earlier
24. What is the time of supply of service if the invoice is NOT issued within 30 days from the date of supply of service and no advance payment are received?
a) Date of completion of supply of service
b) Date of issue of invoice by the supplier
c) Date of receipt of payment by the supplier
d) Date of receipt of payment or date of issue of invoice whichever is earlier
25. Minimum Service periods required to constitute a continues supply with periodic payment ______.
a) 3 months
b) Exceeding 3 months
c) Exceeding 6 months
d) 6 months
26. What is the time of supply of services in case of reverse charge mechanism?
a) Date on which payment is made to the supplier
b) Date immediately following 60 days from the date of issue of Invoice
c) Earlier of (a) & (b)
d) Date of invoice by the supplier
27. Determine the time of supply in each of following independent cases in accordance with provision of CGST Act, 2017:
Date of actual supply of service 10-11-2017
Time (Date) of Invoice, Bill or Challan as the case may be 12-12-2017
Date on which payment received 30-04-2018
a) 30-04-2018
b) 10-12-2017
c) 12-12-2017
d) 10-11-2017
28. Determine the time of supply in each of following independent cases in accordance win provision of CGST Act, 2017:
Date of actual supply of service 10-11-2017
Time (Date) of Invoice, Bill or Challan as the case may be 22-12-2017
Date on which payment received 12-12-2017
a) 10-11-2017
b) 12-12-2018
c) 22-12-2017
d) 10-11-2017
VALUE OF TAXABLE SUPPLY
29. The value of supply of goods and services shall be the -
a) Wholesale price
b) Transaction value
c) Retail sale price
d) None of above
30. The value of supply should include
a) Incidental expenses, including commission and packing, charged by the supplier to the charged by the suppliers to the recipient of a supply.
b) Interest, late fee or penalty for delayed payment of any consideration for any supply
c) Subsidies directly linked to the price except subsidies provided by the Central and state government
d) All of the above
31. Interest or late fee or penalty for delayed payment of any consideration for any supply-
a) Shall be included in value of taxable supply
b) Shall be excluded in value of Taxable supply
c) Shall require no adjustment
d) Shall be included or excluded as per wish of supplier
32. What deductions are allowed from the transaction value?
a) Discounts offered to customers, Subject to conditions
b) Incidental expenses
c) Amount paid by customer on behalf of the supplier
d) Freight charges
33. Determine the value of taxable Supply as per Section 15 of the CGST Act, 2017: (in Rs.)
Contracted sale price of goods (including CGST and SGST @ 5%) 10,56,000
The contracted sale price includes the following elements of cost:
1) Cost of drawings and design 5,000
2) Cost of primary packing 2,000
3) Cost of packing at buyer's request 4,000
4) Fright and insurance from 'place of removal' to buyer's premises 43,000
A discount of 6,000 was given by the supplier at the time of supply of goods. CGST and SGST is levied @5%.
a) Rs.11,10,000
b) Rs.10,00,000
c) Rs. 10,56,000
d) Rs.10,50,000
34. Persons shall be deemed to be 'related persons' if any person directly or indirectly owns, Controls or holds __________
a) 20%
b) 51%
c) 26%
d) 25%
35. Persons shall be deemed to be related it _________
a) such persons are officers or directors of one another's businesses
b) such persons are legally recognized partners in business
c) such persons are employer and employee
d) All of the above
INPUT TAX CREDIT
36. 'Input' Means
a) Any goods including capital goods
b) Any goods excluding capital goods
c) Capital goods used for the furtherance of the Business
d) Capital goods only
37. Input tax credit can be taken by ........
a) Registered dealer not opting for complication scheme
b) Unregistered dealers
c) Registered dealer opting for composition
d) All of the above
38. Whether credit on capital goods can be taken immediately on receipt of the goods?
a) After usage of such capital goods
b) no
c) Yes
d) No, 50% in first year and balance in subsequent years
39. Input tax credit in respect of inputs supplied by principal to job-worker for job-work shall be allowed to ______
a) Partly to Principal and Partly to job-worker
b) Principal
c) Job-worker
d) No one
40. Input tax credit on capital goods can be availed in _______.
a) 6 installments
b) 36 installments
c) 12 installments
d) 1 installments
41. The time limit to pay the value of supply with taxes to avail the input tax credit?
a) 30 days from the date of invoice
b) 90 days from the date of invoice
c) Till the date of filling of Annual Return
d) 180 days from the date of invoice
42. The time limit beyond which inputs sent for job work if not returned will be treated as supply?
a) 4 years
b) 3 years
c) 5 years
d) 1 years
43. The time limit beyond which capital goods sent for job work if not returned will be treated as supply.
a) 4 years
b) 3 years
c) 5 years
d) 1 year
44. ITC includes tax payable under ______ also.
a) Customers
b) Reverse charge
c) Excise
d) VAT
REGISTRATION
45. Every supplier shall be liable to be registered under this Act in the State or Union territory, other than special category States, form where he makes a taxable supply of goods or services or both, of his aggremate turnover in a financial year exceeds _________.
a) Rs.20 lakhs
b) Rs.15 lakhs
c) Rs.1.5 carores
d) Rs.10 lakhs
46) Where such person makes taxable supplies of goods or service or both from any of the special category states, he shall be liable to be registered if his aggregate turnover in a financial year exceeds.
a) Rs.20 lakhs
b) Rs.15 lakhs
c) Rs.1.5 carores
d) Rs.10 lakhs
47. A causal taxable, person or a non-resident taxable person shall apply for registration at least ________ prior to the commencement of business.
a) 30 days
b) 15 days
c) 10 days
d) 5 days
48. Which one of the following true?
a) A person can't collect tax unless he is registered
b) Registered person not liable to collect tax till his aggregate turnover exceeds tax till his aggregate turnover exceeds Rs.20 lakhs/Rs.10 lakhs as the case may be
c) a person can collect the tax during the period of his provisional registration
d) Both (a) and (b) are correct
49. Within how many days a person should apply for registration ?
a) within 60 days from the date he becomes liable for registration
b) within 30 days from the date he becomes liable for registration
d) Within 90 days from the date he becomes liable for registration
c) No time limit
50. What is the validity of the registration certificate?
a) Valid till it is cancelled
b) five yeas
c) No validity
d) One year
RETURNS
51. The details of outward suppliers of goods or services shall be submitted by -
a) 18th of the succeeding month
b) 10th of the succeeding month
c) 20th of the succeeding month
d) 15th of the succeeding month
52. Details of Outward supplies shalll includes -
a) Credit and Debit notes
b) Invoice
c) Revised invoice issued in relation to outward supplies
d) All of the above
53. Every tax payer paying tax under section 10 (composition levy) shall file the return-
a) by 18th of the month succeeding the quarter
b) by 18th of the month succeeding the month
d) by 20th of the month succeeding the quarter
c) by 10th of the succeeding month
54. The e-commerce operator collecting tax under section 52 shall file its monthly return-
a) 20th of the month succeeding the quarter
b) by 18th of the succeeding month
c) 10th of the succeeding month
d) 17th of the succeeding month
55. What is the time limit for rectification of return filed by registered supplier?
a) Return can be rectified within 6 months from the date of filling the return
b) Return can be rectified within 90 days from the date of filling the return
c) Return have to be rectified before the due date for filling the subsequent periods return
d) Return can be rectified before the due date for filling the return for month of September or second quarter, as the case may be following the end of the financial year.
56. The final return shall be filed by the registered taxable person within
a) Date of order of cancellation
b) 3 month of the date of cancellation
c) Later of the (a) or (b)
d) None of the above
57. Any registered taxable person who fails to furnish the details and file the return within the due date prescribed shall be liable to -
a) Interest at the rate of 1% per month
b) Date of order of cancellation
c) Later of the (a) or (b)
d) None of the above
EXTRA MCQS
58. Value of supply under section 15 is :
a) wholesale price
b) Market value
c) Transaction value
d) Maximum retail price
59. In case of continuous supply of services, where due dale of payment is not ascertainable from the contract, Invoice shall be issued:
a) Before or at the time when the supplier of service receives the payment
b) On or order the due date of payment
c) Either (a) or (b)
d) None of the above
60. Where the goods being sent or taken on approval for sale or return are removed before the supply takes place, the invoice shall be issued:
a) before / at the time of supply
b) 6 months from the date of removal
c) Earlier of (a) or (b)
d) None of the above
PAYMENT OF TAX
61. Which of these electronic ledgers are maintained online?
a) Electronic liability register
b) Electronic credit ledger
c) Electronic cash ledger
d) All of the above
62. Deposit towards tax, penalty, interest fee or any other amount are credited into the _______ of a taxable person.
a) Electronic liability register
b) Electronic credit ledger
c) Electronic cash ledger
d) All of the above
63. lnput tax credit as self-assessed in the return of the registered person shall be credited to which of the following ledger?
a) Electronic credit ledger
b) Electronic liability register
c) Electronic cash ledger
d) All of the above
64. Which of the following items are debited to electronic credit ledger?
a) Penalty
b) Interest
c) Output tax
d) All of the above
65. Balance in electronic credit ledger under SGST can be used against which liabilitly ?
a) SGST and IGST liability
b) SGST Liability only
c) SGST, IGST and CGST liability
d) None of the above
66. Which input tax credit cannot be claimed against which output tax habilbty ?
a) CGST, SGST
b) SGST, IGST
c) CGST, IGST
d) IGST, SGST
67. Interest is payable on:
a) Undue / excess claim of input tax credit
b) Belated payment of tax
c) Undue/ excess reduction in output tax liability
d) All of the above
68. Which of the following liability cannot be adjusted against input tax credit of CGST?
a) IGST
b) SGST/UTGST
c) All of the above
d) None of the above
69. Which of the following shall be discharged first, while discharging Liability of a Taxable person?
a) All dues related to Current tax period
b) Demand raised under section 73 and 74
c) No such condition is mandatory
d) All dues related to previous tax period
70. Interest is calculated
a) No period is specified
b) From the day following the day on which tax becomes due to be paid
c) From the last day such tax was due to be paid
d) None of the above
