Saturday, September 23, 2017

gst questions




What are the taxes levied on an INTRA-State Supply?
(a) CGST
(b) SGST
(c) CGST and SGST
(d) IGST
Ans. (c) CGST and SGST

Note: 
> INTRA: within State.
> INTER: outside State.


What are the taxes levied on an INTER-State Supply?
(a) CGST
(b) SGST
(c) CGST and SGST
(d) IGST

Ans. (c) IGST


What are the 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 (a) and (b)
(d) None of the above
Ans. (c) Both (a) and (b)

Which of the following taxes will be levied on Imports?
(a) CGST
(b) SGST
(c) IGST
(d) CGST and SGST
Ans. (c) IGST


In case of renting of land, inside an Industrial estate, by State Government to a manufacturing company, GST is :
(a) Exempted
(b) Applicable under Normal Charge
(c) Applicable under Reverse Charge
(d) None of the above
Ans. (b) Applicable under Normal Charge

Silk yarn procured by M/s ABC Silks Ltd. from a Trader, GST is payable by:
(a) Trader
(b) M/s ABC Silks Ltd
(c) Both the above
(d) None of the above
Ans. (b) M/s ABC Silks Ltd

Lottery procured from State Government by a lottery distributor, GST is payable by:
(a) Lottery Distributor
(b) State Government
(c) Both the above
(d) None of the above
Ans. (a) Lottery Distributor

If Tobacco leaves procured from an Agriculturist by a registered person, then: -
(a) Reverse charge is applicable
(b) Normal charge is applicable
(c) Joint charge is applicable
(d) None of the above
Ans. (a) Reverse charge is applicable

The exemption from Reverse Charge Mechanism is available for Goods and Services from unregistered dealers upto a maximum of (under Notification 8 / 2017)-
(a) Rs.5,000 per day for all URD purchases under Section 9(4)
(b) Rs.5,000 per month for all URD purchases under Section 9(4)
(c) Rs.5,000 per month for all URD purchases under Section 9(3) and 9(4)
(d) Rs.5,000 per month for all URD purchases under Section 9(3)
Ans (a) Rs.5,000 per day for all URD purchases under Section 9(4)

Reverse Charge is applicable:
(a) Only on supplies
(b) Only on advances
(c) On both supplies and advances
(d) None of the above
Ans. (c) On both supplies and advances

Reverse Charge is applicable:
(a) Only on intra state supplies
(b) Only on inter-state supplies
(c) Both intra and interstate supplies
(d) None of the above
Ans. (c) Both intra and interstate supplies

When can credit for tax paid under Reverse Charge Mechanism be taken?
(a) Same month
(b) Next month
(c) Any of the two months
Ans. (a) Same month

What is the threshold limit of turnover in the preceding financial year for opting to pay tax under composition scheme?
(a) Rs.20 lacs
(b) Rs.10 lacs
(c) Rs.75 lacs
(d) None of the above
Ans. (c) Rs.75 lacs

What is the rate applicable under CGST to a registered person being a manufacturer opting to pay taxes under composition scheme?
(a) 2.5%
(b) 1%
(c) 0%
(d) No composition for manufacturer
Ans. (b) 1%

Can Composition scheme be availed if the registered person effects interstate supplies?
(a) Yes
(b) No
(c) Yes, subject to prior approval of the Central Government
(d) Yes, subject to prior approval of the concerned State Government
Ans. (b) No

Can a registered person under Composition Scheme claim input tax credit?
(a) Yes
(b) No
(c) Input tax credit on inward supply of goods only can be claimed
(d) Input tax credit on inward supply of services only can be claimed
Ans. (b) No

Can a registered person opting for composition scheme collect tax on his outward supplies?
(a) Yes
(b) No
(c) Yes, if the amount of tax is prominently indicated in the invoice issued by him
(d) Yes, only on such goods as may be notified by the Central Government
Ans. (b) No

Which of the following will be excluded from the computation of ‘aggregate turnover’?
(a) Value of Taxable supplies
(b) Value of Exempt Supplies
(c) Non-taxable supplies
(d) Value of inward supplies on which tax is paid on reverse charge basis
Ans. (d) Value of inward supplies on which tax is paid on reverse charge basis
CHECK YOUR SCORE (GST QUIZ PART-1)
GST Basic Questions

GST Basic Questions

Quiz

 

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