1. What is time of supply of goods liable to tax under reverse charge mechanism?
a :
Date of receipt of goods
b :
Date on which the payment is made
c :
Date immediately following 30 days from the date of issue of invoice by the supplier
d :
Earlier of (A) or (B) or (C)
Correct Answer: d [Earlier of (A) or (B) or (C)]
2. Transportation of passengers by ____ are exempt from GST?
a :
Air conditioned stage carriage
b :
Air terminating in Nagaland airport
c :
Radio Taxi
d :
All of the above
Correct Answer: b [Air terminating in Nagaland airport]
3. What is the time limit for taking ITC?
a :
180 days
b :
1 year
c :
20th October of the next financial year or the date of filing annual return whichever is earlier.
d :
No limit
Correct Answer: c [20th October of the next financial year or the date of filing annual return whichever is earlier.]
4. If there is a mis-match of supplier’s outward supply and recipient’s claim for ITC on the same transaction (tax paid is claimed to be more by the recipient than the tax shown as payable in the invoice of the supplier)
a :
The disputed amount shall be added as output tax liability in the return of the recipient
b :
The disputed amount shall be reduced from the ITC of the recipient
c :
The disputed amount shall be increased in the outward supply of the supplier
d :
A demand notice will be issued on the recipient for the disputed amount
Correct Answer: a [The disputed amount shall be added as output tax liability in the return of the recipient]
5. Mr. A has started supply of goods in Delhi. He is required to obtain registration if his aggregate turnover exceeds ____ during a financial year
a :
Rs. 10 lakh
b :
Rs. 20 lakh
c :
Rs. 30 lakh
d :
Rs. 50 lakh
Correct Answer: b [Rs. 20 lakh]
6. Rohan Toys is a registered supplier of goods in Delhi. It intends to attend a 7 days Business Fair organized in Mumbai (next month) where it does not have a fixed place of business. Examine which of the following statements are true for Rohan Toys:
a :
Rohan Toys is not required to obtain registration in Mumbai for attending a 7 days Business Fair
b :
Rohan Toys has to obtain registration as a casual taxable person for attending the Business Fair
c :
Rohan Toys has to obtain a Unique Identification Number for attending the Business Fair
d :
None of the above
Correct Answer: b [Rohan Toys has to obtain registration as a casual taxable person for attending the Business Fair]
7. 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
Correct Answer: b [SGST/UTGST]
8. The minimum penalty for improper export of prohibited goods is:
a :
Rs. 5,000
b :
Rs. 10,000
c :
Rs. 15,000
d :
Rs. 25,000
Correct Answer: a [Rs. 5,000]
9. What is the maximum rate of CGST prescribed under CGST Act?
a :
20%
b :
28%
c :
24%
d :
40%
Correct Answer: a [20%]
10. On supply of which of the following items, GST shall be levied with effect from such date as may be notified by the Government on the recommendations of the Council:
a :
Petroleum Crude
b :
Alcoholic liquor for human consumption
c :
Both (A) and (B)
d :
None of the above
Correct Answer: a [Petroleum Crude]
11. Value of supply under Section 15 is:
a :
Wholesale price
b :
Market value
c :
Maximum retail price
d :
Transaction value
Correct Answer: d [Transaction value]
12. When can the transaction value be rejected for computation of value of supply?
a :
When the buyer and seller are related and price is not the sole consideration
b :
When the buyer and seller are related or price is not the sole consideration
c :
When the goods are sold at very low margins
d :
It can never be rejected
Correct Answer: b [When the buyer and seller are related or price is not the sole consideration]
13. Which input tax credit cannot be claimed against which output tax liability?
a :
SGST Liability only
b :
SGST and IGST liability
c :
SGST, IGST and CGST Liability
d :
None of the above
Correct Answer: b [SGST and IGST liability]
14. IGST is levied on:
a :
Inter State Supplies
b :
Intra-State Supplies
c :
Both (A) and (B)
d :
None of the above
Correct Answer: a [Inter State Supplies]
15. If the goods are received in lots/installment, _____
a :
50% ITC can be taken on receipt of 1st installment and balance 50% on receipt of last installment
b :
ITC can be availed upon receipt of last installment
c :
100% ITC can be taken on receipt of 1st installment
d :
Proportionate ITC can be availed on receipt of each lot/installment
Correct Answer: b [ITC can be availed upon receipt of last installment]
16. Which of the following inward supplies are not eligible for ITC in case of a company manufacturing shoes?
a :
Food and beverages
b :
Outdoor catering
c :
Health Services
d :
All of the above
Correct Answer: d [All of the above]
17. 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
Correct Answer: d [All of the above]
18. Interest is payable on:
a :
Belated payment of tax
b :
undue / excess claim of input tax credit
c :
undue / excess reduction in output tax liability
d :
All of the above
Correct Answer: d [All of the above]
19. Aggregate turnover includes:
a :
Taxable supplies
b :
Exempt supplies
c :
Exports
d :
All of the above
Correct Answer: d [All of the above]
20. In case of continuous supply of services, where due date of payment is 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 before the due date of payment
c :
either (A) or (B)
d :
None of the above
Correct Answer: b [on or before the due date of payment]
21. Which of the following supplies are naturally bundled?
a :
Rent deed executed for renting of two different floors of a building one for residential and another for commercial purpose to same person
b :
Pack of watch, tie and belt
c :
Package of canned food such as burger, chocolates, sweets, cake etc
d :
None of the above
Correct Answer: d [None of the above]
22. Which of the following taxes levied on intra-state supply?
a :
CGST
b :
SGST/UTGST
c :
Both (A) and (B)
d :
IGST
Correct Answer: c [Both (A) and (B)]
23. GST is levied on supply of all goods and services except:
a :
Alcoholic liquor for human consumption
b :
Health Care Services
c :
Tobacco
d :
All of the above
Correct Answer: a [Alcoholic liquor for human consumption]
24. Which article of the Constitution outlines the composition and functions of the GST Council?
a :
270
b :
279A
c :
246A
d :
269A
Correct Answer: b [279A]
25. Transportation of passengers by ____ are exempt from GST.
