MCQOPTIONS
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MCQOPTIONS
This section includes 198 Mcqs, each offering curated multiple-choice questions to sharpen your Legal Aspects Of Business knowledge and support exam preparation. Choose a topic below to get started.
| 1. |
The functions of goods and services network (GSTN) include.... |
| A. | Facilitating registration |
| B. | Forwarding the return to central and state authorities |
| C. | Computation and settlement of GST |
| D. | All of the above |
| Answer» E. | |
| 2. |
IGST deals with |
| A. | Composition scheme |
| B. | Time of supply |
| C. | Service tax on imported services |
| D. | All of the above |
| Answer» D. All of the above | |
| 3. |
GST is a ____________________ based tax on consumption of goods and services. |
| A. | Destination |
| B. | Duration |
| C. | Destiny |
| D. | Development |
| Answer» B. Duration | |
| 4. |
IGST tax levy means |
| A. | Within state |
| B. | Between two states |
| C. | Only A |
| D. | None of the above |
| Answer» C. Only A | |
| 5. |
What type of tax will be levied on import of goods? |
| A. | CGST |
| B. | SGST |
| C. | CGST and SGST |
| D. | IGST |
| Answer» E. | |
| 6. |
Money means |
| A. | Indian legal tender |
| B. | Foreign currency |
| C. | Cheque/promissory note |
| D. | All the above |
| Answer» E. | |
| 7. |
. As per section 25 of CGST Act, 2017, a casual taxable person shall apply for registrationat least _____ prior to the commencement of business. |
| A. | 5 days |
| B. | 10 days |
| C. | 7 days |
| D. | 30 days |
| Answer» B. 10 days | |
| 8. |
Whether person opted for composite scheme collect tax under GST |
| A. | No |
| B. | Yes |
| C. | Only A |
| D. | None of the above |
| Answer» D. None of the above | |
| 9. |
What is the time limit for claiming the refund? |
| A. | The time limit for claiming a refund is 2 years from relevantdate. |
| B. | The time limit for claiming a refund is 1 years fromrelevant date. |
| C. | all of the above |
| D. | none of the above |
| Answer» B. The time limit for claiming a refund is 1 years fromrelevant date. | |
| 10. |
When GST council constituted |
| A. | 15.09.2016 |
| B. | 13.09.2016 |
| C. | 12.09.2016 |
| D. | 20.09.2016 |
| Answer» D. 20.09.2016 | |
| 11. |
Authorised representative is referred in which section? |
| A. | Section 110 |
| B. | Section 116 |
| C. | Section 119 |
| D. | Section 106 |
| Answer» C. Section 119 | |
| 12. |
Powers to declare certain activities/transactions as neither supply of goods nor of services |
| A. | Schedule I |
| B. | Schedule III |
| C. | Schedule II |
| D. | Schedule IV |
| Answer» C. Schedule II | |
| 13. |
. What is the time of supply of service where services are received from an associated enterprise located outside India? |
| A. | Date of entry of services in the books of account of recipient of service |
| B. | Date of payment |
| C. | Earlier of (a) & (b) |
| D. | Date of entry of services in the books of the supplier of service |
| Answer» D. Date of entry of services in the books of the supplier of service | |
| 14. |
Weightage of States (combined) at GST council |
| A. | 2/3rd of total votes cast |
| B. | 1/3rd of total votes cast |
| C. | 1/4th of total votes cast |
| D. | None of the above |
| Answer» B. 1/3rd of total votes cast | |
| 15. |
Which form is to be used forregistration? |
| A. | form GSTR-1A |
| B. | form GSTR -2 |
| C. | form GST REG-01 |
| D. | form GATREG |
| Answer» D. form GATREG | |
| 16. |
Taxable levy in case of manufacture under composite scheme |
| A. | Two percent |
| B. | Three per cent |
| C. | One per cent |
| D. | Half per cent |
| Answer» D. Half per cent | |
| 17. |
Can the composition tax be collected from customers? |
| A. | YES |
| B. | NO |
| C. | none |
| D. | all |
| Answer» C. none | |
| 18. |
. Which of the following forms are used for applicable for registration? |
| A. | Form GSTR-1 |
| B. | Form GSTR-2 |
| C. | Form GST REG-01 |
| D. | Form GST REG-02 |
| Answer» D. Form GST REG-02 | |
| 19. |
A __________ supply comprising of two or more supplies shall be treated as the supply of that particular supply that attracts highest rate of tax. |
| A. | Composite |
| B. | Mixed |
| C. | Both (a) and (b) |
| D. | None of the above |
| Answer» C. Both (a) and (b) | |
| 20. |
GST council includes |
| A. | union finance minister |
| B. | union minister of state in charge of revenue or finance |
| C. | one nominated member from each state who is in |
| D. | all of the above |
| Answer» E. | |
| 21. |
A person is having multiple business requires registration |
| A. | Single |
| B. | Each business separately |
| C. | Either A or B |
| D. | None of the above |
| Answer» C. Either A or B | |
| 22. |
Which of the following are benefits of GST?1) Creation of unified national market2) Boost to ‘Make in India' initiative3) Reduction of compliance burden on taxpayers4) Buoyancy to the Government Revenue5) Elimination of multiple taxes and double taxationSelect the correct answer from the options given below |
| A. | 1, 3, 4 & 5 |
| B. | 2, 3, 4 & 5 |
| C. | 1, 2, 4 and 5 |
| D. | 1, 2, 3, 4 and 5 |
| Answer» D. 1, 2, 3, 4 and 5 | |
| 23. |
Common portal is referred in which section? |
| A. | Section 136 |
| B. | Section 146 |
| C. | Section 143 |
| D. | Section 149 |
| Answer» C. Section 143 | |
| 24. |
. In case of supply of goods by a composition dealer the registered person shall issue |
| A. | A tax invoice |
| B. | A bill of supply |
| C. | Receipt voucher |
| D. | Any of the above |
| Answer» C. Receipt voucher | |
| 25. |
ITC on goods sent for job work, in which of the following case? |
| A. | The principal manufacturer will be allowed to take credit |
| B. | The principal manufacturer will be allowed to take |
| C. | all of the above |
| D. | none of the above |
| Answer» B. The principal manufacturer will be allowed to take | |
| 26. |
. 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 |
| Answer» E. | |
| 27. |
Works contract under GST is goods used in work relating to |
| A. | Immovable property |
| B. | Both movable and immovable property |
| C. | Immovable property treated as supply of service |
| D. | Immovable property treated as supply of goods |
| Answer» D. Immovable property treated as supply of goods | |
| 28. |
. What is the time of supply of import of service? |
| A. | Date of entry of services in the books of account of recipient of service |
| B. | Date of payment |
| C. | 61st day from the date of invoice |
| D. | Earlier of (b) & (c) |
| Answer» E. | |
| 29. |
. Rule 30 of the CGST Rules inter alia provides value of supply of goods or services or both based on cost shall be ……………% of cost of production or manufacture or the cost of acquisition of such goods or the cost of provision of such services |
| A. | 100 |
| B. | 10 |
| C. | 110 |
| D. | 120 |
| Answer» D. 120 | |
| 30. |
When President assent was obtained for central GST? |
| A. | 18th April 2017 |
| B. | 22nd April 2017 |
| C. | 5th April 2017 |
| D. | 12th April 2017 |
| Answer» E. | |
| 31. |
The concept of Goods and Services Tax (GST) is originated in……….. |
| A. | Canada |
| B. | USA |
| C. | Britain |
| D. | Germany |
| Answer» B. USA | |
| 32. |
. As per GST Law only citizen of India can act at as GST practitioner |
| A. | False |
| B. | True |
| C. | Partly one |
| D. | None of the above |
| Answer» C. Partly one | |
| 33. |
While computing compensation to states, tax revenue of this tax/ these taxes is excluded |
| A. | petroleum crude, diesel, petrol, ATF and natural gas |
| B. | Alcohol for human consumption |
| C. | entertainment tax collected by local authorities |
| D. | All of the above |
| Answer» E. | |
| 34. |
Compensation to states under GST (Compensation to States) Act, 2017 is paid by |
| A. | Central Government from consolidated fund of India |
| B. | Central Government from GST compensation fund of India |
| C. | Central Government directly from the collection of compensation cess |
| D. | GST Council under Constitution of India. |
| Answer» C. Central Government directly from the collection of compensation cess | |
| 35. |
In India, the GST is a dual model of |
| A. | UK |
| B. | Canada |
| C. | France |
| D. | China |
| Answer» C. France | |
| 36. |
Roll out of GST requires constitutional amendment because |
| A. | existing laws were cascading |
| B. | the powers of levy were exclusive |
| C. | there are separate laws for goods and services |
| D. | All of the above |
| Answer» E. | |
| 37. |
. Which of the following taxes will be levied on imports? |
| A. | CGST |
| B. | SGST |
| C. | IGST |
| D. | CGST and SGST |
| Answer» D. CGST and SGST | |
| 38. |
IGST levy can be levied |
| A. | Centre |
| B. | State |
| C. | Union Territory |
| D. | Both a and b |
| Answer» B. State | |
| 39. |
. What is time of supply of goods, in case of forward charge? |
| A. | Date of issue of invoice |
| B. | Due date of issue of invoice |
| C. | Date of receipt of consideration by the supplier |
| D. | Earlier of (a) & (b) |
| Answer» E. | |
| 40. |
ITC available |
| A. | In the course or Furtherance of business |
| B. | Other than business exp |
| C. | Only A |
| D. | None of the above |
| Answer» B. Other than business exp | |
| 41. |
. 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 |
| Answer» E. | |
| 42. |
. Which form is furnished for submission of details of outward supplies u/s 37? |
| A. | GSTR-1 |
| B. | GSTR-2 |
| C. | GSTR-3 |
| D. | GSTR-5 |
| Answer» B. GSTR-2 | |
| 43. |
IGST is payable when the supply is --- |
| A. | Interstate |
| B. | Intra-state |
| C. | Intra- UT |
| D. | All of the above |
| Answer» B. Intra-state | |
| 44. |
which statement is correct in terms of accounts and records |
| A. | Everyregistered person shall |
| B. | Every registered person, other than a |
| C. | all of the above |
| D. | none of the above |
| Answer» E. | |
| 45. |
. What is the time of supply of vouchers when the supply with respect to the voucher isidentifiable? |
| A. | Date of issue of voucher |
| B. | Date of redemption of voucher |
| C. | Earlier of (a) & (b) |
| D. | (a) & (b) whichever is later |
| Answer» B. Date of redemption of voucher | |
| 46. |
Associated enterprise is mentioned under |
| A. | Income tax act 1961 |
| B. | Companies Act 2013 |
| C. | Central GST Act 2017 |
| D. | State GST Act 2017 |
| Answer» B. Companies Act 2013 | |
| 47. |
Which of the following tax will be abolished by the GST? |
| A. | Service Tax |
| B. | Corporation tax |
| C. | Income Tax |
| D. | Wealth Ta |
| Answer» B. Corporation tax | |
| 48. |
A certificate of registration shall be issued by the proper officer in form |
| A. | GST REG-02 |
| B. | GST REG-03 |
| C. | GST REG-04 |
| D. | GST REG-06 |
| Answer» E. | |
| 49. |
SAC stand for ____________. |
| A. | Service Accounting Code |
| B. | Software Accounting Code |
| C. | System Accounting Code |
| D. | Service Application Code |
| Answer» D. Service Application Code | |
| 50. |
Agriculturist includes |
| A. | Individual or HUF |
| B. | Individual and HUF |
| C. | Partnership |
| D. | All the above |
| Answer» B. Individual and HUF | |