Explore topic-wise MCQs in Legal Aspects Of Business.

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.

51.

. Which input tax credit cannot be claimed against which output tax liability?

A. IGST, SGST
B. CGST, IGST
C. SGST, IGST
D. CGST, SGST
Answer» E.
Discussion
52.

Which of the following tax is not subsumed in GST?

A. VAT
B. Stamp Duty
C. Entry Tax
D. Entertainment Tax
Answer» C. Entry Tax
Discussion
53.

Input tax credit on Compensation cess paid under GST (Compensation to States) Act, 2017 is available for payment of

A. IGST only
B. IGST and CGST only
C. compensation under GST (Compensation to States) Act
D. None of the above
Answer» D. None of the above
Discussion
54.

Goods and Service tax is applicable to:

A. Whole of India
B. Whole of India except Jammu and Kashmir
C. Whole of India, except Jammu and Kashmir and Union Territories of Dadra, Nagar Haveli, Daman & Diu
D. Partially in India
Answer» B. Whole of India except Jammu and Kashmir
Discussion
55.

Which constitutional amendment is done to pass the GST bill?

A. 101st
B. 120th
C. 122nd
D. 115th
Answer» B. 120th
Discussion
56.

Exemption from registration is available to

A. Central & State Govt. Departments
B. Agriculturists
C. & b) above
D. None of the above
Answer» C. & b) above
Discussion
57.

. Input tax credit as self-assessed in the return of the registered person shall be creditedto which of the following ledger?

A. Electronic liability register
B. Electronic credit ledger
C. Electronic cash ledger
D. All of the above
Answer» C. Electronic cash ledger
Discussion
58.

Composite supply means

A. the supply of two or more supplies of goods or services by a taxable person, which comprises of a combination of goods
B. supply of two or more individual supplies of goods or services, or any combination of goods and services,
C. all of the above
D. none of the above
Answer» B. supply of two or more individual supplies of goods or services, or any combination of goods and services,
Discussion
59.

. Time of supply means

A. The point in time when GST is actually paid by the supplier of goods or services
B. The point in time when GST is actually paid after taking input credit by the supplier of goods or services
C. The point in time when goods have been deemed to be supplied or services have been deemed to be provided
D. The point in time when GST return is filed by the supplier of goods or services
Answer» D. The point in time when GST return is filed by the supplier of goods or services
Discussion
60.

Who is chairperson of GST council

A. Finance secretary
B. State Finance Minister
C. Union Finance Minister
D. None of the above
Answer» D. None of the above
Discussion
61.

India GST model has ____________ rate structure.

A. 3
B. 2
C. 5
D. 4
Answer» E.
Discussion
62.

composition levy means

A. If a Registered Taxable Person issued any invoice before issue of registration certificate then such registered person may issue a revised noticefor the period starting
B. A registered taxable person who opts for composition levy shall at the time of supply of goods or services not issue a tax invoice. Insteadit had to issue a bill
C. all of the above
D. none of the above
Answer» C. all of the above
Discussion
63.

. What is the time of supply of vouchers when the supply with respect to the voucher is notidentifiable?

A. Date of issue of voucher
B. Date of redemption of voucher
C. Earlier of (a) & (b)
D. (a) & (b) whichever is later
Answer» C. Earlier of (a) & (b)
Discussion
64.

. 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
Answer» E.
Discussion
65.

Offences without GST Penalties include which of the following?

A. No penalty under GST Act for charging a wrong GST rate (lower than the actual rate) but the registered
B. No penalty is applicable for delayed invoice payments. But any input tax credit
C. No penalty under GST Act for incorrect filing of GST returns but interest at the rate
D. all of the above
Answer» E.
Discussion
66.

HSN code stand for

A. Harmonised System of Nomenclature
B. Home State Number
C. Host State Number
D. Hall State Number
Answer» B. Home State Number
Discussion
67.

A voluntarily registered person’s registration can be cancelled if the person does not start business within

A. 3 months from the date of registration
B. 6 months from the date of registration
C. 9 months from the date of registration
D. 1 months from the date of registration
Answer» C. 9 months from the date of registration
Discussion
68.

Central or the State Governments are empowered to grant exemptions from

A. Exemption should be in public interest
B. Exemption by way of special order (not notification) may be
C. A&B
D. Never
Answer» D. Never
Discussion
69.

. Who is required to furnish details of outward supplies in Form GSTR-1?

A. Person paying tax under composition scheme
B. Non-resident taxable person
C. Both (a) & (b)
D. None of the above
Answer» E.
Discussion
70.

Who can claim ITC?

A. The dealer should be in possession of tax invoice
B. The said goods/services have been received
C. No ITC will be allowed if depreciation has
D. all of the above
Answer» E.
Discussion
71.

In India GST became effective from_________________

A. 1st April,2017
B. 1st January,2017
C. 1st July,2017
D. 1st March,2017
Answer» D. 1st March,2017
Discussion
72.

Which of the following is the main motive of the government behind the introduction of the Goods and Services Tax

A. To bring tax uniformity in the country
B. To increase government revenue
C. To replace all the indirect tax
D. All of the above
Answer» C. To replace all the indirect tax
Discussion
73.

GST Penalties', which of the following term explain it with suitability?

A. GST Penalties resulting from breach of the GST Act, 2017 are subject to fines depending on various factors including but not limited to the
B. GST Penalties resulting from breach of the GST Act, 2014 are subject to fines depending on various factors
C. all of the above
D. none of the above
Answer» B. GST Penalties resulting from breach of the GST Act, 2014 are subject to fines depending on various factors
Discussion
74.

What is the maximum rate prescribed under UTGST?

A. 5
B. 10
C. 30
D. 20
Answer» E.
Discussion
75.

Deemed exports mentioned in which section

A. Section 137
B. Section 147
C. Section 142
D. Section 145
Answer» C. Section 142
Discussion
76.

Quarter means

A. March
B. September
C. December
D. All the above
Answer» E.
Discussion
77.

The turnover limit of Rs. 50 Lakh for composition scheme is not applicable to the state of

A. Himachal Pradesh
B. Assam
C. Uttarakhand
D. None of the above
Answer» D. None of the above
Discussion
78.

A supplier is liable to get registered under GST if his aggregate turnover in a financial year crosses Rs. 20 lakh in a state or UT other than special category states if he is

A. an interstate supplier
B. an intra-state supplier
C. Electronic commerce operator
D. Person liable to pay GST under reverse charge
Answer» C. Electronic commerce operator
Discussion
79.

There will be deemed approval of registration if no action is taken on application

A. Within a period of 3 working days from the date of submission of the application
B. Within a period of 7 working days from the date of submission of the application
C. Within a period of 10 working days from the date of submission of the application
D. Within a period of 14 working days from the date of submission of the application
Answer» B. Within a period of 7 working days from the date of submission of the application
Discussion
80.

Input tax credit availability

A. On receipt of goods
B. On payment of taxes paid by supplier to Govt.
C. Taken to manufacturing site or availed services
D. None of the above
Answer» C. Taken to manufacturing site or availed services
Discussion
81.

First announcement for introduction of GST arose in

A. 2004
B. 2005
C. 2006
D. 2007
Answer» D. 2007
Discussion
82.

Input tax credit on compensation cess paid under GST (Compensation to States) Act, 2017.

A. is not available
B. is available
C. is available but not fully
D. is available after one year
Answer» C. is available but not fully
Discussion
83.

. Who is authorised to conduct audit under section 35(5) of the CGST Act, 2017?1. Chartered accountant2. Any person having master degree in finance of recognised university3. Cost accountant4. Company secretarySelect the correct answers from the options given below

A. 1, 3 and 4
B. 4, 2, 3 and 1
C. 1 only
D. 1 or 3 only
Answer» E.
Discussion
84.

Any registered person, whose registration is cancelled by the proper officer on his own motion may apply to such officer for revocation of cancellation of the registration in the prescribed manner within____ from the date of service of the cancellation order.

A. 180 days
B. 120 days
C. 90 days
D. 30 days
Answer» E.
Discussion
85.

. The due date for filing GSTR-3B is _______.

A. on 10th day of the next month
B. on 15th day of the next month
C. on 17th day of the next month
D. on or before 20th day of the next month
Answer» E.
Discussion
86.

What is applicability of GST?

A. Applicable all over India except Sikkim
B. Applicable all over India except Jammu and Kashmir
C. Applicable all over India
D. Applicable all over India except Nagaland
Answer» D. Applicable all over India except Nagaland
Discussion
87.

. What is the nature of supply if the nature of Supply is not determinable?

A. Intra-state
B. Inter-state
C. Either (a) or (b) at the option of Taxpayer
D. Either (a) or (b) at the option of PO
Answer» C. Either (a) or (b) at the option of Taxpayer
Discussion
88.

Person includes

A. Individual
B. HUF
C. LLP
D. All the above
Answer» E.
Discussion
89.

Debit note, and credit note is mentioned in which section?

A. Section 36
B. Section 39
C. Section 34
D. None of the above
Answer» D. None of the above
Discussion
90.

. In case of supply of exempted goods or services or both, 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
Discussion
91.

Can a person apply for pan without registration?

A. YES
B. NO
C. none
D. all
Answer» C. none
Discussion
92.

. Registered person may issue a consolidated tax invoice for such supplies at the close of each day in respect of all such supplies provided

A. The recipient is not a registered person
B. The recipient does not require such invoice
C. The value of goods and services or both per invoice is less than INR 200
D. All the above conditions are satisfied
Answer» E.
Discussion
93.

. Who will notify the rate of tax to be levied under CGST Act?

A. Central Government
B. State Government
C. GST Council
D. Central Government as per the recommendations of the GST Council
Answer» E.
Discussion
94.

. In case of taxable supply of services, invoice shall be issued within a period of __________ from the date of supply of service.

A. 30 days
B. 45 days
C. 60 days
D. 90 days
Answer» B. 45 days
Discussion
95.

How to calculate the GST payment to be made?

A. Usually, the Input Tax Credit should be reduced from Outward Tax Liability to
B. TDS/TCS will be reduced from the total GST to arrive at the net payable
C. Also, ITC cannot be claimed on interest and late fees. Both Interest
D. all of the above
Answer» E.
Discussion
96.

. What deductions are allowed from the transaction value

A. Discounts offered to customers, subject to conditions
B. Packing Charges, subject to conditions
C. Amount paid by customer on behalf of the supplier, subject to conditions
D. Freight charges incurred by the supplier for CIF terms of supply, subject to conditions
Answer» B. Packing Charges, subject to conditions
Discussion
97.

Is composition scheme available to people making inter-state supplies?

A. YES
B. NO
C. none
D. all
Answer» C. none
Discussion
98.

. Which of the following shall not be included in value of supply?

A. GST
B. Interest
C. Late fee
D. Commission
Answer» B. Interest
Discussion
99.

. A person having _______business verticals in a State ______ obtain a separate registration for each business vertical.

A. Single, shall
B. Multiple, shall
C. Multiple, may
D. Single, may
Answer» D. Single, may
Discussion
100.

Input tax credit under GST (Compensation to States) Act, 2017 includes GST Compensation Cess charged on any supply of

A. Goods and/or services,
B. Goods imported
C. GST Compensation Cess payable on reverse charge basis;
D. All of the above
Answer» E.
Discussion