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.
| 101. |
What is taxable event under GST? |
| A. | Supply of goods |
| B. | Supply of services |
| C. | Supply of goods and services |
| D. | None of the above |
| Answer» D. None of the above | |
| 102. |
Where the supplier involves a movement of goods, the place of supply shall be determined by -------. |
| A. | Movement of goods |
| B. | Location of goods at the time of final delivery |
| C. | Supplier’s location |
| D. | Recipients’ location |
| Answer» C. Supplier’s location | |
| 103. |
. What is the validity of the registration certificate? |
| A. | One year |
| B. | No validity |
| C. | Valid till it is cancell |
| Answer» D. | |
| 104. |
What does “I” stand for in IGST? |
| A. | Integrated |
| B. | International |
| C. | Intra |
| D. | Internal |
| Answer» B. International | |
| 105. |
Zero rated supply includes supplies made |
| A. | By SEZ unit in India |
| B. | To SEZ unit in India |
| C. | Both (a & (b above |
| D. | None of the above |
| Answer» C. Both (a & (b above | |
| 106. |
Maximum rate of CGST prescribed by law for intrastate supply made is---- |
| A. | 18% |
| B. | 20% |
| C. | 40% |
| D. | 28%+cess |
| Answer» C. 40% | |
| 107. |
Zero Rated Supplies include: |
| A. | Exports |
| B. | Imports |
| C. | SEZs |
| D. | Both A and C |
| Answer» E. | |
| 108. |
. Which of the following shall be discharged first, while discharging liability of a taxableperson? |
| A. | All dues related to previous tax period |
| B. | All dues related to current tax period |
| C. | Demand raised under section 73 and 74 |
| D. | No such condition is mandatory |
| Answer» B. All dues related to current tax period | |
| 109. |
Input tax on capital goods |
| A. | In one instalment |
| B. | Partly five equal instalments |
| C. | Only A |
| D. | Equally 10% every year |
| Answer» D. Equally 10% every year | |
| 110. |
. What is the time of supply of service if the invoice is issued within 30 days from the dateof provision of service? |
| A. | Date of issue of invoice |
| B. | Date on which the supplier receives payment |
| C. | Date of provision of service |
| D. | Earlier of (a) & (b) |
| Answer» E. | |
| 111. |
. 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. | It can never be rejected |
| D. | When the goods are sold at very low margins |
| Answer» C. It can never be rejected | |
| 112. |
. A registered person whose aggregate turnover during a FY exceeds INR 2 crores is required to file which of thefollowing documents. |
| A. | Annual Return |
| B. | Audited annual accounts |
| C. | A Reconciliation Statement, duly certified, in prescribed form. |
| D. | All of the above |
| Answer» E. | |
| 113. |
Address for delivery |
| A. | Recipient address mentioned in the tax invoice |
| B. | Recipient address mentioned in the delivery challan |
| C. | Recipient address not necessary |
| D. | Recipient address mentioned in the Gate pass |
| Answer» B. Recipient address mentioned in the delivery challan | |
| 114. |
article 246A include |
| A. | concurrent powers |
| B. | union list |
| C. | state list |
| D. | all of the above |
| Answer» B. union list | |
| 115. |
What are the taxes levied on inter-state supply of goods? |
| A. | CGST |
| B. | SGST |
| C. | CGST and SGST |
| D. | IGST |
| Answer» E. | |
| 116. |
With the introduction of GST, imports will be— |
| A. | more expensive |
| B. | cheaper |
| C. | neutral with no change |
| D. | None of the above |
| Answer» B. cheaper | |
| 117. |
The first committee to design GST model was headed by |
| A. | Vijay Kelkar |
| B. | Asim Das Gupta |
| C. | Dr. Chidambaram |
| D. | None of the above |
| Answer» C. Dr. Chidambaram | |
| 118. |
Registration under GST is not compulsory to |
| A. | Casual taxable person |
| B. | Input service distributor |
| C. | Non-resident taxable person |
| D. | None of the above |
| Answer» E. | |
| 119. |
. The tax invoice in case of supplier of goods is issued in |
| A. | Triplicate |
| B. | Duplicate |
| C. | Either (a) or (b) at the option of Taxpayer |
| D. | Either (a) or (b) at the option of PO |
| Answer» B. Duplicate | |
| 120. |
India has got____________ mode of GST. |
| A. | Singular |
| B. | Dual |
| C. | all |
| D. | none |
| Answer» C. all | |
| 121. |
Appointed day is |
| A. | Date on which the provisions of this Act shall come into force |
| B. | Date on which President assent |
| C. | Date of which both houses passed the act |
| D. | Date on which sent to Finance Ministry |
| Answer» B. Date on which President assent | |
| 122. |
the rate of GST as applicable on goods and services are |
| A. | 0%, 5%, 12%, 16%,28% |
| B. | 0%, 5%, 12%, 18%,28% |
| C. | 0%, 5%, 12%,16%, 18% |
| D. | 0%, 15%,12%, 16%, |
| Answer» C. 0%, 5%, 12%,16%, 18% | |
| 123. |
Weight age of vote for centre at GST council |
| A. | 1/4th of total votes cast |
| B. | 1/3rd of total votes cast |
| C. | ½ of total votes cast |
| D. | Only B |
| Answer» C. ½ of total votes cast | |
| 124. |
. The value of supply should include: |
| A. | Any non-GST taxes, duties, cesses, fees charged separately by supplier |
| 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 Governments |
| D. | All of the above |
| Answer» E. | |
| 125. |
. Which of the following forms part of transaction value?1) GST compensation cess2) Payments made to third parties by the recipient on behalf of the supplier in relation to the supply3) Entertainment tax levied by local authority4) Commission paid to an agent and recovered from the recipient5) Inspection charges at recipient’s site6) Charges for delay in payment waived off by supplierState the correct answer from the options given below |
| A. | 1, 2, 3, 4 & 5 |
| B. | 2, 3, 4, 5 & 6 |
| C. | 2, 3, 4 & 5 |
| D. | All of the above |
| Answer» E. | |
| 126. |
. 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. |
| C. | No Time Limit |
| D. | Within 90 days from the date he becomes liable for registration. |
| Answer» C. No Time Limit | |
| 127. |
GST is a consumption of goods and services tax based |
| A. | Development |
| B. | Destiny |
| C. | Duration |
| D. | Destination |
| Answer» E. | |
| 128. |
GST Offences related to Fraudulent Intent includes which of the following? |
| A. | Knowingly supplying, transporting or storing any goods that are liable to be |
| B. | Not registering under GST even though required to do so under GST |
| C. | Falsification of documents/records or providing false information with |
| D. | all of the above |
| Answer» E. | |
| 129. |
. Aggregate turnover includes: |
| A. | Taxable supplies of goods or service or both |
| B. | Exempt supplies of goods |
| C. | Exports |
| D. | All of the above |
| Answer» E. | |
| 130. |
GST is levied on supply of all goods and service except..... |
| A. | Alcoholic liquor for human consumption |
| B. | Tobacco |
| C. | Health care service |
| D. | All of the above |
| Answer» B. Tobacco | |
| 131. |
Goods and Service Tax council referred in which section |
| A. | 279A of the constitution |
| B. | 276 of the constitution |
| C. | 277 of the constitution |
| D. | 279 of the constitution |
| Answer» B. 276 of the constitution | |
| 132. |
. Which of the following persons are not liable for registration? |
| A. | Any person engaged exclusively in supplying goods or services wholly exempt from tax |
| B. | Causal taxable person |
| C. | Non-resident taxable person |
| D. | None of the above |
| Answer» B. Causal taxable person | |
| 133. |
Taxable turnover of below Rs.1.5 crore assessee under control of |
| A. | Centre |
| B. | State |
| C. | Both a and b |
| D. | Only c |
| Answer» D. Only c | |
| 134. |
India has chosen dual mode of GST same as ____________. |
| A. | USA |
| B. | UK |
| C. | CANADA |
| D. | CHINA |
| Answer» D. CHINA | |
| 135. |
Non-taxable territory means |
| A. | Outside taxable territory |
| B. | Inside taxable territory |
| C. | Inter-state taxable territory |
| D. | None of the above |
| Answer» B. Inside taxable territory | |
| 136. |
Participation of ITC value chain in composite scheme |
| A. | With participation |
| B. | Without participation |
| C. | Either a or b |
| D. | None of the above |
| Answer» C. Either a or b | |
| 137. |
. The proper officers may cancel suo motu the registered where a person paying tax has not furnished returns for ____ |
| A. | 3 consecutive tax periods |
| B. | 4 consecutive tax periods |
| C. | 2 consecutive tax periods |
| D. | 5 consecutive tax periods |
| Answer» B. 4 consecutive tax periods | |
| 138. |
Is Scrutiny of Returns is |
| A. | yes |
| B. | no |
| C. | depends on returns |
| D. | depends on |
| Answer» B. no | |
| 139. |
Appellate Tribunal is mentioned in which section? |
| A. | Section 109 |
| B. | Section 105 |
| C. | Section 103 |
| D. | Section 119 |
| Answer» B. Section 105 | |
| 140. |
. What is time of supply of goods, in case of supplier opting for composition levy underSection 10 of the CGST Act, 2017? |
| A. | Date of issue of invoice |
| B. | Date of receipt of consideration by the supplier |
| C. | Latter of (a) & (b) |
| D. | Earlier of (a) & (b) |
| Answer» E. | |
| 141. |
Every registered person is required to issue a tax invoice |
| A. | Description of goods |
| B. | Quantity of goods |
| C. | Value of goods |
| D. | ALL OF THE |
| Answer» E. | |
| 142. |
What are the proposed |
| A. | overall reduction in |
| B. | decrease in \black\ |
| C. | all of the above |
| D. | none of the |
| Answer» D. none of the | |
| 143. |
. What does N stand for in HSN? |
| A. | Network |
| B. | Nationalization |
| C. | Nomenclature |
| D. | Nomination |
| Answer» D. Nomination | |
| 144. |
Is there any ceiling limit prescribed for rate under IGST? |
| A. | 12 |
| B. | 18 |
| C. | 28 |
| D. | 40 |
| Answer» E. | |
| 145. |
GST will be levied on………………... |
| A. | Manufacturers |
| B. | Retailers |
| C. | Consumers |
| D. | All of the above |
| Answer» E. | |
| 146. |
. What is the due date for submission of monthly GSTR-1? |
| A. | on or before 10th day of the immediately succeeding month |
| B. | on or before 15th day of the immediately succeeding month |
| C. | on or before 17th day of the immediately succeeding month |
| D. | on or before 20th day of the immediately succeeding month |
| Answer» B. on or before 15th day of the immediately succeeding month | |
| 147. |
Which of the following good will not be covered under the GST bill? |
| A. | Cooking gas |
| B. | Liquor |
| C. | Petrol |
| D. | All of the above |
| Answer» E. | |
| 148. |
. Which date is considered as date of deposit of the tax dues |
| A. | Date of presentation of cheque or |
| B. | Date of payment or |
| C. | Date of credit of amount in the account of Government |
| D. | none |
| Answer» D. none | |
| 149. |
. Where advance payment is received, the registered person shall issue |
| A. | A tax invoice |
| B. | A bill of supply |
| C. | Receipt voucher |
| D. | Any of the above |
| Answer» D. Any of the above | |
| 150. |
Registration can be cancelled by the proper officer if the person registered under composition scheme has not furnished return for |
| A. | 3 consecutive tax periods |
| B. | 6 consecutive tax periods |
| C. | For a consecutive period of 6 months |
| D. | For a consecutive period of 1 year |
| Answer» B. 6 consecutive tax periods | |