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.
| 151. |
GST Penalties for High Value Frauds |
| A. | Jail term not exceeding 1 year if tax amount involved is between Rs. 100 lakhsto less than Rs. 200 |
| B. | Jail term not exceeding 3 years if tax amount involved is between Rs.200lakhs to less than |
| C. | Jail term not exceeding 5 years if tax amount involved is Rs. 500lakhs or higher. |
| D. | all of the above |
| Answer» E. | |
| 152. |
. The IGST Act,2017 extends to the |
| A. | Whole of India except the state of Jammu & Kashmir |
| B. | Whole of India |
| C. | Whole of India except the state of Jammu & Kashmir & Pondicherry |
| D. | None of the above |
| Answer» C. Whole of India except the state of Jammu & Kashmir & Pondicherry | |
| 153. |
. 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 |
| Answer» C. All of the above | |
| 154. |
. Which of the following is not included in aggregate turnover? |
| A. | Exempt supplies of goods or services or both |
| B. | Export of goods or services or both |
| C. | Inter-State supply of goods or services or both |
| D. | Value of inward supplies on which tax is paid under reverse charge |
| Answer» E. | |
| 155. |
What are the taxes levied on intra-state supply of goods? |
| A. | CGST |
| B. | SGST |
| C. | CGST and SGST |
| D. | IGST |
| Answer» D. IGST | |
| 156. |
. Value of supply under section 15(1) is: |
| A. | Wholesale price |
| B. | Market value |
| C. | Maximum retail price |
| D. | Transaction value |
| Answer» E. | |
| 157. |
. What is the time of supply of services where the supplier is liable to pay tax underforward charge and the invoice is not issued within prescribed period under section 31(2)? |
| A. | Date of issue of invoice |
| B. | Date of completion of provision of services |
| C. | Date of receipt of payment |
| D. | Date of completion of provision of service or date of receipt of payment; whichever is earlier. |
| Answer» E. | |
| 158. |
An E-commerce operator should get itself registered |
| A. | Irrespective of the threshold limit |
| B. | If his aggregate turnover exceeds the threshold limit of INR 20,00,000 |
| C. | If he is liable to collect tax at source and his aggregate turnover exceeds the threshold limit |
| D. | If he is liable to collect tax at source |
| Answer» B. If his aggregate turnover exceeds the threshold limit of INR 20,00,000 | |
| 159. |
. In case of taxable supply of services by an insurer, 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» C. 60 days | |
| 160. |
. Composition tax payer is required to file return in Form no. ______. |
| A. | GSTR-2 |
| B. | GSTR-3 |
| C. | GSTR-4 |
| D. | GSTR-5 |
| Answer» D. GSTR-5 | |
| 161. |
. The registration certificate granted to Non-resident taxable person is valid for days fromthe effective date of registration. |
| A. | 30 |
| B. | 60 |
| C. | 90 |
| D. | 120 |
| Answer» D. 120 | |
| 162. |
Aggregate turnover does not include- |
| A. | Inward supplies on which tax is payable on reverse charge basis |
| B. | Exempt supplies |
| C. | Export of goods or services or both |
| D. | Inter-State supplies of persons having the same PAN number |
| Answer» B. Exempt supplies | |
| 163. |
Who is the head of the GST council? |
| A. | Shashi Kant Das |
| B. | Amit Mitra |
| C. | Arun Jaitley |
| D. | Hasmukh Adhia |
| Answer» D. Hasmukh Adhia | |
| 164. |
Which of the following is an intra-state supply? |
| A. | supplier of goods located in Nagpur and place of supply of |
| B. | supplier of goods located in Kolkata and place of supply |
| C. | supplier of goods located in Goa and place of supply of |
| D. | all of the above |
| Answer» D. all of the above | |
| 165. |
When can the refund be claimed? |
| A. | Finalization of provisional assessment |
| B. | ITC accumulation due to output being tax exempt or nil- |
| C. | Dealer Exports (including deemed export) |
| D. | all of the above |
| Answer» E. | |
| 166. |
How many types of taxes are there in India GST? |
| A. | 2 |
| B. | 3 |
| C. | 4 |
| D. | 5 |
| Answer» C. 4 | |
| 167. |
Can the taxable person under composition scheme avail the input tax credit? |
| A. | YES |
| B. | NO |
| C. | none |
| D. | all |
| Answer» C. none | |
| 168. |
Electronic cash ledger and Electronic credit ledger is mentioned in which section? |
| A. | Section 39 |
| B. | Section 42 |
| C. | Section 49 |
| D. | Section 47 |
| Answer» D. Section 47 | |
| 169. |
Goods can be sent to job worker: |
| A. | From principal’s place of business |
| B. | Directly from the place of supply of |
| C. | all of the above |
| D. | none of the above |
| Answer» D. none of the above | |
| 170. |
Which of the following tax rate is not applicable under the GST? |
| A. | 5 |
| B. | 12 |
| C. | 18 |
| D. | 25 |
| Answer» E. | |
| 171. |
Taxes paid on |
| A. | Transaction value |
| B. | Manufacturing cost |
| C. | Both A and B |
| D. | None of the above |
| Answer» B. Manufacturing cost | |
| 172. |
. An agriculturist is not required to take registration if he supplies |
| A. | Any agricultural produce |
| B. | Any agricultural produce grown by him or other agriculturalist |
| C. | Agricultural produce out of cultivation of land |
| D. | All the above |
| Answer» D. All the above | |
| 173. |
What is Exempt Supply? |
| A. | Supplies taxable at a ‘NIL’ rate of tax* (0% tax); |
| B. | Supplies that are wholly or partially exempted from CGST or IGST, by way of a notification |
| C. | Non-taxable supplies as defined under Section 2(78)– supplies that are not taxable under |
| D. | all of the above |
| Answer» E. | |
| 174. |
First discussion paper (FDP) which formed the basis for GST in 2009 was released by |
| A. | Union Finance Ministry |
| B. | Dr. Manmohan Singh |
| C. | GST Council |
| D. | Empowered Committee |
| Answer» E. | |
| 175. |
GSTR-10 FORM due date is |
| A. | Within three months of the date of cancellation or date of |
| B. | 28th of the month following the month for which |
| C. | insufficient information |
| D. | 31st December of next financial |
| Answer» B. 28th of the month following the month for which | |
| 176. |
What is the maximum rate prescribed under SGST? |
| A. | 5 |
| B. | 10 |
| C. | 30 |
| D. | 20 |
| Answer» E. | |
| 177. |
What kind of Tax is GST? |
| A. | Direct Tax |
| B. | Indirect Tax |
| C. | Depends on the type of goods and services |
| D. | None of the above |
| Answer» C. Depends on the type of goods and services | |
| 178. |
. GST is a comprehensive tax regime covering _________ |
| A. | Good |
| B. | Services |
| C. | Both goods and services |
| D. | Goods, services and imports |
| Answer» D. Goods, services and imports | |
| 179. |
. Which of the following items are debited to electronic credit ledger? |
| A. | Output tax |
| B. | Interest |
| C. | Penalty |
| D. | All of the above |
| Answer» B. Interest | |
| 180. |
Which of the following is statement is not correct about GST? |
| A. | GST is like a last-point retail tax. GST is going to be collected at point of Sale. |
| B. | GST will abolish all the direct tax levied in India . |
| C. | It will be implemented from 1 July, 2017 throughout the country. |
| D. | It will unified the tax structure in India |
| Answer» C. It will be implemented from 1 July, 2017 throughout the country. | |
| 181. |
Is reverse charge mechanism applicable to both goods and services? |
| A. | YES |
| B. | NO |
| C. | none |
| D. | all |
| Answer» B. NO | |
| 182. |
One of the following states does not fall under special category given under Art. 279A of the Constitution |
| A. | Himachal Pradesh |
| B. | Uttarakhand |
| C. | Chhattisgarh |
| D. | Jammu & Kashmir |
| Answer» D. Jammu & Kashmir | |
| 183. |
Define "Time of supply". |
| A. | Time of supply means the point in time when goods/services are considered supplied’. When the seller knows |
| B. | Any amount that the supplier is liable to pay which has been incurred by the recipient and is not |
| C. | not defined |
| D. | not the term of gst |
| Answer» B. Any amount that the supplier is liable to pay which has been incurred by the recipient and is not | |
| 184. |
What is an appeal? |
| A. | Any appeal under any law is an application to a higher court for a reversal of the decision of a high |
| B. | Any appeal under any law is an application to a higher court for a reversal of the |
| C. | none of the above |
| D. | NOT THE PART OF GST |
| Answer» C. none of the above | |
| 185. |
. Which of the following is/are included in definition of “Goods” as defined under section 2(52) of the CGST Act, 2017- I. MoneyII. Actionable claimIII. SecurityIV. Growing cropsSelect the correct answer from the options given below |
| A. | IV only |
| B. | II & III |
| C. | II & IV |
| D. | I & II |
| Answer» D. I & II | |
| 186. |
GSTN stands for: |
| A. | Goods and Services Transport Nation |
| B. | Goods and Service Tax Network |
| C. | Goods and Society Tax Network |
| D. | Goods and Service Tax Net |
| Answer» C. Goods and Society Tax Network | |
| 187. |
. Which of the following are not required to file the Annual Return? |
| A. | Input Service Distributor |
| B. | Casual Taxable Person |
| C. | Non-resident Taxpayer |
| D. | All of the above |
| Answer» E. | |
| 188. |
When a Credit note should be issued? |
| A. | When a registered dealer issued a tax invoice for supply of goods or services and in such invoice the amount of tax charged and taxable value is more than the taxable value and tax payable, |
| B. | Never |
| C. | at the end of the month |
| D. | none of the above |
| Answer» B. Never | |
| 189. |
. If an entity has multiple branches within the same state, it requires |
| A. | Registration for each branch separately |
| B. | Single registration for all the branches |
| C. | Multiple registration or single registration at the option of the Assessee |
| D. | Registration for each branch separately if the turnover of each branch exceeds INR 20 Lakhs |
| Answer» C. Multiple registration or single registration at the option of the Assessee | |
| 190. |
When can one request for GST Advance Ruling? |
| A. | Whether the applicanthas to be registered under gst |
| B. | Determination of theliability to pay tax on any |
| C. | all of the above |
| D. | none of the above |
| Answer» D. none of the above | |
| 191. |
. Where the goods being sent or taken on approval for sale or return are removed before the supply takes place, the invoice shall be issued: |
| A. | before/at the time of supply |
| B. | 6 months from the date of removal |
| C. | Earlier of (a) or (b) |
| D. | None of the above |
| Answer» D. None of the above | |
| 192. |
. Deposits towards tax, penalty, interest, fee or any other amount are credited into the _________________of a taxable person. |
| A. | Electronic liability register |
| B. | Electronic credit ledger |
| C. | Electronic cash ledger |
| D. | All of the above |
| Answer» D. All of the above | |
| 193. |
Address for delivery is |
| A. | Recipient address mentioned in the 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 | |
| 194. |
GST is aimed to ___________. |
| A. | Raise the prices of foreign goods |
| B. | Raise the prices of luxury goods |
| C. | Lower the prices of goods of everyday use |
| D. | Avoid repeated payment of tax from the raw materials stage to the final product and thus reduce the burden of tax on the final product |
| Answer» E. | |
| 195. |
As of June 30, 2020, which of the following products in India has GST. (GST) is excluded? |
| A. | Life saving drugs |
| B. | Air Conditioner (AC) and Refrigerators |
| C. | Alcohol for human consumption |
| D. | Dental brushing and soap |
| Answer» D. Dental brushing and soap | |
| 196. |
GST does not include all the excise duty carrying goods. Find the non - GST commodities out of the following particulars.i. High-speed dieselii. Aviation Turbine Fuel (ATF)iii. Petroleum crudeiv. Motor spirit or petrolChoose the right answer given below: |
| A. | i, ii and iii |
| B. | ii, iii |
| C. | ii, iii and iv |
| D. | All the above |
| Answer» E. | |
| 197. |
Goods and Service Tax was implemented in India from - |
| A. | 1-Jun-2017 |
| B. | 1-Jul-2017 |
| C. | 1-Aug-2017 |
| D. | 1-Sep-2017 |
| Answer» C. 1-Aug-2017 | |
| 198. |
Out of the following. which are not the features of GST 2017 in India. (A) GST is applicable on 'supply' of Goods and Services.(B) GST is based on the principle of origin based taxation rather than principle of destination based consumption.(C) Import of Goods is treated as Inter-State supplies and would be subject to IGST in addition to applicable Custom Duties.(D) It is a dual taxation with Centre and State simultaneously levying it on a common base.(E) GST is applicable to all Goods and Services without any exemptions.Choose the correct answer from the options given below: |
| A. | (A), (B), (E) only |
| B. | (B), (C), (E) only |
| C. | (B), (E) only |
| D. | (C), (D), (E) only |
| Answer» D. (C), (D), (E) only | |