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MCQOPTIONS
This section includes 1133 Mcqs, each offering curated multiple-choice questions to sharpen your Commerce knowledge and support exam preparation. Choose a topic below to get started.
| 651. |
The verification of the export documents will be with real time linkages to: |
| A. | IEC Code |
| B. | CEGATE Portal [The Indian Customs and Central Excise Electronic Commerce/Electronic Data interchange (EC/EDI) Gateway] |
| C. | GSTN |
| D. | All of the above |
| Answer» C. GSTN | |
| 652. |
In GST, the unutilised ITC except in the case of export amount are credited: |
| A. | To the declared bank account of the dealer automatically |
| B. | To the Cash Deposit Ledger of the dealer |
| C. | To the ITC Credit Ledger Account |
| D. | To the Consumer Welfare Fund |
| Answer» E. | |
| 653. |
In GST, interest on delayed refunds are eligible from |
| A. | 1 Month After the date of receipt of the refund Application |
| B. | 2 Months After the date of receipt of the refund Application |
| C. | 3 Month After the date of receipt of the refund Application |
| D. | No Interest at all. |
| Answer» D. No Interest at all. | |
| 654. |
In GST before the issuance of the show cause notice for any short tax payment or irregular IPT claim or irregular availing of ITCwithout any fraud, what is the option available to the dealer? |
| A. | Voluntary Discloser Scheme with Compounding |
| B. | Remittance of Tax and interest as ascertained by himself or with the help of the Proper Officer |
| C. | Remittance of Tax , interest and 25% of the tax as penalty as ascertained by himself or with the help of the Proper Officer |
| D. | Remittance of Tax , interest and 50% of the tax as penalty as ascertained by himself or with the help of the Proper Officer |
| Answer» C. Remittance of Tax , interest and 25% of the tax as penalty as ascertained by himself or with the help of the Proper Officer | |
| 655. |
Which one of the following shall not be treated as supply; |
| A. | Rental |
| B. | Lease |
| C. | Actionable claim |
| D. | License |
| Answer» D. License | |
| 656. |
Works contract is ; |
| A. | Supply of goods |
| B. | Supply of services |
| C. | Supply of both |
| D. | Neither supply of goods nor supply of services |
| Answer» C. Supply of both | |
| 657. |
Composition levy is applicable to the taxable persons whose aggregate turnover - |
| A. | Did not exceed 50 lakh in the current year |
| B. | Did not exceed 50 lakh in the preceding year |
| C. | Did not exceed 60 lakh in the current year |
| D. | Did not exceed 60 lakh in the preceding year |
| Answer» C. Did not exceed 60 lakh in the current year | |
| 658. |
Suppose, one dealer is a defaulter of any dues. What will be the nature of his refund application? |
| A. | Refund is adjusted over arrear dues |
| B. | 80% of the Refund is allowed on a Provisional basis. |
| C. | Refund Application is withheld |
| D. | 20% of the Refund is allowed on a Provisional basis. |
| Answer» B. 80% of the Refund is allowed on a Provisional basis. | |
| 659. |
Suppose, one dealer is a defaulter of return. What will be the nature of his refund application? |
| A. | Refund adjusted over tax liability estimated for non-filing of return |
| B. | 80% of the Refund is allowed on a Provisional basis. |
| C. | Refund Application is withheld |
| D. | 20% of the Refund is allowed on a Provisional basis. |
| Answer» D. 20% of the Refund is allowed on a Provisional basis. | |
| 660. |
Suppose, an order giving rise to refund is a subject matter of appeal, what will be the fate of the refund application? |
| A. | 80% of the Refund is allowed on a Provisional basis. |
| B. | Refund Application is withheld after giving opportunity for being heard |
| C. | 20% of the Refund is allowed on a Provisional basis. |
| D. | Full amount is to be refunded without waiting for any appellate order |
| Answer» C. 20% of the Refund is allowed on a Provisional basis. | |
| 661. |
Suppose, the refund amount is less than ` 1000/-, what will be the nature of the disposal? |
| A. | Full Amount is allowed within 3 working days without any document verification |
| B. | 80% provisional Remittance 80% of the Refund is allowed on a Provisional basis. |
| C. | Refund Application is Rejected |
| D. | Refund Application is Withheld |
| Answer» D. Refund Application is Withheld | |
| 662. |
The refund application of the UN agencies, embassies or consulate will be processed based on: |
| A. | Unique Identification Number |
| B. | GSTIN |
| C. | Pass Port Number |
| D. | Any of the Above |
| Answer» B. GSTIN | |
| 663. |
The Tax wrongly paid under IGST instead of Tax on intra-state (Local) supply-How it will be treated in the GST? |
| A. | Refund |
| B. | Automatic System Adjustment |
| C. | Online Withdrawal as and when required |
| D. | Any of the Above. |
| Answer» B. Automatic System Adjustment | |
| 664. |
All the pending Refunds,Appeals,Revison,Review ,etc related to earlier enactment will be disposed in GST regime as per: |
| A. | Earlier Law |
| B. | GST Law |
| C. | Either of the Above at the option of the dealer |
| D. | Neither of the Above |
| Answer» B. GST Law | |
| 665. |
Suppose, if any export is subject to any export duty as part of any govt.policy, what will be the fate of the unutilised ITC in such cases? |
| A. | Refunded |
| B. | No Refund |
| C. | Adjustment over Basic Customs Duty on import, if any, to the same dealer |
| D. | Either (B) or (C) |
| Answer» C. Adjustment over Basic Customs Duty on import, if any, to the same dealer | |
| 666. |
What will be the mode of filing Refund Application and its supporting documents in GST? |
| A. | Online Application and Uploading of Scanned Documents |
| B. | Both Soft Copy and Hard Copy |
| C. | Manual Application Only |
| D. | Any of the above |
| Answer» B. Both Soft Copy and Hard Copy | |
| 667. |
The scanned documents required for filing ITC on export? |
| A. | Export Invoice and Shipping Bill |
| B. | Packing List, Bill of Lading and Mate’s Receipt |
| C. | Bank Realisation Certificate |
| D. | All of the above |
| Answer» E. | |
| 668. |
A Special Audit is conducted with prior permission of the Commissioner for a detailed examination on a focused issues like: |
| A. | Incorrect declaration of the Transaction Value |
| B. | Credit availing above the normal limits |
| C. | Any of the above (A) or (B) |
| D. | None of the above |
| Answer» D. None of the above | |
| 669. |
The Special Audit report is to be submitted normally within a period of : |
| A. | 30 days |
| B. | 60 days |
| C. | 90 Days |
| D. | 180 days |
| Answer» D. 180 days | |
| 670. |
A special Audit is conducted by : |
| A. | The CGST Officials |
| B. | The SGST Officials |
| C. | CA or Cost Accountant nominated by the Commissioner |
| D. | Any of the above |
| Answer» D. Any of the above | |
| 671. |
The expenses for conducting a special audit are met by: |
| A. | The Government |
| B. | The Dealer |
| C. | The CA who originally conducted the audit |
| D. | Any of the above |
| Answer» B. The Dealer | |
| 672. |
The time period for applying for Refund will be: |
| A. | Before the expiry of 3 months from the relavant date |
| B. | Before the expiry of 6 months from the relavant date |
| C. | Before the expiry of One Year from the relavant date |
| D. | Before the expiry of Two Years from the relavant date |
| Answer» E. | |
| 673. |
In GST, all the excess ITC will be carried forwarded to next financial years without any break except that on : |
| A. | Zero Rated Supply |
| B. | Inverted Tax Structure |
| C. | Either (a) or (b) |
| D. | Both (a) and (b) |
| Answer» E. | |
| 674. |
In GST, the eligible Refund amount otherwise ineligible due to some prescribed reasons are credited: |
| A. | To the declared bank account of the dealer automatically |
| B. | To the Cash Deposit Ledger of the dealer |
| C. | To the ITC Credit Ledger Account |
| D. | To the Consumer Welfare Fund |
| Answer» E. | |
| 675. |
The prescribed time period for the disposal of a refund application in GST will be: |
| A. | Within 180 days |
| B. | Within 90 days |
| C. | Within 60 Days |
| D. | Within 30 Days |
| Answer» C. Within 60 Days | |
| 676. |
In case of some notified category of taxable persons making exports, what proportion of the refund excluding provisional ITC claim will be granted without any document verifications? |
| A. | 20% |
| B. | 40% |
| C. | 60% |
| D. | 80% |
| Answer» E. | |
| 677. |
If any dealer fails to give satisfactory explanation to a SCN on a return scrutiny, it will result in to : |
| A. | Departmental Audit or Special Audit |
| B. | Adjudicating proceedings |
| C. | Inspection, Search/Seizure |
| D. | Any of the Above |
| Answer» E. | |
| 678. |
The prescribed normal Show Cause Notice period in the case of an assessment on non-filers of return? |
| A. | 7 Days |
| B. | 15 Days |
| C. | 21 days |
| D. | 30 Days |
| Answer» C. 21 days | |
| 679. |
The prescribed normal Show Cause Notice period in the case of any detection of any irregularity in a return scrutiny? |
| A. | 30 days |
| B. | 14 Days |
| C. | 21 days |
| D. | 7 Days |
| Answer» B. 14 Days | |
| 680. |
The limitation period for the completion of assessment in respect of non-filers of returns? |
| A. | If fraud or wilful suppression-within 5 years from the due date or actual date of filing of the annual return whichever is earlier |
| B. | If no fraud or no wilful suppression-within 3 years from the due date or actual date of filing of the annual return whichever is earlier |
| C. | Either of the Above (a) or (b) |
| D. | None of the Above |
| Answer» D. None of the Above | |
| 681. |
Suppose, one dealer failed to file return in time and the proper officer completed best judgment assessment. If that dealer files the return at a subsequent date, what will be its effect in GST? |
| A. | The best judgment order already passed will be deemed to have been withdrawn, if valid return is filed within 7 days of the receipt of the best judgment assessment order. |
| B. | The best judgment order already passed will be deemed to have been withdrawn, if valid return is filed within 15 days of the receipt of the best judgment assessment order. |
| C. | The best judgment order already passed will be deemed to have been withdrawn, if valid return is filed within 30 days of the receipt of the best judgment assessment order. |
| D. | The best judgment order already passed will be deemed to have been withdrawn, if valid return is filed within 45 days of the receipt of the best judgment assessment order. |
| Answer» D. The best judgment order already passed will be deemed to have been withdrawn, if valid return is filed within 45 days of the receipt of the best judgment assessment order. | |
| 682. |
The assessment made with proper sanction and mostly without any personal hearing due to the sufficient reason that the person will fail to discharge tax liability or delay in assessment will adversely affect the interest of revenue is called: |
| A. | Provisional Assessment |
| B. | Protective Assessment |
| C. | Best Judgment Assessment |
| D. | Summary Assessment |
| Answer» E. | |
| 683. |
The limitation period for the completion of assessment in respect of un-registered persons? |
| A. | Within 1 year from the due date of filing of the annual return. |
| B. | Within 3 years from the due date of filing of the annual return. |
| C. | Within 5 years from the due date of filing of the annual return. |
| D. | None of the Above |
| Answer» D. None of the Above | |
| 684. |
The notice period required for conducting a departmental audit? |
| A. | At least 7 working days |
| B. | At least 15 working days |
| C. | At least 21 working days |
| D. | At least 30 working days |
| Answer» C. At least 21 working days | |
| 685. |
In GST, the departmental audit should be sanctioned only on the basis of: |
| A. | Risk Profile of the dealer |
| B. | Application of the Proper Officer |
| C. | Based on Random Selection |
| D. | Any of the Above |
| Answer» B. Application of the Proper Officer | |
| 686. |
The prescribed normal time period for completing a departmental audit will be: |
| A. | 12 Months from the date of the commencement of audit |
| B. | 9 Months from the date of the commencement of audit |
| C. | 6 Months from the date of the commencement of audit |
| D. | 3 Months from the date of the commencement of audit |
| Answer» E. | |
| 687. |
The proceedings can involve: |
| A. | Appeal |
| B. | Review |
| C. | Revision |
| D. | All of the above |
| Answer» E. | |
| 688. |
Find the correct match of annual returns to be filed |
| A. | Registered taxable person – Form GSTR |
| B. | Input service distributor – Form GSTR 9 |
| C. | Non Resident taxable person – Form GSTR 9B |
| D. | Compounding taxable person – Form GSTR 9A |
| Answer» E. | |
| 689. |
When will the inputs and/or capital goods sent to job-work become a supply? |
| A. | When the inputs and/or capital goods sent to job-worker are not received within 1 year or 3 years respectively |
| B. | When the inputs and/or capital goods sent to job-worker are not supplied, with or without payment of tax, from the job-workers place within 1 year or 3 years respectively |
| C. | Both under (a) or (b) |
| D. | None of the above |
| Answer» D. None of the above | |
| 690. |
Refund application is to be filed before the expiry of ____________ from the relevant date. |
| A. | Two years |
| B. | One year |
| C. | 180 days |
| D. | 260 days |
| Answer» B. One year | |
| 691. |
What is the rate of interest to be payable in case of delay in sanctioning the refund claimed |
| A. | Not exceeding 6% |
| B. | Not exceeding 8% |
| C. | Not exceeding 10% |
| D. | Not exceeding 12% |
| Answer» B. Not exceeding 8% | |
| 692. |
Whether it is necessary to capitalize the capital goods in the books of account |
| A. | Yes |
| B. | No |
| C. | Only use of goods is recognized |
| D. | Accounting is not relevant |
| Answer» B. No | |
| 693. |
The tax paying documents in section 16(2) is |
| A. | Bill of entry, Invoice raised on RCM supplies, etc. |
| B. | Acknowledged copy of tax paid to department |
| C. | Supply invoice by the recipient |
| D. | Any of the above |
| Answer» B. Acknowledged copy of tax paid to department | |
| 694. |
The sanction refund amount can be adjusted against the payments which he is liable to pay but remains unpaid under the earlier law. |
| A. | Tax |
| B. | Penalty |
| C. | Interest and other amounts |
| D. | All of the above |
| Answer» E. | |
| 695. |
Place of supply of service for DTH by ABC Pvt. Ltd. located in Mumbai to customer in Patna is |
| A. | Mumbai |
| B. | Patna |
| C. | Either (a) or (b) |
| D. | New Delhi |
| Answer» C. Either (a) or (b) | |
| 696. |
Mr. X of Hyderabad not having bank account takes a demand draft in Kolkata from ABC Bank for his visa purpose. The place of supply is |
| A. | Hyderabad |
| B. | Kolkata |
| C. | Either (a) or (b) |
| D. | New Delhi |
| Answer» C. Either (a) or (b) | |
| 697. |
The provider of AMC service outside India has entered into an agreement for an aircraft company PQR located in India AMC. The service provider provides repair service to the aircraft when it was in India. The place of service in this case is |
| A. | Outside India |
| B. | India, since the aircraft is in India when the service is provided |
| C. | Outside India, since the aircraft is in India when the service is provided |
| D. | None of the above |
| Answer» C. Outside India, since the aircraft is in India when the service is provided | |
| 698. |
Out of IGST paid to the Central Government, which of the following must be apportioned based on tax rate equivalent to the CGST on similar intra-state supply? |
| A. | Interstate supply of goods and services to an unregistered person. |
| B. | Interstate supply of goods and services to a taxable person paying tax under sec.10 of the CGST Act, 2017. |
| C. | Interstate supply of good and services to taxable person not eligible for input tax credit. |
| D. | All of the above. |
| Answer» E. | |
| 699. |
The late fee for the delay in filing of the annual return will be : |
| A. | Rs.100/-per day not exceeding Rs.5000/-at maximum |
| B. | Rs.100/-per day not exceeding quarter percentage of his aggregate turnover |
| C. | Rs.750/-per day not exceeding Rs.25000/-at maximum |
| D. | Rs.1000/-per day not exceeding Rs.50,000/-at maximum |
| Answer» C. Rs.750/-per day not exceeding Rs.25000/-at maximum | |
| 700. |
The late fee forthe delay in filing of any inward supply statement, outward and return will be : |
| A. | Rs.100/-per day not exceeding Rs.5000/-at maximum |
| B. | Rs.500/-per day not exceeding Rs.5000/-at maximum |
| C. | Rs.750/-per day not exceeding Rs.5000/-at maximum |
| D. | Rs.1000/-per day not exceeding Rs.5000/-at maximum |
| Answer» B. Rs.500/-per day not exceeding Rs.5000/-at maximum | |