MCQOPTIONS
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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.
| 901. |
Balance in electronic credit ledger under IGST can be used against which liability? |
| A. | IGST Liability only |
| B. | IGST and CGST liability |
| C. | IGST, CGST and SGST liability |
| D. | None of them |
| Answer» D. None of them | |
| 902. |
Balance in electronic credit ledger can be utilized against which liability? |
| A. | Output tax payable |
| B. | Interest payable |
| C. | Penalty |
| D. | All of above |
| Answer» B. Interest payable | |
| 903. |
Payment made through challan will be credited to which registers/ledgers? |
| A. | Electronic Tax liability register |
| B. | Electronic Credit ledger |
| C. | Electronic Cash ledger |
| D. | All of them |
| Answer» D. All of them | |
| 904. |
Which of these registers/ledgers are maintained online? |
| A. | Tax liability register |
| B. | Credit ledger |
| C. | Cash ledger |
| D. | All of them |
| Answer» E. | |
| 905. |
In case of goods sent on sale on approval basis, invoice has to be issued: |
| A. | while sending the goods; another Invoice has to be issued by the recipient while rejecting the goods; |
| B. | while sending the goods but the recipient can take credit only when the goods are accepted by him; |
| C. | when the recipient accepts the goods or six months from the date of supply whichever isearlier. |
| D. | when the recipient accepts the goods or three months from the date of supply whichever is earlier. |
| Answer» D. when the recipient accepts the goods or three months from the date of supply whichever is earlier. | |
| 906. |
The registered recipient must issue an invoice in the following cases: |
| A. | The supplier fails to issue an invoice; |
| B. | The supplier is unregistered. |
| C. | The goods or services received notified for tax on reverse charge basis; |
| D. | All of the above. |
| Answer» C. The goods or services received notified for tax on reverse charge basis; | |
| 907. |
A continuous supply of goods requires one of the following as a must: |
| A. | The goods must be notified by the Commissioner in this behalf; |
| B. | The contract for supply lasts for a minimum period of 3 months; |
| C. | The supply is made by means of a wire, cable, pipeline or other conduit; |
| D. | Supplier invoices the recipient on a regular or periodic basis. |
| Answer» E. | |
| 908. |
A bill of supply can be issued in case of inter-State and intra-State: |
| A. | Exempted supplies |
| B. | Supplies by composition suppliers; |
| C. | Supplies to unregistered persons; |
| D. | None of the above. |
| Answer» B. Supplies by composition suppliers; | |
| 909. |
Tax invoice must be issued by________ |
| A. | Every supplier |
| B. | Every taxable person |
| C. | Registered persons not paying tax under composition scheme |
| D. | All the above |
| Answer» D. All the above | |
| 910. |
Input Tax credit as credited in Electronic Credit ledger can be utilized for |
| A. | Payment of Interest |
| B. | Payment of penalty |
| C. | Payment of Fine |
| D. | Payment of Taxes |
| Answer» E. | |
| 911. |
If there is Mis-match of supplier’s outward supply and recipient’s claim for Input Tax credit on the same transaction |
| A. | It shall be added as output tax liability in the hands of receiver. |
| B. | It shall be reduced as output tax liability in the hands of receiver. |
| C. | It shall be increased as input tax credit in the hands of receiver. |
| D. | It shall be deceased as input tax credit in the hands of supplier |
| Answer» B. It shall be reduced as output tax liability in the hands of receiver. | |
| 912. |
Provisional Input tax credit can be utilized against |
| A. | Any Tax liability |
| B. | Self Assessed output Tax liability |
| C. | Interest and Penalty |
| D. | Fine |
| Answer» C. Interest and Penalty | |
| 913. |
A person is entitled to take credit of input tax as self-assessed in the return and credited to Electronic credit ledger on |
| A. | Final basis |
| B. | Provisional basis |
| C. | Partly Provisional and partly final basis |
| D. | None of the above |
| Answer» C. Partly Provisional and partly final basis | |
| 914. |
Is the principal entitled for credit of goods though he has not received the goods and has been sent to job worker directly by vendor |
| A. | Yes |
| B. | No |
| C. | Yes vendor should be located in same place |
| D. | None of the above |
| Answer» B. No | |
| 915. |
The time limit beyond which if goods are not returned, the capital goods sent for job work shall be treated as supply |
| A. | One year |
| B. | Three Years |
| C. | Six months |
| D. | Five years |
| Answer» C. Six months | |
| 916. |
Is Input tax to be reversed in case of supply of capital goods |
| A. | Yes fully |
| B. | No |
| C. | Yes, to extent of credit taken as reduced by prescribed percentage or tax on transaction value whichever is higher |
| D. | Yes to the extent of transaction value of such goods |
| Answer» D. Yes to the extent of transaction value of such goods | |
| 917. |
Banking company or Financial Institution have an option of claiming ITC: |
| A. | Actual Credit or 50% credit |
| B. | Only 50% Credit |
| C. | Only cctual credit |
| D. | Actual credit and 50% credit |
| Answer» B. Only 50% Credit | |
| 918. |
For capital goods, proportionate credit is allowed |
| A. | for business and non-business purpose |
| B. | for business or non- business purpose |
| C. | both of the above |
| D. | none of the above |
| Answer» B. for business or non- business purpose | |
| 919. |
Whether depreciation on tax component of capital goods and Plant and Machinery and whether input tax credit (ITC) is Permissible? |
| A. | Yes |
| B. | No |
| C. | Input tax credit is eligible if depreciation on tax component is not availed |
| D. | None of the above |
| Answer» D. None of the above | |
| 920. |
Input tax credit on capital goods and Inputs can be availed in |
| A. | In thirty six installments |
| B. | In twelve installments |
| C. | In one installment |
| D. | In six installments |
| Answer» D. In six installments | |
| 921. |
When can a registered person avail credit on inputs? |
| A. | on receipt of goods |
| B. | on receipt of documents |
| C. | Both |
| D. | None of the above |
| Answer» D. None of the above | |
| 922. |
Whether credit on capital goods can be taken immediately on receipt of the goods? |
| A. | Yes |
| B. | After usage of such capital goods |
| C. | After capitalizing in books of Accounts |
| D. | None of the above |
| Answer» B. After usage of such capital goods | |
| 923. |
What deductions are allowed from the transaction value |
| A. | Discounts mention on invoice |
| B. | Packing Charges mention on invoice |
| C. | Any amount paid by customer on behalf of the supplier |
| D. | Freight charges mention on invoice |
| Answer» B. Packing Charges mention on invoice | |
| 924. |
When can the transaction value be rejected for computation of value of supply |
| A. | When the buyer and seller are not 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 | |
| 925. |
The value of supply of goods and services shall be the |
| A. | Transaction value |
| B. | MRP |
| C. | Market Value |
| D. | None of above |
| Answer» B. MRP | |
| 926. |
Can a registered person under Composition Scheme claim input tax credit? |
| A. | Yes |
| B. | No |
| C. | Input tax credit on inward supply of goods only can be claimed |
| D. | Input tax credit on inward supply of services only can be claimed |
| Answer» C. Input tax credit on inward supply of goods only can be claimed | |
| 927. |
Can a registered person opt for composition scheme only for one out of his 5 business different units having same Permanent Account Number? |
| A. | Yes |
| B. | No |
| C. | Yes, with prior approval of the Central Government |
| D. | Yes, subject to prior approval of the GST Council |
| Answer» C. Yes, with prior approval of the Central Government | |
| 928. |
Business which has centralized registration under existing Acts |
| A. | Shall obtain a centralized registration under GST Law. |
| B. | Shall obtain separate registration in each state from where it is making taxable supplies. |
| C. | Shall obtain registration on temporary basis. |
| D. | No need to apply for registration under GST. |
| Answer» C. Shall obtain registration on temporary basis. | |
| 929. |
Which of the following requires amendment in the registration certificate? |
| A. | Change of name of the registered person |
| B. | Change in constitution of the registered person |
| C. | Switching over form composition scheme to normal scheme or vice versa. |
| D. | All of the above |
| Answer» E. | |
| 930. |
For an E-commerce operator registration threshold limit is? |
| A. | Rs.20 lacs |
| B. | Rs.50 lacs |
| C. | Rs.75 lacs |
| D. | None of above |
| Answer» E. | |
| 931. |
What is the rate applicable under CGST to a registered person being a hotelier opting to pay taxes under composition scheme? |
| A. | 1% |
| B. | 0.5% |
| C. | 2.5% |
| D. | None of the above |
| Answer» D. None of the above | |
| 932. |
Place of supply in case of installation of elevator is |
| A. | Where the movement of elevator commences from the supplier’s place. |
| B. | Where the delivery of elevator is taken. |
| C. | Where the installation of elevator is made. |
| D. | Where address of the recipient is mentioned in the invoice. |
| Answer» D. Where address of the recipient is mentioned in the invoice. | |
| 933. |
Which of the following is an intrastate supply? |
| A. | Supplier of goods located in Nagpur and place of supply of goods SEZ located in Mumbai |
| B. | Supplier of goods located in Kolkata and place of supply of goods in Bangalore |
| C. | Supplier of goods located in Goa and place of supply of goods in Goa |
| D. | All the above |
| Answer» D. All the above | |
| 934. |
Is there any ceiling limit prescribed on the rate under IGST? |
| A. | 12% |
| B. | 18% |
| C. | 28% |
| D. | 40% |
| Answer» E. | |
| 935. |
What does “I” stands for in IGST? |
| A. | International |
| B. | Internal |
| C. | Integrated |
| D. | Intra |
| Answer» D. Intra | |
| 936. |
In India GST came effective from July 1st, 2017 India has chosen _______ model of dual – GST. |
| A. | USA |
| B. | UK |
| C. | Canadian |
| D. | China |
| Answer» D. China | |
| 937. |
Which state became the first state of India to ratify GST bill? |
| A. | Bihar |
| B. | Telangana |
| C. | Assam |
| D. | Andhra Pradesh |
| Answer» D. Andhra Pradesh | |
| 938. |
The headquarters of GST council is located at _______. |
| A. | New Delhi |
| B. | Lucknow |
| C. | Ahmadabad |
| D. | Mumbai |
| Answer» B. Lucknow | |
| 939. |
The documents called for should be provided within……… |
| A. | 20 working days |
| B. | 15 working days |
| C. | 5 working days |
| D. | 45 working days |
| Answer» C. 5 working days | |
| 940. |
What can be the consequences of non-appearance to summons? |
| A. | Prosecution under section 172, 174, 175 and 193 of the Indian Penal Code as the case may be Access to business premises (Section 71) |
| B. | Arrest under Foreign Exchange Management Act |
| C. | Both (a) & (b) |
| D. | None of the above |
| Answer» B. Arrest under Foreign Exchange Management Act | |
| 941. |
When can the proper officer issue summons to call upon a person? |
| A. | To give evidence |
| B. | Produce a document |
| C. | Produce any other thing in an enquiry |
| D. | All of the above |
| Answer» E. | |
| 942. |
All arrests should be made as per the provisions of ……… |
| A. | Code of Criminal Procedure, 1973 |
| B. | Civil Procedure Code |
| C. | Indian Penal Code |
| D. | Foreign Exchange Management Act |
| Answer» B. Civil Procedure Code | |
| 943. |
What gets debited to the electronic credit ledger? |
| A. | Matched input tax credit |
| B. | Provisionally input tax credit |
| C. | Unmatched input tax credit |
| D. | All of them |
| Answer» E. | |
| 944. |
What should the taxable person do if he pay’s tax under wrong GSTIN? |
| A. | Pay again under right GSTIN and claim refund |
| B. | Auto-adjustment |
| C. | Adjustment on application/request |
| D. | Raise ISD invoice and transfer |
| Answer» B. Auto-adjustment | |
| 945. |
What is the time limit for issue of order in case of fraud, misstatement or suppression? |
| A. | 30 months |
| B. | 18 months |
| C. | 5 years |
| D. | 3 years |
| Answer» D. 3 years | |
| 946. |
What is deemed to be the date of deposit in the electronic cash ledger? |
| A. | Date on which amount gets debited in the account of the taxable person |
| B. | Date on which payment is initiated and approved by the taxable person |
| C. | Date of credit to the account of the appropriate Government |
| D. | Earliest of the above three dates |
| Answer» D. Earliest of the above three dates | |
| 947. |
A goods and service tax practitioner can undertake the following activities if authorized by the taxable person |
| A. | Furnish details inward and outward supplies |
| B. | Furnish monthly / quarterly return |
| C. | Furnish Annual and Final return |
| D. | All of the above |
| Answer» E. | |
| 948. |
The final return shall be filed by the registered taxable person within |
| A. | 3 months of the date of cancellation |
| B. | Date of order of cancellation |
| C. | Later of the (a) or (b) |
| D. | None of the above |
| Answer» D. None of the above | |
| 949. |
Notice to non-filers of return shall be sent in Form |
| A. | GSTR 5 |
| B. | GSTR 3 |
| C. | GSTR 3A |
| D. | GSTR 10 |
| Answer» D. GSTR 10 | |
| 950. |
Whether opportunity of personal hearing shall be granted to the person chargeable with tax or penalty or any adverse decision without any written request during adjudication proceedings? |
| A. | Yes |
| B. | No |
| C. | At proper officer’s discretion |
| D. | None of the above |
| Answer» C. At proper officer’s discretion | |