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.
| 1001. |
The expression ‘firm’ would include a ____ |
| A. | Company |
| B. | LLP |
| C. | HUF |
| D. | AOP |
| Answer» C. HUF | |
| 1002. |
In case of discontinuance of HUF business, the liability would arise till the date of |
| A. | Discontinuance |
| B. | Court verdict |
| C. | As mutually agreed upon by the HUF members |
| D. | Determination of liability by the Department. |
| Answer» B. Court verdict | |
| 1003. |
As per this section, the member or group of members of HUF or AOP is/are liable to pay tax on taxable supplies - |
| A. | Even after its partition |
| B. | Upto the time of partition |
| C. | Both (a) and (b) |
| D. | None of the above |
| Answer» C. Both (a) and (b) | |
| 1004. |
The dues recoverable under this section includes |
| A. | Only Interest |
| B. | Any dues which are recoverable under this Act |
| C. | Only tax |
| D. | Only Penalty |
| Answer» C. Only tax | |
| 1005. |
The legal representative or any other person of an individual who is dead is liable to pay tax, only if - |
| A. | The business has been carried on by the legal representative |
| B. | The business has been carried by the legal representative or any other person |
| C. | The business has been carried by any other person |
| D. | None of the above. |
| Answer» C. The business has been carried by any other person | |
| 1006. |
Appeal before the appellate authority can be filed within how many days? |
| A. | 30 days |
| B. | 60 days |
| C. | 90 days |
| D. | 120 days |
| Answer» B. 60 days | |
| 1007. |
Who can appeal to the Appellate Authority? |
| A. | Jurisdictional CGST/SGST officer or the applicant |
| B. | Any Taxable Person |
| C. | Any citizen concerned about the ruling passed |
| D. | All of the above |
| Answer» B. Any Taxable Person | |
| 1008. |
Whether the ruling pronounced under Section 98 of CGST Act, 2017 have prospective or retrospective effect? |
| A. | Prospective effect |
| B. | Retrospective effect |
| C. | Prospective/Retrospective effect based on case to case |
| D. | None of the above |
| Answer» B. Retrospective effect | |
| 1009. |
Within how many days the Authority shall pronounce its decision on advance ruling from the date of receipt of application |
| A. | 30 days |
| B. | 60 days |
| C. | 90 days |
| D. | 120 days |
| Answer» D. 120 days | |
| 1010. |
What procedure should follow if the members of the Authority differ on any question on which the advance ruling is sought? |
| A. | The members of the authority shall state the point or points on which they differ and make a reference to the Appellate Authority for hearing and decision on such question. |
| B. | The Authority will not take any decision and reject the application |
| C. | The Authority will remand the case to jurisdictional officer |
| D. | None of the above |
| Answer» B. The Authority will not take any decision and reject the application | |
| 1011. |
Who shall make an application for advance ruling? |
| A. | Department |
| B. | Applicant |
| C. | Appellate Authority |
| D. | None of the above |
| Answer» C. Appellate Authority | |
| 1012. |
Maximum number of monthly installments permissible under section 80 is: |
| A. | 36 |
| B. | 12 |
| C. | 48 |
| D. | 24 |
| Answer» E. | |
| 1013. |
The following amounts due cannot be paid through installments, |
| A. | Self-assessed tax shown in return |
| B. | Short paid tax for which notice has been issued |
| C. | Arrears of tax |
| D. | Concealed tax |
| Answer» B. Short paid tax for which notice has been issued | |
| 1014. |
Who is liable to pay tax if the business of an individual is discontinued before his death |
| A. | Board of Directors or Manager |
| B. | Any member of his person who is willing to pay |
| C. | Legal representative of taxable person |
| D. | Employee |
| Answer» D. Employee | |
| 1015. |
After how many days, the proper officer may cause the sale of distressed property? |
| A. | 30 days |
| B. | 60 days |
| C. | 90 days |
| D. | 120 days |
| Answer» B. 60 days | |
| 1016. |
When can the Authority declare the advance ruling pronounced as void? |
| A. | If ruling is obtained by suppression of material facts |
| B. | If the applicant is in the business of supplies on which clarification has been sought |
| C. | If the applicant does not engage in the business of supplies after 6 months of obtaining the ruling |
| D. | If a Supreme Court judgement is pronounced on the same issue and the judgement is exactly the opposite of the clarification issued under the ruling |
| Answer» B. If the applicant is in the business of supplies on which clarification has been sought | |
| 1017. |
Who can apply for rectification of error on record? |
| A. | Applicant |
| B. | Concerned officer or Jurisdictional Officer |
| C. | Advance Ruling Authority or the Appellate Authority on its own accord can rectify the error |
| D. | All of the above |
| Answer» E. | |
| 1018. |
The Advance Ruling pronounced by the Appellate Authority shall be binding on |
| A. | The applicant who sought the advance ruling. |
| B. | The jurisdictional officer in respect of the applicant |
| C. | (a) and (b) |
| D. | None of the above |
| Answer» D. None of the above | |
| 1019. |
When should the opportunity of being heard be given to applicant or the appellant for rectification of advance ruling? |
| A. | If the rectification has the effect of enhancing the tax liability. Advance Ruling 213 Indirect Taxes Committee |
| B. | If the rectification has the effect of reducing the amount of admissible input tax credit. |
| C. | (a) or (b) |
| D. | None of the above |
| Answer» D. None of the above | |
| 1020. |
Who has the power to amend the order issued under section 98 or 101, to rectify any error apparent from record? |
| A. | Advance Ruling Authority |
| B. | Appellate Authority for the Advance Ruling |
| C. | Authority or, as the case may be, the Appellate Authority. |
| D. | None of the above. |
| Answer» D. None of the above. | |
| 1021. |
Under which circumstance the members of the Appellate Authority deem that no advance ruling can be issued in respect of the questions covered under the appeal |
| A. | If the members of the Appellate Authority differ on any point or points referred to in appeal |
| B. | If the members of the Advance Ruling Authority differ on any point or points referred to in appeal |
| C. | Applicant wants to withdraw the application |
| D. | Both (a) and (c) |
| Answer» B. If the members of the Advance Ruling Authority differ on any point or points referred to in appeal | |
| 1022. |
Recovery of amount payable by a defaulter can be made from, |
| A. | Customer |
| B. | Bank |
| C. | Post Office |
| D. | All of the above |
| Answer» E. | |
| 1023. |
If it is expedient in the interest of the revenue, can the proper officer after recording reasons in writing, require a taxable person to make payment of tax demand within shorter period as may be specified by him? |
| A. | Yes |
| B. | No |
| C. | With prior permission of not below the rank of Joint Commissioner |
| D. | None of the above |
| Answer» B. No | |
| 1024. |
The time limit for payment of tax demand is ………………from the date of service of the order, |
| A. | 3 months |
| B. | 90 days |
| C. | 6 months |
| D. | 1 year |
| Answer» B. 90 days | |
| 1025. |
Whether a taxable person who has paid CGST& SGST or, as the case may be, CGST & UTGST on a transaction considered by him to be an intra-state supply, but which is subsequently held to be an inter-state supply is required to pay interest? |
| A. | Yes |
| B. | No |
| C. | At proper officer’s discretion |
| D. | None of the above |
| Answer» C. At proper officer’s discretion | |
| 1026. |
Which of the following is NOT a requirement for claiming the exemption from GST on job work? |
| A. | Job work should be for a specified purposes such as processing, testing, repair, etc |
| B. | Goods should be returned after completion with six months or such extended period |
| C. | Manufacturer should declare the details of inputs held in stock by the job worker on behalf of manufacturer |
| D. | Job work should pay the GST even on returning the goods within the period of six months from appointed date |
| Answer» E. | |
| 1027. |
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. | |
| 1028. |
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 | |
| 1029. |
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 | |
| 1030. |
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 | |
| 1031. |
In case supplier has deposited the taxes but the receiver has not received the goods, is receiver entitled to avail credit?%! |
| A. | Yes, it will be automatically show in recipient monthly returns. |
| B. | No, as one of the conditions of section 16(2) is not fulfilled. |
| C. | Yes if the receiver can prove later that goods are received subsequently |
| D. | None of the above |
| Answer» C. Yes if the receiver can prove later that goods are received subsequently | |
| 1032. |
Can Mr. A avail credit on Input services or capital goods held in stock, in case of new registration/voluntary Registration%! |
| A. | Yes |
| B. | No |
| C. | Yes on Input services only |
| D. | Yes on capital goods only |
| Answer» C. Yes on Input services only | |
| 1033. |
Is there any ceiling limit prescribed on the rate under IGST?%! |
| A. | 12% |
| B. | 18% |
| C. | 28% |
| D. | 40% |
| Answer» E. | |
| 1034. |
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 | |
| 1035. |
Mr. A obtains new registration, voluntary registration, change of scheme from composition to regular scheme and from exempted goods/services to taxable goods/services. He can avail credit on inputs lying in stock. What is the time limit for taking said credit%! |
| A. | 1 year from the date of invoice |
| B. | 3 year from the date of invoice |
| C. | 5 year from the date of invoice |
| D. | None of the above |
| Answer» B. 3 year from the date of invoice | |
| 1036. |
Can a person apply for registration without PAN%! |
| A. | No |
| B. | Yes |
| Answer» B. Yes | |
| 1037. |
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 | |
| 1038. |
Any input tax paid on purchase of goods or services by an assessee for employees is eligible for ITC?%! |
| A. | No |
| B. | Yes |
| C. | Yes, on the services notified which are obligatory for an employer to provide to its employees under any law for the time being in force |
| D. | Not applicable |
| Answer» D. Not applicable | |
| 1039. |
SAC Code Stands for%! |
| A. | Services Accounting Code |
| B. | Software Accounting Code |
| C. | System Accounting Code |
| D. | Service Application Code |
| Answer» B. Software Accounting Code | |
| 1040. |
Is definition of Inputs includes capital goods%! |
| A. | Yes |
| B. | No |
| Answer» C. | |
| 1041. |
Can Banking Company or Financial Institution withdraw the option of availing actual credit or 50% credit anytime in the financial year?%! |
| A. | Yes |
| B. | No |
| Answer» C. | |
| 1042. |
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 | |
| 1043. |
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 | |
| 1044. |
Which one of the following is true?%! |
| A. | A person can collect tax only he is registered |
| B. | Registered person not liable to collect tax till his aggregate turnover exceeds threshold limit |
| C. | A person can collect the tax during the period of his provisional registration |
| D. | None of the above |
| Answer» B. Registered person not liable to collect tax till his aggregate turnover exceeds threshold limit | |
| 1045. |
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. | |
| 1046. |
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 | |
| 1047. |
*/*_Which one of the following is true?? |
| A. | A person can collect tax only he is registered |
| B. | Registered person not liable to collect tax till his aggregate turnover exceeds threshold limit |
| C. | A person can collect the tax during the period of his provisional registration |
| D. | None of the above |
| Answer» B. Registered person not liable to collect tax till his aggregate turnover exceeds threshold limit | |
| 1048. |
*/*_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. | |
| 1049. |
*/*_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 | |
| 1050. |
*/*_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 | |