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.
| 1051. |
*/*_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; | |
| 1052. |
*/*_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. | |
| 1053. |
*/*_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 | |
| 1054. |
*/*_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 | |
| 1055. |
*/*_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 | |
| 1056. |
_ Who are mandatorily required to obtain registration?$? |
| A. | Every Person |
| B. | For an agriculturist or exclusively engaged in supplying exempt goods or services is not required and for others if specified threshold limit exceeds in a financial year |
| C. | Not required for an agriculturist or person exclusively engaged in supplying exempt goods or services |
| D. | No, only if specified threshold exceeds in a financial year then only need to obtain |
| Answer» C. Not required for an agriculturist or person exclusively engaged in supplying exempt goods or services | |
| 1057. |
_ What is the validity of the registration certificate?$? |
| A. | Five years |
| B. | Ten years |
| C. | No validity |
| D. | Valid till it is cancelled |
| Answer» E. | |
| 1058. |
_ Can a registered person opt for composition scheme only for one out of his 5 business different units having same Permanent Account Number?$? |
| A. | Yes |
| B. | No |
| C. | Yes, with prior approval of the Central Government |
| D. | Yes, subject to prior approval of the GST Council |
| Answer» C. Yes, with prior approval of the Central Government | |
| 1059. |
_ When can the transaction value be rejected for computation of value of supply$? |
| 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 | |
| 1060. |
_ Tax invoice must be issued by________$? |
| A. | Every supplier |
| B. | Every taxable person |
| C. | Registered persons not paying tax under composition scheme |
| D. | All the above |
| Answer» D. All the above | |
| 1061. |
_ The registered recipient must issue an invoice in the following cases:$? |
| 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; | |
| 1062. |
_ A person is entitled to take credit of input tax as self-assessed in the return and credited to Electronic credit ledger on$? |
| A. | Final basis |
| B. | Provisional basis |
| C. | Partly Provisional and partly final basis |
| D. | None of the above |
| Answer» C. Partly Provisional and partly final basis | |
| 1063. |
_ For capital goods, proportionate credit is allowed$? |
| 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 | |
| 1064. |
_ Payment made through challan will be credited to which registers/ledgers?$? |
| A. | Electronic Tax liability register |
| B. | Electronic Credit ledger |
| C. | Electronic Cash ledger |
| D. | All of them |
| Answer» D. All of them | |
| 1065. |
_What is the rate applicable under CGST to a registered person being a hotelier opting to pay taxes under composition scheme?$? |
| A. | 1% |
| B. | 0.5% |
| C. | 2.5% |
| D. | None of the above |
| Answer» D. None of the above | |
| 1066. |
_For an E-commerce operator registration threshold limit is?$? |
| A. | Rs.20 lacs |
| B. | Rs.50 lacs |
| C. | Rs.75 lacs |
| D. | None of above |
| Answer» E. | |
| 1067. |
_Business which has centralized registration under existing Acts$? |
| 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. | |
| 1068. |
_The value of supply of goods and services shall be the$? |
| A. | Transaction value |
| B. | MRP |
| C. | Market Value |
| D. | None of above |
| Answer» B. MRP | |
| 1069. |
_Input Tax credit as credited in Electronic Credit ledger can be utilized for$? |
| A. | Payment of Interest |
| B. | Payment of penalty |
| C. | Payment of Fine |
| D. | Payment of Taxes |
| Answer» E. | |
| 1070. |
_A continuous supply of goods requires one of the following as a must:$? |
| A. | The goods must be notified by the Commissioner in this behalf; |
| B. | The contract for supply lasts for a minimum period of 3 months; |
| C. | The supply is made by means of a wire, cable, pipeline or other conduit; |
| D. | Supplier invoices the recipient on a regular or periodic basis. |
| Answer» E. | |
| 1071. |
_Is the principal entitled for credit of goods though he has not received the goods and has been sent to job worker directly by vendor$? |
| A. | Yes |
| B. | No |
| C. | Yes vendor should be located in same place |
| D. | None of the above |
| Answer» B. No | |
| 1072. |
_Whether depreciation on tax component of capital goods and Plant and Machinery and whether input tax credit (ITC) is Permissible?$? |
| A. | Yes |
| B. | No |
| C. | Input tax credit is eligible if depreciation on tax component is not availed |
| D. | None of the above |
| Answer» D. None of the above | |
| 1073. |
Which of these registers/ledgers are maintained online?$? |
| A. | Tax liability register |
| B. | Credit ledger |
| C. | Cash ledger |
| D. | All of them |
| Answer» E. | |
| 1074. |
What is the threshold limit of turnover in the preceding financial year for opting to pay tax under composition scheme? |
| A. | Rs.20 lacs |
| B. | Rs.50 lacs |
| C. | Rs.75 lacs |
| D. | None of the above |
| Answer» D. None of the above | |
| 1075. |
PAN issued under the Income Tax Act is mandatory for grant of registration. |
| A. | It is one of the document listed. |
| B. | Yes, but non-resident taxable person may be granted registration on the basis of any other document. |
| C. | No, for persons who are required to deduct tax at source u/s 51 shall have TAN in lieu of PAN. |
| D. | Both (b) and (c) |
| Answer» E. | |
| 1076. |
Under what circumstances physical verification of business premises is mandatory? |
| A. | Physical verification of business premises is a discretionary power of proper officer. |
| B. | If additional information for registration asked by the proper officer is not submitted within specified time. |
| C. | If certificate of registration is obtained on misrepresentation of facts. |
| D. | If photograph of the business premise is not uploaded in the common portal within specified time. |
| Answer» B. If additional information for registration asked by the proper officer is not submitted within specified time. | |
| 1077. |
What is date of receipt of payment? |
| A. | Date of entry in the books |
| B. | Date of payment credited into bank account |
| C. | Earlier of (a) and (b) |
| D. | Date of filing of return |
| Answer» D. Date of filing of return | |
| 1078. |
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. | |
| 1079. |
An acknowledgement must be given on receipt of advance payment in respect of supply of goods or services: |
| A. | Yes, in the form of a proforma invoice; |
| B. | Yes, as a receipt voucher. |
| C. | Yes, the invoice must be raised to that extent; |
| D. | None of the above |
| Answer» C. Yes, the invoice must be raised to that extent; | |
| 1080. |
Whether credit can be availed without actual receipt of goods where goods are transferred through transfer of document of title before or during the movement of goods? |
| A. | Yes |
| B. | No |
| C. | Yes, in specific instances |
| D. | Can be availed only after transfer of document of title after movement of goods |
| Answer» D. Can be availed only after transfer of document of title after movement of goods | |
| 1081. |
Any registered taxable person who fails to furnish the details and file the return within the due date prescribed shall be liable to |
| A. | Interest at the rate of 1% per month |
| B. | Late fee of Rs. 100 for every day up to Rs. 5000 |
| C. | Both (a) and (b) |
| D. | None of the above |
| Answer» C. Both (a) and (b) | |
| 1082. |
What is location of supply in case of importation of goods? |
| A. | Customs port where the goods are cleared |
| B. | Location of the importer |
| C. | Place where the goods are delivered after clearance from customs port |
| D. | Owner of the goods |
| Answer» C. Place where the goods are delivered after clearance from customs port | |
| 1083. |
Which form is to be used for registration? |
| A. | Form GSTR -1A |
| B. | Form GSTR – 2 |
| C. | Form GST REG-01 |
| D. | Form GST REG |
| Answer» D. Form GST REG | |
| 1084. |
How a person can apply for registration? |
| A. | Filing FORM GST REG-01 along with necessary documents with the jurisdictional proper officer. |
| B. | Filing FORM GST REG-01 electronically in the common portal and uploading the required documents along with the application. |
| C. | Uploading necessary documents electronically in the common portal and also submitting manually to the jurisdictional proper officer. |
| D. | None of the above |
| Answer» C. Uploading necessary documents electronically in the common portal and also submitting manually to the jurisdictional proper officer. | |
| 1085. |
When does liability to pay GST arise in case of supply of goods? |
| A. | On raising of invoice |
| B. | At the time of supply of goods |
| C. | On receipt of payment |
| D. | Earliest of any of above |
| Answer» E. | |
| 1086. |
Matching of Input Tax credit on inward supply by recipient is undertaken with |
| A. | Monthly return filed by the supplier |
| B. | Outward supply filed by the supplier |
| C. | Invoices maintained by the supplier |
| D. | None of the above |
| Answer» C. Invoices maintained by the supplier | |
| 1087. |
An invoice must be issued: |
| A. | At the time of removal of goods. |
| B. | On transfer of risks and rewards of the goods to the recipient; |
| C. | On receipt of payment for the supply; |
| D. | Earliest of the above dates. |
| Answer» B. On transfer of risks and rewards of the goods to the recipient; | |
| 1088. |
The time limit beyond which if goods are not returned, the input sent for job work shall be treated as supply |
| A. | One year |
| B. | Three years |
| C. | Six months |
| D. | Five years |
| Answer» B. Three years | |
| 1089. |
The time limit to pay the value of supply with taxes |
| A. | 90 days |
| B. | 6 months |
| C. | 180 days |
| D. | 365 dyas |
| Answer» D. 365 dyas | |
| 1090. |
Every registered taxable person shall be entitled to take credit of input tax in his return and such input tax credit shall be credited to |
| A. | Personal Ledger Account |
| B. | Refund account |
| C. | Electronic Cash Ledger |
| D. | Electronic Credit Ledger |
| Answer» E. | |
| 1091. |
The details of outward supplies of goods or services shall be submitted by |
| A. | 10th of the succeeding month |
| B. | 18th of the succeeding month |
| C. | 15th of the succeeding month |
| D. | 20th of the succeeding month |
| Answer» B. 18th of the succeeding month | |
| 1092. |
HSN Code Stands for |
| A. | Home Shopping Network |
| B. | Harmonised System of Nomenclature |
| C. | Harmonised System Number |
| D. | Home State Number |
| Answer» C. Harmonised System Number | |
| 1093. |
How many countries have dual – GST model?# |
| A. | 5 |
| B. | 8 |
| C. | 10 |
| D. | 14 |
| E. | None of these |
| Answer» F. | |
| 1094. |
First Return filed under GST is |
| A. | GSTR-1 |
| B. | GSTR-3A |
| C. | GSTR-2 |
| D. | GSTR-3B |
| E. | GSTR-4 |
| Answer» E. GSTR-4 | |
| 1095. |
How will the goods and services be classified under GST regime? |
| A. | SAC/HSN Code |
| B. | HSN Code |
| C. | SAC Code |
| D. | GST Code |
| E. | None of above |
| Answer» B. HSN Code | |
| 1096. |
The Tourist can claim Refund of following taxes paid |
| A. | CGST and SGST/UTGST on supply of Goods and services |
| B. | IGST on supply of goods consumed in Jammu & Kashmir |
| C. | Tax paid on the supply of scotch to be taken out of India |
| D. | None of the above |
| Answer» E. | |
| 1097. |
Can all the records be maintained in an electronic form? |
| A. | Yes |
| B. | Only if authenticated by digital signature |
| C. | Few records |
| D. | No |
| Answer» C. Few records | |
| 1098. |
Maximum rate prescribed under UTGST/SGST? |
| A. | 14% |
| B. | 20% |
| C. | 28% |
| D. | 30% |
| Answer» C. 28% | |
| 1099. |
Refunds will not be allowed in cases of:- |
| A. | Exports made on payment of tax |
| B. | Exports made without payment of tax |
| C. | Where tax on inputs are higher than tax on outputs |
| D. | All of the above |
| Answer» B. Exports made without payment of tax | |
| 1100. |
Accounts are required to be maintained in |
| A. | Manual form |
| B. | Electronic form |
| C. | Manual and electronic form |
| D. | Manual or electronic form |
| Answer» E. | |