49 + Mcqs in Goods & Services Tax Compliance Assessment Page 1 McqOptions

1.	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

Discussion

2.	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

Discussion

3.	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

Discussion

4.	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

Discussion

5.	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

Discussion

6.	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

Discussion

7.	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

Discussion

8.	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

Discussion

9.	Is definition of Inputs includes capital goods
A.	Yes
B.	No
Answer» C.

Discussion

10.	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

Discussion

11.	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

Discussion

12.	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

Discussion

13.	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

Discussion

14.	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.

Discussion

15.	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

Discussion

16.	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

Discussion

17.	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.

Discussion

18.	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.

Discussion

19.	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.

Discussion

20.	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.

Discussion

21.	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.

Discussion

22.	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.

Discussion

23.	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.

Discussion

24.	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

Discussion

25.	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

Discussion

26.	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

Discussion

27.	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

Discussion

28.	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

Discussion

29.	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

Discussion

30.	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.

Discussion

31.	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

Discussion

32.	Is there any ceiling limit prescribed on the rate under IGST?
A.	12%
B.	18%
C.	28%
D.	40%
Answer» E.

Discussion

33.	Can a person apply for registration without PAN
A.	No
B.	Yes
Answer» B. Yes

Discussion

34.	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

Discussion

35.	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

Discussion

36.	How will the goods and services be classified under GST regime?
A.	SAC/HSN Code
B.	HSN Code
C.	SAC Code
D.	GST Code
Answer» B. HSN Code

Discussion

37.	Maximum rate prescribed under UTGST/SGST?
A.	14%
B.	20%
C.	28%
D.	30%
Answer» C. 28%

Discussion

38.	Which of the following taxes will be levied on Imports of goods and services?
A.	CGST
B.	SGST
C.	IGST
D.	Exempt
Answer» D. Exempt

Discussion

39.	What is the maximum rate prescribed under CGST?
A.	12%
B.	20%
C.	28%
D.	18%
Answer» C. 28%

Discussion

40.	What are the taxes levied on an Intra-State Supply?
A.	CGST
B.	SGST
C.	CGST and SGST
D.	IGST
Answer» D. IGST

Discussion

41.	Which of the following tax is not subsumed in GST
A.	VAT
B.	Stamp Duty
C.	Entry Tax
D.	Entertainment Tax
Answer» C. Entry Tax

Discussion

42.	First announcement to introduce GST by 2010, is made in Year
A.	2000
B.	2004
C.	2006
D.	2008
Answer» D. 2008

Discussion

43.	How many types of taxes will be in Indian GST?
A.	2
B.	3
C.	4
D.	5
Answer» C. 4

Discussion

44.	What does “I” stands for in IGST?
A.	International
B.	Internal
C.	Integrated
D.	Intra
Answer» D. Intra

Discussion

45.	Indian GST model has _________rate structure.
A.	3
B.	4
C.	5
D.	6
Answer» C. 5

Discussion

46.	GST is a _______ based tax on consumption of goods and services.
A.	Duration
B.	Destination
C.	Dividend
D.	Development
Answer» C. Dividend

Discussion

47.	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

Discussion

48.	In India GST became effective from
A.	1st April, 2017
B.	1st January, 2017
C.	1st July, 2017
D.	1st March, 2017
Answer» D. 1st March, 2017

Discussion

49.	GST Stands for
A.	Goods and Supply Tax
B.	Government Sales Tax
C.	Goods and Services Tax
D.	General Sales Tax
Answer» D. General Sales Tax

Discussion

Explore topic-wise MCQs in Finance & Accounting.

For&nbsp;capital&nbsp;goods,&nbsp;proportionate&nbsp;credit&nbsp;is&nbsp;allowed

Whether&nbsp;depreciation&nbsp;on&nbsp;tax&nbsp;component&nbsp;of&nbsp;capital&nbsp;goods&nbsp;and&nbsp;Plant&nbsp;and&nbsp;Machinery&nbsp;and&nbsp;whether&nbsp;input&nbsp;tax&nbsp;credit&nbsp;(ITC)&nbsp;is&nbsp;Permissible?

Whether&nbsp;credit&nbsp;can&nbsp;be&nbsp;availed&nbsp;without&nbsp;actual&nbsp;receipt&nbsp;of&nbsp;goods&nbsp;where&nbsp;goods&nbsp;are&nbsp;transferred&nbsp;through&nbsp;transfer&nbsp;of&nbsp;document&nbsp;of&nbsp;title&nbsp;before&nbsp;or&nbsp;during&nbsp;the&nbsp;movement&nbsp;of&nbsp;goods?

The&nbsp;time&nbsp;limit&nbsp;to&nbsp;pay&nbsp;the&nbsp;value&nbsp;of&nbsp;supply&nbsp;with&nbsp;taxes

Input&nbsp;tax&nbsp;credit&nbsp;on&nbsp;capital&nbsp;goods&nbsp;and&nbsp;Inputs&nbsp;can&nbsp;be&nbsp;availed&nbsp;in

In&nbsp;case&nbsp;supplier&nbsp;has&nbsp;deposited&nbsp;the&nbsp;taxes&nbsp;but&nbsp;the&nbsp;receiver&nbsp;has&nbsp;not&nbsp;received&nbsp;the&nbsp;goods,&nbsp;is&nbsp;receiver&nbsp;entitled&nbsp;to&nbsp;avail&nbsp;credit?

When&nbsp;can&nbsp;a&nbsp;registered&nbsp;person&nbsp;avail&nbsp;credit&nbsp;on&nbsp;inputs?

Whether&nbsp;credit&nbsp;on&nbsp;capital&nbsp;goods&nbsp;can&nbsp;be&nbsp;taken&nbsp;immediately&nbsp;on&nbsp;receipt&nbsp;of&nbsp;the&nbsp;goods?

Is&nbsp;definition&nbsp;of&nbsp;Inputs&nbsp;includes&nbsp;capital&nbsp;goods

What&nbsp;deductions&nbsp;are&nbsp;allowed&nbsp;from&nbsp;the&nbsp;transaction&nbsp;value

When&nbsp;can&nbsp;the&nbsp;transaction&nbsp;value&nbsp;be&nbsp;rejected&nbsp;for&nbsp;computation&nbsp;of&nbsp;value&nbsp;of&nbsp;supply

The&nbsp;value&nbsp;of&nbsp;supply&nbsp;of&nbsp;goods&nbsp;and&nbsp;services&nbsp;shall&nbsp;be&nbsp;the

What&nbsp;is&nbsp;date&nbsp;of&nbsp;receipt&nbsp;of&nbsp;payment?

When&nbsp;does&nbsp;liability&nbsp;to&nbsp;pay&nbsp;GST&nbsp;arise&nbsp;in&nbsp;case&nbsp;of&nbsp;supply&nbsp;of&nbsp;goods?

Can&nbsp;a&nbsp;registered&nbsp;person&nbsp;under&nbsp;Composition&nbsp;Scheme&nbsp;claim&nbsp;input&nbsp;tax&nbsp;credit?

Can&nbsp;a&nbsp;registered&nbsp;person&nbsp;opt&nbsp;for&nbsp;composition&nbsp;scheme&nbsp;only&nbsp;for&nbsp;one&nbsp;out&nbsp;of&nbsp;his&nbsp;5&nbsp;business&nbsp;different&nbsp;units&nbsp;having&nbsp;same&nbsp;Permanent&nbsp;Account&nbsp;Number?

Business&nbsp;which&nbsp;has&nbsp;centralized&nbsp;registration&nbsp;under&nbsp;existing&nbsp;Acts

Under&nbsp;what&nbsp;circumstances&nbsp;physical&nbsp;verification&nbsp;of&nbsp;business&nbsp;premises&nbsp;is&nbsp;mandatory?

How&nbsp;a&nbsp;person&nbsp;can&nbsp;apply&nbsp;for&nbsp;registration?

Which&nbsp;of&nbsp;the&nbsp;following&nbsp;requires&nbsp;amendment&nbsp;in&nbsp;the&nbsp;registration&nbsp;certificate?

What&nbsp;is&nbsp;the&nbsp;validity&nbsp;of&nbsp;the&nbsp;registration&nbsp;certificate?

For&nbsp;an&nbsp;E-commerce&nbsp;operator&nbsp;registration&nbsp;threshold&nbsp;limit&nbsp;is?

PAN&nbsp;issued&nbsp;under&nbsp;the&nbsp;Income&nbsp;Tax&nbsp;Act&nbsp;is&nbsp;mandatory&nbsp;for&nbsp;grant&nbsp;of&nbsp;registration

Which&nbsp;form&nbsp;is&nbsp;to&nbsp;be&nbsp;used&nbsp;for&nbsp;registration?

Which&nbsp;one&nbsp;of&nbsp;the&nbsp;following&nbsp;is&nbsp;true?

Who&nbsp;are&nbsp;mandatorily&nbsp;required&nbsp;to&nbsp;obtain&nbsp;registration?

What&nbsp;is&nbsp;the&nbsp;rate&nbsp;applicable&nbsp;under&nbsp;CGST&nbsp;to&nbsp;a&nbsp;registered&nbsp;person&nbsp;being&nbsp;a&nbsp;hotelier&nbsp;opting&nbsp;to&nbsp;pay&nbsp;taxes&nbsp;under&nbsp;composition&nbsp;scheme?

What&nbsp;is&nbsp;the&nbsp;threshold&nbsp;limit&nbsp;of&nbsp;turnover&nbsp;in&nbsp;the&nbsp;preceding&nbsp;financial&nbsp;year&nbsp;for&nbsp;opting&nbsp;to&nbsp;pay&nbsp;tax&nbsp;under&nbsp;composition&nbsp;scheme?

What&nbsp;is&nbsp;location&nbsp;of&nbsp;supply&nbsp;in&nbsp;case&nbsp;of&nbsp;importation&nbsp;of&nbsp;goods?

Place&nbsp;of&nbsp;supply&nbsp;in&nbsp;case&nbsp;of&nbsp;installation&nbsp;of&nbsp;elevator&nbsp;is

Which&nbsp;of&nbsp;the&nbsp;following&nbsp;is&nbsp;an&nbsp;intrastate&nbsp;supply?

Is&nbsp;there&nbsp;any&nbsp;ceiling&nbsp;limit&nbsp;prescribed&nbsp;on&nbsp;the&nbsp;rate&nbsp;under&nbsp;IGST?

Can&nbsp;a&nbsp;person&nbsp;apply&nbsp;for&nbsp;registration&nbsp;without&nbsp;PAN

SAC&nbsp;Code&nbsp;Stands&nbsp;for

HSN&nbsp;Code&nbsp;Stands&nbsp;for

How&nbsp;will&nbsp;the&nbsp;goods&nbsp;and&nbsp;services&nbsp;be&nbsp;classified&nbsp;under&nbsp;GST&nbsp;regime?

Maximum&nbsp;rate&nbsp;prescribed&nbsp;under&nbsp;UTGST/SGST?

Which&nbsp;of&nbsp;the&nbsp;following&nbsp;taxes&nbsp;will&nbsp;be&nbsp;levied&nbsp;on&nbsp;Imports&nbsp;of&nbsp;goods&nbsp;and&nbsp;services?

What&nbsp;is&nbsp;the&nbsp;maximum&nbsp;rate&nbsp;prescribed&nbsp;under&nbsp;CGST?

What&nbsp;are&nbsp;the&nbsp;taxes&nbsp;levied&nbsp;on&nbsp;an&nbsp;Intra-State&nbsp;Supply?

Which&nbsp;of&nbsp;the&nbsp;following&nbsp;tax&nbsp;is&nbsp;not&nbsp;subsumed&nbsp;in&nbsp;GST

First&nbsp;announcement&nbsp;to&nbsp;introduce&nbsp;GST&nbsp;by&nbsp;2010,&nbsp;is&nbsp;made&nbsp;in&nbsp;Year

How&nbsp;many&nbsp;types&nbsp;of&nbsp;taxes&nbsp;will&nbsp;be&nbsp;in&nbsp;Indian&nbsp;GST?

What&nbsp;does&nbsp;&ldquo;I&rdquo;&nbsp;stands&nbsp;for&nbsp;in&nbsp;IGST?

Indian&nbsp;GST&nbsp;model&nbsp;has&nbsp;_________rate&nbsp;structure.

GST&nbsp;is&nbsp;a&nbsp;_______&nbsp;based&nbsp;tax&nbsp;on&nbsp;consumption&nbsp;of&nbsp;goods&nbsp;and&nbsp;services.

In&nbsp;India&nbsp;GST&nbsp;came&nbsp;effective&nbsp;from&nbsp;July&nbsp;1st,&nbsp;2017&nbsp;India&nbsp;has&nbsp;chosen&nbsp;_______&nbsp;model&nbsp;of&nbsp;dual&nbsp;&ndash;&nbsp;GST.

In&nbsp;India&nbsp;GST&nbsp;became&nbsp;effective&nbsp;from

GST&nbsp;Stands&nbsp;for

For capital goods, proportionate credit is allowed

Whether depreciation on tax component of capital goods and Plant and Machinery and whether input tax credit (ITC) is Permissible?

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?

The time limit to pay the value of supply with taxes

Input tax credit on capital goods and Inputs can be availed in

In case supplier has deposited the taxes but the receiver has not received the goods, is receiver entitled to avail credit?

When can a registered person avail credit on inputs?

Whether credit on capital goods can be taken immediately on receipt of the goods?

Is definition of Inputs includes capital goods

What deductions are allowed from the transaction value

When can the transaction value be rejected for computation of value of supply

The value of supply of goods and services shall be the

What is date of receipt of payment?

When does liability to pay GST arise in case of supply of goods?

Can a registered person under Composition Scheme claim input tax credit?

Can a registered person opt for composition scheme only for one out of his 5 business different units having same Permanent Account Number?

Business which has centralized registration under existing Acts

Under what circumstances physical verification of business premises is mandatory?

How a person can apply for registration?

Which of the following requires amendment in the registration certificate?

What is the validity of the registration certificate?

For an E-commerce operator registration threshold limit is?

PAN issued under the Income Tax Act is mandatory for grant of registration

Which form is to be used for registration?

Which one of the following is true?

Who are mandatorily required to obtain registration?

What is the rate applicable under CGST to a registered person being a hotelier opting to pay taxes under composition scheme?

What is the threshold limit of turnover in the preceding financial year for opting to pay tax under composition scheme?

What is location of supply in case of importation of goods?

Place of supply in case of installation of elevator is

Which of the following is an intrastate supply?

Is there any ceiling limit prescribed on the rate under IGST?

Can a person apply for registration without PAN

SAC Code Stands for

HSN Code Stands for

How will the goods and services be classified under GST regime?

Maximum rate prescribed under UTGST/SGST?

Which of the following taxes will be levied on Imports of goods and services?

What is the maximum rate prescribed under CGST?

What are the taxes levied on an Intra-State Supply?

Which of the following tax is not subsumed in GST

First announcement to introduce GST by 2010, is made in Year

How many types of taxes will be in Indian GST?

What does “I” stands for in IGST?

Indian GST model has _________rate structure.

GST is a _______ based tax on consumption of goods and services.

In India GST came effective from July 1st, 2017 India has chosen _______ model of dual – GST.

In India GST became effective from

GST Stands for