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.
| 701. |
The basic nature of assessment in GST will be: |
| A. | Self assessment |
| B. | Provisional Assessment |
| C. | Best Judgment Assessment |
| D. | Protective Assessment |
| Answer» B. Provisional Assessment | |
| 702. |
The assessment made on occasion of the failure of a dealer to compute the taxable value or to make correct classification of the supplies based on a specific rate of tax is termed as: |
| A. | Self assessment |
| B. | Provisional Assessment |
| C. | Best Judgment Assessment |
| D. | Protective Assessment |
| Answer» C. Best Judgment Assessment | |
| 703. |
The prescribed time period to complete final assessment in the case of a provisional assessment? |
| A. | Within 3 months from the date of the communication of the provisional order |
| B. | Within 6 months from the date of the communication of the provisional order |
| C. | Within 9 months from the date of the communication of the provisional order |
| D. | Within 12 months from the date of the communication of the provisional order |
| Answer» C. Within 9 months from the date of the communication of the provisional order | |
| 704. |
Out of the IGST paid to the Central Government in respect of import of goods or services, if the registered taxable person does not avail the said credit within the specified period and so remains in the IGST account, what is the treatment? |
| A. | Refund it back to the taxable person. |
| B. | Can be claimed after the expiry of the specified period. Apportionment of Tax and Settlement of Funds 341 Indirect Taxes Committee |
| C. | Apportion to the Central Government based on rate equivalent to CGST on similar intra-State supply and Apportion to the state where such supply takes place. |
| D. | None of the above. |
| Answer» D. None of the above. | |
| 705. |
Can IGST amount apportioned to a State, if subsequently found refundable to any person and refunded to such person, be reduced from the amount apportioned to such state? |
| A. | Yes |
| B. | No |
| C. | Partially |
| D. | None of the above |
| Answer» B. No | |
| 706. |
The provisions of apportionment of tax also apply to |
| A. | Apportionment of interest |
| B. | Apportionment of penalty |
| C. | Compounding amount realized in connection with tax so apportioned. |
| D. | All of the above |
| Answer» E. | |
| 707. |
The registered person has paid IGST by treating an intra-State supply as inter-State supply. The officer has levied CGST and SGST as the same is intra-State supply. What is the remedy? |
| A. | Pay CGST and SGST along with applicable interest |
| B. | Pay CGST and SGST and Claim refund of IGST |
| C. | Forgo IGST paid |
| D. | None of the above |
| Answer» C. Forgo IGST paid | |
| 708. |
What provisions of CGST have been made applicable to IGST? |
| A. | All provisions |
| B. | Only a few provisions |
| C. | The provisions of CGST Act as would be applicable to IGST has not been mentioned |
| D. | The exact provisions of CGST Act as would be applicable to IGST have not been enumerated. However a list of items have been mentioned, whose corresponding provisions under CGST would apply to IGST Act. |
| Answer» E. | |
| 709. |
What would the TDS and TCS rates be under IGST? |
| A. | TDS and TCS provisions not applicable to IGST since no such provisions have been incorporated under IGST Act |
| B. | At the rates mentioned in CGST Act |
| C. | At the rate equal to CGST Act + SGST Act |
| D. | At double the rate mentioned in CGST Act |
| Answer» E. | |
| 710. |
Is IGST payable on services imported after the appointed day, though service tax has actually been paid under service tax regime? |
| A. | No. |
| B. | Yes. Pay and avail the credit paid of IGST under reverse charge on full value |
| C. | Yes. If tax has been paid partially under service tax regime and part of the service/ consideration paid has not suffered service tax under service tax regime |
| D. | None of the above |
| Answer» D. None of the above | |
| 711. |
When is a service transaction deemed to have been initiated before commencement of IGST Act? |
| A. | When invoice relating to such supply has been received or made before IGST has come into existence |
| B. | Payment is made/ received either in part or full before IGST has come into existence |
| C. | Both of the Above |
| D. | Any one of the Above |
| Answer» E. | |
| 712. |
Whether a taxable person who has paid IGST on a transaction considered by him to be an inter-state supply, but which is subsequently held to be an intra-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 | |
| 713. |
Can government make retrospective rules? |
| A. | Yes. But cannot impose penalty for contravention of rules for retrospective period |
| B. | Yes and also can impose penalty for contravention of rules for retrospective period |
| C. | No |
| D. | None of the above |
| Answer» B. Yes and also can impose penalty for contravention of rules for retrospective period | |
| 714. |
Does an existing Tax payer have to surrender the existing Registration certificates to obtain GST registration? |
| A. | No, automatically he will receive final registration. |
| B. | Yes, all registration certificates to be surrendered |
| C. | Migrated to provisional registration subject to verification of documents |
| D. | No, Provisional Registration is automatic |
| Answer» E. | |
| 715. |
Is PAN Mandatory for Migration to Provisional GST registration? |
| A. | No |
| B. | Yes |
| C. | PAN Application is sufficient. |
| D. | Waiver/Exemption can be obtained on application to the officer |
| Answer» C. PAN Application is sufficient. | |
| 716. |
What is the validity of the provisional registration certificate issued to the existing dealers? |
| A. | 6 months |
| B. | 12 months |
| C. | 3 months |
| D. | none of the above |
| Answer» E. | |
| 717. |
Will a person having multiple registration in various states receive single registration on Migration |
| A. | Separate Registration would have to be obtained on migration for each State even for a single PAN number |
| B. | Centralised Registration will be obtained for each PAN number across all States. |
| C. | Separate Registration would have to be surrendered and fresh registration is required to be obtained. |
| D. | Single registration with all locations across India disclosed as additional place of business can be obtained |
| Answer» B. Centralised Registration will be obtained for each PAN number across all States. | |
| 718. |
Is a Composition dealer registered under the old law required to obtain Final GST Registration? |
| A. | No, Old number will continue |
| B. | Yes, mandatory for all Composition dealers |
| C. | Yes, Subject to the turnover crossing the GST Turnover limit. |
| D. | No, will be governed by old law. |
| Answer» D. No, will be governed by old law. | |
| 719. |
If a dealer has multiple registrations in a State, will he obtain a consolidated GST registration or separate GST registrations |
| A. | Single registration for each State will be granted without any exception |
| B. | Two or more registrations for each State will be granted in case of separate business verticals |
| C. | Any number of registrations can be obtained in each State Transitional Provisions 261 Indirect Taxes Committee |
| D. | Rules have to be prescribed in this regard |
| Answer» C. Any number of registrations can be obtained in each State Transitional Provisions 261 Indirect Taxes Committee | |
| 720. |
Which amount will be carried forward as CGST under GST law (Assuming applicability of GST from 1st July, 2017)? |
| A. | Input tax credit as per the CENVAT Credit Register on 30th June, 2017 |
| B. | Input tax credit as per the books as on 30th June, 2017 |
| C. | Input tax credit as per the return furnished for the period ending 30th June, 2017 |
| D. | Input tax credit as per the last available return furnished under the earlier law |
| Answer» D. Input tax credit as per the last available return furnished under the earlier law | |
| 721. |
Mr. X a resident from Pune conducts training for employees of P Ltd. being a registered person under GST based out in Chennai at a resort in Darjeeling. The place of supply in this case is |
| A. | Chennai |
| B. | Pune |
| C. | Darjeeling |
| D. | None of the above |
| Answer» B. Pune | |
| 722. |
What is the time limit for rectification of GSTR 1, GSTR 4 and GSTR 6? |
| A. | Return can be rectified within 6 months from the date of filing the return |
| B. | Return can be rectified within 90 days from the date of filing the return |
| C. | Return have to be rectified before the due date for filling the subsequent periods return |
| D. | Return can be rectified before the due date for filing the returns for month of September or second quarter, as the case may be, following the end of the financial year |
| Answer» E. | |
| 723. |
The First return shall be filed by every registered taxable person for the period from |
| A. | The date on which he became liable for registration till the date of grant of registration |
| B. | The date of registration to the last day of that month |
| C. | The date on which he became liable for registration till the last day of that month |
| D. | All of the above |
| Answer» B. The date of registration to the last day of that month | |
| 724. |
The details of inward supply furnished by the registered taxable person shall be matched with the |
| A. | Corresponding details of outward supply furnished by the corresponding taxable person |
| B. | Additional duty of customs paid under section 3(5) of the Customs Tariff Act, 1975 |
| C. | For duplication of claims of input tax credit |
| D. | All of the above |
| Answer» E. | |
| 725. |
If Input credit claimed by recipient is more than the output tax declared by the supplier or if the supplier has not declared the outward supply, then |
| A. | The excess amount claimed as input is added to the output tax liability of the recipient |
| B. | The discrepancy is communicated to both the supplier and receiver |
| C. | The excess amount claimed as input is added to the output tax liability of the supplier |
| D. | The supplier is given an opportunity of being heard |
| Answer» C. The excess amount claimed as input is added to the output tax liability of the supplier | |
| 726. |
The discrepancy pointed out in GST MIS 1 and GST MIS 2 with regard to excess input tax credit claimed has not been rectified the by the supplier as well as the recipient. The excess input tax credit is |
| A. | Added to the output tax liability of the recipient |
| B. | Added to the output tax liability of the supplier |
| C. | Both (a) & (b) |
| D. | None of the bove |
| Answer» B. Added to the output tax liability of the supplier | |
| 727. |
Within how many years should the proper officer issue an order from the date of issue of notice? |
| A. | 3 years |
| B. | 2 years |
| C. | 1 year |
| D. | 4 years |
| Answer» D. 4 years | |
| 728. |
Whether the person who has borne the incidence of amount apply for refund of surplus left after adjustment towards tax collected but not paid under section 76? |
| A. | Yes |
| B. | No |
| C. | At proper officer’s discretion |
| D. | None of the above |
| Answer» B. No | |
| 729. |
In case the person does not deposit tax collected in contravention of Section 76, is the same recoverable with interest? |
| A. | Yes |
| B. | No |
| C. | At proper officer’s discretion |
| D. | None of the above |
| Answer» B. No | |
| 730. |
What happens if a taxable person has paid CGST & SGST or, as the case may be, CGST & UTGST (in SGST / UTGST Act) on a transaction considered by him to be an intra-state supply but which is subsequently held to be an inter-state supply? |
| A. | Seek refund |
| B. | Adjust against future liability |
| C. | Take re-credit |
| D. | File a suit for recovery |
| Answer» B. Adjust against future liability | |
| 731. |
Every tax payer paying tax under section 10 (Composition levy) shall file the return in |
| A. | Form GSTR 3 by 18th of the month succeeding the quarter |
| B. | Form GSTR 4 by 18th of the month succeeding the quarter |
| C. | Form GSTR 4 by 18th of the succeeding month |
| D. | Form GSTR 4 by 20th of the month succeeding the quarter |
| Answer» C. Form GSTR 4 by 18th of the succeeding month | |
| 732. |
What happens if a taxable person has paid IGST (in IGST Act) on a transaction considered by him to be an inter-state supply but which is subsequently held to be an intra-state supply? |
| A. | Seek refund |
| B. | Adjust against future liability |
| C. | Take re-credit |
| D. | File a suit for recovery |
| Answer» B. Adjust against future liability | |
| 733. |
The certificate of details of tax deducted by the deductor shall be furnished to the deductee in Form |
| A. | GSTR 7 |
| B. | GSTR 7A |
| C. | GSTR 2A |
| D. | GSTR 1A |
| Answer» C. GSTR 2A | |
| 734. |
The e-commerce operator collecting tax under section 52 shall file its monthly return in |
| A. | Form GSTR 8 by 18th of the succeeding month |
| B. | Form GSTR 7 20th of the month succeeding the quarter |
| C. | Form GSTR 8 17th of the succeeding month |
| D. | Form GSTR 8 10th of the succeeding month |
| Answer» E. | |
| 735. |
State which is a true statement |
| A. | The last date for payment of taxes to the appropriate government is the last date on which the registered taxable person is required to furnish the return |
| B. | Every person who is required to furnish return under 39(1) and 39(2) shall furnish return for every tax period whether or not supplies have been effected during such period. |
| C. | Both (a) and (b) |
| D. | None of the above |
| Answer» E. | |
| 736. |
GSTR 3, GSTR 4 and GSTR 6 filed can be rectified on the grounds of |
| A. | Any omission or incorrect particulars |
| B. | Omission or incorrect particulars found during Audit |
| C. | Omission or incorrect particulars found during Scrutiny |
| D. | Omission or incorrect particulars found during Inspection |
| Answer» B. Omission or incorrect particulars found during Audit | |
| 737. |
Zero rated supply includes |
| A. | export of goods and services. |
| B. | Supply of goods and services to a SEZ developer or SEZ Unit |
| C. | Supply of goods and services by a SEZ developer or SEZ Unit |
| D. | Both (a) and (b) |
| Answer» E. | |
| 738. |
A registered taxable person is eligible to claim refund in respect of export of goods and services in the following cases: |
| A. | Under bond, without payment of IGST and claim refund of unutilized input tax credit. |
| B. | On payment of IGST and claim refund of IGST paid on such goods and services. |
| C. | None of the above |
| D. | Both (a) and (b) |
| Answer» E. | |
| 739. |
Is the SEZ developer or SEZ unit receiving zero rated supply eligible to claim refund of IGST paid by the registered taxable person on such supply? |
| A. | Yes |
| B. | No |
| C. | Partially yes |
| D. | None of the above |
| Answer» C. Partially yes | |
| 740. |
The supply of goods to SEZ unit is treated as ___________ in the hands of the supplier: |
| A. | Exempt Supply – Reversal of credit |
| B. | Export of Supplies |
| C. | Deemed Taxable Supply – No reversal of credit |
| D. | Non Taxable Supply – Outside the Scope of GST |
| Answer» D. Non Taxable Supply – Outside the Scope of GST | |
| 741. |
Which among the following is not admissible as Opening CGST? |
| A. | Krishi Kalyan Cess |
| B. | Education Cess |
| C. | Service Tax |
| D. | Swachh Bharat Cess |
| Answer» E. | |
| 742. |
Who among the following persons are allowed to carry forward credit under the CGST/ SGST law? |
| A. | COT dealers not required to take registration under GST law in view of minimum threshold turnover |
| B. | Regular dealers under the earlier law and opting for COT scheme under the GST law |
| C. | Regular dealers under the earlier law and NOT opting for COT scheme under GST law |
| D. | COT dealers under earlier law and continuing for COT scheme under GST law |
| Answer» D. COT dealers under earlier law and continuing for COT scheme under GST law | |
| 743. |
Can a principal supply inputs and/or capital goods from the job-worker’s premises? |
| A. | Yes, only when the job-worker is registered |
| B. | Yes, even if the job-worker is unregistered by declaring the job-worker’s premises as his additional place of business |
| C. | Yes, irrespective of whether the job-worker is registered or not, principal is engaged in the supply of goods which are notified by the Commissioner on this behalf |
| D. | All of the above |
| Answer» E. | |
| 744. |
Mr. X has sent his goods to Mr. Y on job-work on 07-05-2017. From when it will be considered as deemed supply if not received back within one year? |
| A. | 06-05-2018 |
| B. | 07-05-2017 |
| C. | 03-11-2018 |
| D. | Not Taxable |
| Answer» C. 03-11-2018 | |
| 745. |
If the inputs are not received back within the prescribed limit by the principal then, who is responsible to pay the GST? |
| A. | Job worker |
| B. | Principal |
| C. | Job worker is responsible when sending such inputs and Principal needs to reverse the ITC taken earlier |
| D. | None of the above |
| Answer» C. Job worker is responsible when sending such inputs and Principal needs to reverse the ITC taken earlier | |
| 746. |
Real estate agent in Delhi charges brokerage fee to Company A located in Chandigarh for assistance in getting a commercial property in Kolkata. Which is the place of supply in this case? |
| A. | Delhi |
| B. | Chandigarh |
| C. | Kolkata |
| D. | None of the above |
| Answer» D. None of the above | |
| 747. |
What is the place of supply of service where a restaurant provides catering service at the premise of the customer? |
| A. | Address of the restaurant from where the food is supplied |
| B. | Customer premise where catering service is provided |
| C. | Both (a) & (b) |
| D. | None of the above |
| Answer» C. Both (a) & (b) | |
| 748. |
If the inputs or capital goods are considered as deemed supply in the hands of principal then, whether ITC of such output tax charged by the principal can be claimed by the Job worker? |
| A. | Yes |
| B. | No |
| C. | Such claim cannot be made |
| D. | None of the above |
| Answer» B. No | |
| 749. |
What is the time limit to receive back the tools and dies or jigs and fixtures sent to jobworker’s place? |
| A. | 1 year |
| B. | 2 years |
| C. | 5 years |
| D. | No time limit specified under GST |
| Answer» E. | |
| 750. |
Will the inputs and/or capital goods supplied from the job-worker’s premises be considered for calculating the aggregate turnover of the job-worker? |
| A. | Yes |
| B. | No |
| C. | Partially true |
| D. | None of the above |
| Answer» C. Partially true | |