MCQOPTIONS
Saved Bookmarks
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.
| 801. |
Whether the amount paid as arrears of tax under the earlier law is admissible as input tax credit? |
| A. | Yes |
| B. | No |
| C. | Yes, if necessary documents are produced |
| D. | Yes,admissible as output tax credit |
| Answer» C. Yes, if necessary documents are produced | |
| 802. |
How will the refunds occurring due to any proceedings under the earlier law relating to CENVAT Credit is treated under GST? |
| A. | Such refund will be made in cash |
| B. | Such refund will be allowed as input tax credit |
| C. | Either a or b at the option of the taxable person |
| D. | Either a or b at the option of the Department |
| Answer» B. Such refund will be allowed as input tax credit | |
| 803. |
Section 142 will cover proceedings: |
| A. | Relating to liability under GST |
| B. | Relating to output duty liability under the earlier law |
| C. | Relating to Cenvat credit or input tax credit under earlier law |
| D. | All of the above |
| Answer» D. All of the above | |
| 804. |
Which section provides tax-free movement for sending inputs and/or capital for job worker? |
| A. | 20 |
| B. | 55 |
| C. | 175 |
| D. | 143 |
| Answer» E. | |
| 805. |
Who among the following are not entitled to take credit on inputs held in stock under sub-section (3) of section 140? |
| A. | First and second stage dealers |
| B. | Manufacturers of exempted goods |
| C. | SSI manufacturers having turnover below 90 lakhs. |
| D. | SSI manufacturer having turnover above 90 lakhs. |
| Answer» E. | |
| 806. |
Which of the following are not eligible state taxes under the transitional provisions |
| A. | Entry tax |
| B. | Central Sales Tax |
| C. | Value Added Tax |
| D. | Profession Tax, Luxury Tax & Entertainment Tax |
| Answer» E. | |
| 807. |
The amount of credit of input tax will be paid by: |
| A. | Debiting the electronic cash ledger mandatorily |
| B. | Debiting the electronic credit ledger mandatorily |
| C. | Debiting the electronic cash ledger or electronic credit ledger or both |
| D. | None of the above |
| Answer» D. None of the above | |
| 808. |
Which of the following will not be considered as eligible duties and taxes? |
| A. | Additional duty leviable u/s 3(5) of the CTA |
| B. | Basic Customs Duty |
| C. | Central Excise |
| D. | Service Tax |
| Answer» C. Central Excise | |
| 809. |
A manufacturer of exempted and non-exempted goods or a service provider of exempted and taxable services are entitled to Cenvat credit under sub-section (4) section 140 on |
| A. | All goods whether in stock or in finished goods or in semi-finished goods is eligible |
| B. | Only goods directly pertaining to non-exempted goods or taxable services is eligible |
| C. | Only proportionate credit based on the previous year turnover of non-exempted goods or taxable services is eligible |
| D. | No credit is available in such cases |
| Answer» B. Only goods directly pertaining to non-exempted goods or taxable services is eligible | |
| 810. |
When can a refund claim be filed under provisions of section 142 |
| A. | Duty paid under the earlier law and exported prior to appointed date |
| B. | Duty paid under the earlier law and exported after to appointed date |
| C. | Duty paid after appointed date and exported after appointed |
| D. | (a) and (b) |
| Answer» E. | |
| 811. |
On the transition date which of the following credits are not available |
| A. | Credit available in the return filed under the old law |
| B. | Credit of goods in transit |
| C. | Credit of incomplete services |
| D. | Exempted goods in transit and taxable under the new GST law |
| Answer» E. | |
| 812. |
Under what circumstances will the refund claim filed under the earlier law be rejected? |
| A. | Refund claim is filed after appointed date |
| B. | Credit is carried forward equivalent to refund amount |
| C. | Refund claim is withdrawn |
| D. | Refund claim will never lapse and shall be payable mandatorily paid by the department |
| Answer» C. Refund claim is withdrawn | |
| 813. |
Which of the following is not true about claiming refund of service tax under section 142? |
| A. | Service tax is deposited under earlier law |
| B. | Provision of service is complete under earlier law |
| C. | Refund of service tax would be in cash |
| D. | Refund claim should be within the time limit under section 11B(2) of the Central Excise Act, 1944 |
| Answer» C. Refund of service tax would be in cash | |
| 814. |
Where supply has been made before the date of implementation of GST, no tax shall be Payable: |
| A. | If tax/duty has been paid under the earlier law |
| B. | If goods were exempted under the earlier law |
| C. | If the goods were non-taxable under the earlier law |
| D. | All of the above |
| Answer» E. | |
| 815. |
No tax will be payable on retention payment subsequent to appointed day, if: |
| A. | Supplies have been made prior to the appointed day |
| B. | Full amount of tax/duty has been paid before the appointed day |
| C. | Both (a) and (b) |
| D. | None of the above |
| Answer» D. None of the above | |
| 816. |
Which of the following is true in respect of events after the applicability of GST? Transitional Provisions 271 Indirect Taxes Committee |
| A. | Proceedings under earlier law will be disposed of under the earlier law |
| B. | Any default due to proceedings in the earlier law will be recovered in the earlier law |
| C. | Proceedings under the earlier law will be disposed of under the new law |
| D. | Any refund due to the proceedings will be admissible as input tax credit |
| Answer» B. Any default due to proceedings in the earlier law will be recovered in the earlier law | |
| 817. |
The time limit of six months or the extended period shall be counted from? |
| A. | Appointed date |
| B. | Date of removal of inputs to job worker |
| C. | Date of receipt of inputs by job worker |
| D. | None of the above |
| Answer» B. Date of removal of inputs to job worker | |
| 818. |
Who are the persons who should declare the stock of goods on job work to claim exemption under section 141? |
| A. | Only job worker |
| B. | Only principal manufacturer |
| C. | Both (a) and (b) |
| D. | Either (a) and (b) |
| Answer» D. Either (a) and (b) | |
| 819. |
What is the consequence of non-return of semi-finished goods within the specified period? |
| A. | Job worker pays GST on return of goods |
| B. | Principal Manufacturer pays back the input tax credit claimed on such goods |
| C. | Principal manufacturer pays GST on return of goods |
| D. | Job worker claims credit of goods received on job work |
| Answer» C. Principal manufacturer pays GST on return of goods | |
| 820. |
Which of the following is difference between the provisions of input sent and semifinished goods sent to Job worker of CGST Act? |
| A. | Goods should be returned within six months from the appointed date |
| B. | Goods can be sold/ removed/ exported directly to customer |
| C. | Job worker and manufacturer have to both declare the stock of goods held on the appointed date |
| D. | None of the above |
| Answer» C. Job worker and manufacturer have to both declare the stock of goods held on the appointed date | |
| 821. |
Which of the following is mandatory pre-condition in respect of downward price revision during transition period? |
| A. | Recipient of credit note reduced his input tax credit |
| B. | Supplier should revise earlier return and reduce tax liability |
| C. | Supplier claims refund of downward revision |
| D. | Recipient intimates his jurisdictional officer of such downward revisions |
| Answer» B. Supplier should revise earlier return and reduce tax liability | |
| 822. |
Which of the following is not necessary pre-requisite in respect of upward price revision during transition period? |
| A. | Supplier should supplementary issue invoice or debit note |
| B. | Such document should be raised within 30 days of price revision |
| C. | Contract should have entered prior to appointed date |
| D. | Supplier should revise earlier return and pay tax on differential |
| Answer» E. | |
| 823. |
If the refund claim is fully or partially rejected the amount would __________ |
| A. | lapse |
| B. | be carried forward |
| C. | be refunded |
| D. | none of the above |
| Answer» B. be carried forward | |
| 824. |
For the purpose of section 141 goods removed shall qualify as? |
| A. | Semi-finished goods in the hands of manufacturer |
| B. | Finished goods requiring further process |
| C. | Inputs removed as such or after processing |
| D. | None of the above |
| Answer» D. None of the above | |
| 825. |
When should the invoice be received in order to fall under this section if the services are received before the applicability of GST and is pending for distribution on the date of GST? |
| A. | Before the date of applicability of GST |
| B. | After the date of applicability of GST |
| C. | On the date of applicability of GST |
| D. | The date of receipt of invoice is immaterial |
| Answer» E. | |
| 826. |
Where a supplier has made a sale of goods and deducted tax thereon under earlier law and issued invoice for the same before the appointed day but received payment after the appointed day: |
| A. | No TDS is required to be deducted again under GST Act |
| B. | TDS is be deducted again under GST Act |
| C. | Both (a) & (b) |
| D. | None of the above |
| Answer» B. TDS is be deducted again under GST Act | |
| 827. |
On which category of person will sub-section (6) of section 140 be applicable? |
| A. | A registered person either paying tax at a fixed rate or paying a fixed amount in lieu of the tax payable under the existing law |
| B. | A person who pays under the normal scheme under the GST law |
| C. | A person who was paying under the composition scheme under the earlier law |
| D. | A person who was exempt in the earlier law |
| Answer» B. A person who pays under the normal scheme under the GST law | |
| 828. |
On what portion of the stock does the composition taxable person need to pay tax? |
| A. | Inputs held in stock only |
| B. | Input within semi-finished/finished goods held in stock only |
| C. | Both (a) and (b) |
| D. | None of these |
| Answer» D. None of these | |
| 829. |
Which of the following is not a conditions for a tax payer paying taxes under the composition scheme under the earlier law now switching to the regular scheme under the GST law |
| A. | Said person is eligible for input tax credit of such inputs under the GST law |
| B. | Said person is in possession of invoice or duty paid documents not earlier than 12 months preceding the appointed date |
| C. | The said person is continuing to pay taxes under the composition scheme under section 9 |
| D. | The goods are intended to be used for making taxable supplies. |
| Answer» D. The goods are intended to be used for making taxable supplies. | |
| 830. |
What happens to duties and taxes paid on goods which are returned within six months form the appointed date? |
| A. | Revise old return and claim reduction in output liability |
| B. | Claim refund of taxes paid earlier on such goods |
| C. | Claim re-credit of taxes paid under earlier law as input tax credit under GST law |
| D. | Revise the first GST return and claim the credit of taxes paid under earlier law |
| Answer» C. Claim re-credit of taxes paid under earlier law as input tax credit under GST law | |
| 831. |
Which of the following persons can opt for composition scheme? |
| A. | Person making any supply of goods which are not leviable to tax under this Act; |
| B. | Person making any inter-State outward supplies of goods; |
| C. | Person effecting supply of goods through an e-commerce operator liable to collect tax at source |
| D. | None of the above |
| Answer» E. | |
| 832. |
Can the unutilized input tax credit be transferred in case of change in constitution of business? |
| A. | Not possible |
| B. | No, it will be exhausted |
| C. | Yes, It will be transferred only if there is provision for transfer of liabilities |
| D. | It will be transferred only if it is shown in books of Accounts of transferor |
| Answer» D. It will be transferred only if it is shown in books of Accounts of transferor | |
| 833. |
Eligibility of credit on capital goods in case of change of scheme from Composition scheme to Regular scheme |
| A. | Eligible during application for Regular scheme |
| B. | Not eligible |
| C. | Yes Immediately before the date from which he becomes liable to pay tax under the Regular scheme |
| D. | None of the above |
| Answer» D. None of the above | |
| 834. |
An assessee obtains new registration, voluntary registration, change of scheme from composition to regular scheme and from exempted goods/services to taxable goods/services. It 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 | |
| 835. |
Any input tax paid on purchase of goods or services by an assessee for employees is eligible? |
| 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 | |
| 836. |
Whether depreciation on tax component of capital goods and Plant and Machinery and whether input tax credit 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 | |
| 837. |
Can the recipient avail the Input tax credit for the part payment of the amount to the supplier within one hundred and eighty days? |
| A. | Yes on full tax amount and partly value amount |
| B. | No he can’t until full amount is paid to supplier |
| C. | Yes but proportionately to the extent of value and tax paid Input Tax Credit 53 Indirect Taxes Committee |
| D. | Not applicable |
| Answer» C. Yes but proportionately to the extent of value and tax paid Input Tax Credit 53 Indirect Taxes Committee | |
| 838. |
What is time of supply of goods under CGST Act, 2017? |
| A. | Date of issue of invoice Time and Value of Supply 23 Indirect Taxes Committee |
| B. | Date of receipt of consideration by the supplier |
| C. | Date of dispatch of goods |
| D. | Earlier of (a) & (b) |
| Answer» E. | |
| 839. |
What are the supplies on which reverse charge mechanism would apply? |
| A. | Notified categories of goods or services or both |
| B. | Inward supply of goods or services or both from an unregistered dealer |
| C. | Both of the above |
| D. | None of the above |
| Answer» D. None of the above | |
| 840. |
When does the 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 a ,b or c |
| Answer» C. On receipt of payment | |
| 841. |
In case supplier has deposited the taxes but the receiver has not received the documents, is receiver entitled to avail credit? |
| A. | Yes it will be auto populated in recipient monthly returns |
| B. | No as one of the conditions of 16(2) is not fulfilled |
| C. | Yes if the receiver can prove later that documents are received subsequently |
| D. | None of the above |
| Answer» C. Yes if the receiver can prove later that documents are received subsequently | |
| 842. |
The time limit to pay the value of supply with taxes to avail the input tax credit? |
| A. | Three months |
| B. | Six Months |
| C. | One hundred and eighty days |
| D. | Till the date of filing of Annual Return |
| Answer» D. Till the date of filing of Annual Return | |
| 843. |
Whether credit on inputs should be availed based on receipt of documents or receipt of goods |
| A. | Receipt of goods |
| B. | Receipt of Documents |
| C. | Both |
| D. | Either receipt of documents or Receipt of goods |
| Answer» D. Either receipt of documents or Receipt of goods | |
| 844. |
Under section 16(2) of CGST Act how many conditions are to be fulfilled for the entitlement of credit? |
| A. | All the conditions |
| B. | Any two conditions |
| C. | Conditions not specified |
| D. | None of the above |
| Answer» B. Any two conditions | |
| 845. |
The term “used in the course or furtherance of business” means? |
| A. | It should be directly co related to output supply |
| B. | It is planned to use in the course of business |
| C. | It is used in the course of business |
| D. | It is used in the course of business for making outward supply |
| Answer» D. It is used in the course of business for making outward supply | |
| 846. |
The value of supply should include |
| A. | Any non-GST taxes, duties, cesses, fees charged by supplier separately |
| B. | Interest, late fee or penalty for delayed payment of any consideration for any supply |
| C. | Subsidies directly linked to the price except subsidies provided by the Central and State Government |
| D. | All of the above |
| Answer» E. | |
| 847. |
What is the time of supply of vouchers when the supply with respect to the voucher is not identifiable? |
| A. | Date of issue of voucher |
| B. | Date of redemption of voucher |
| C. | Earlier of (a) & (b) |
| D. | (a) & (b) whichever is later |
| Answer» C. Earlier of (a) & (b) | |
| 848. |
What are the factors differentiating Composite Supply & Mixed Supply CGST Act 2017? |
| A. | Nature of bundling i.e. artificial or natural |
| B. | Existence of Principal Supply |
| C. | Both of the above |
| D. | None of the above |
| Answer» D. None of the above | |
| 849. |
What is the time of supply of service in case an associated enterprise receives services from the service provider located outside India? |
| A. | Date of entry in the books of account of associated enterprise(recipient) |
| B. | Date of payment |
| C. | Earlier of (a) & (b) |
| D. | Date of entry in the books of the supplier of service |
| Answer» D. Date of entry in the books of the supplier of service | |
| 850. |
How is the date of receipt of consideration by the supplier determined? |
| A. | Date on which the receipt of payment is entered in the books of account |
| B. | Date on which the receipt of payment is credited in the bank account |
| C. | Earlier of (a) & (b) |
| D. | (a) & (b) whichever is later |
| Answer» D. (a) & (b) whichever is later | |