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.
| 851. |
What is the time of supply of service for the supply of taxable services up to Rs.1000 in excess of the amount indicated in the taxable invoice? |
| A. | At the option of the supplier – Invoice date or Date of receipt of consideration |
| B. | Date of issue of invoice |
| C. | Date of receipt of consideration. |
| D. | Date of entry in books of account |
| Answer» B. Date of issue of invoice | |
| 852. |
What is the time of supply of vouchers when the supply with respect to the voucher is 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» B. Date of redemption of voucher | |
| 853. |
What is time of supply of goods liable to tax under reverse charge mechanism? |
| A. | Date of receipt of goods |
| B. | Date on which the payment is made |
| C. | Date immediately following 30 days from the date of issue of invoice by the supplier |
| D. | Earlier of a/b/c |
| Answer» E. | |
| 854. |
Which of the following taxes would be levied on an intra-State supply of goods or services or both |
| A. | CGST |
| B. | Union territory tax |
| C. | Both of the above |
| D. | IGST |
| Answer» D. IGST | |
| 855. |
What are different types of supplies covered under the scope of Supply under CGST Act 2017? |
| A. | Supplies made with consideration |
| B. | Supplies made without consideration |
| C. | Both of the above |
| D. | None of the above |
| Answer» D. None of the above | |
| 856. |
Who is called a Deemed Supplier of Services? |
| A. | Job Worker |
| B. | ISD |
| C. | Agent |
| D. | Sister Concern |
| Answer» C. Agent | |
| 857. |
......................... tax is levied on inter-state supply of goods and services? |
| A. | CGST |
| B. | SGST |
| C. | IGST |
| D. | VAT |
| Answer» D. VAT | |
| 858. |
Whether the dealers making the exclusive supply of Liquor or Petrol, Diesel and Crude Oil should have to take registration under GST Act? |
| A. | Yes |
| B. | No |
| C. | Optional |
| D. | Either (A) or (C) |
| Answer» C. Optional | |
| 859. |
The Tax which are levied on an intra-state or Local supply of goods and / or Services |
| A. | SGST Only |
| B. | CGST Only |
| C. | Both SGST and CGST |
| D. | IGST Only |
| Answer» D. IGST Only | |
| 860. |
The maximum rate of tax prescribed for manufactures in Composition levy is;(GST +SGST) |
| A. | 1 % |
| B. | 5% |
| C. | 0.5% |
| D. | 2.5 % |
| Answer» C. 0.5% | |
| 861. |
In GST, the registration application approval is to be intimated by the respective SGST/CGST Officials within : |
| A. | 10 Common Working days in form GST REG-06 |
| B. | 7 Common Working days in form GST REG-06 |
| C. | 5 Common Working days in form GST REG-06 |
| D. | 3 Common Working days in form GST REG-06 |
| Answer» E. | |
| 862. |
IGST means ................... ? |
| A. | Inter-state GST |
| B. | Integrated GST |
| C. | Import GST |
| D. | International GST |
| Answer» C. Import GST | |
| 863. |
Zero Rated Supply means: |
| A. | No OPT Liability .But, eligible for IPT Credit |
| B. | No OPT Liability and No IPT Credit |
| C. | Both OPT Liability and IPT Credit |
| D. | None of the Above |
| Answer» B. No OPT Liability and No IPT Credit | |
| 864. |
Composition levy is applicable to the taxable persons whose aggregate turnover- |
| A. | Did not exceed 50 lakh in the current year |
| B. | Did not exceed 50 lakh in the preceding year |
| C. | Did not exceed 60 lakh in the current year |
| D. | Did not exceed 60 lakh in the preceding year |
| Answer» C. Did not exceed 60 lakh in the current year | |
| 865. |
The Tax Liability of the Central Government, State Government and Local Authorities will be in respect of the activities or transactions in the status of a: |
| A. | Welfare Authority |
| B. | Public Authorities |
| C. | General Administration |
| D. | All of the above |
| Answer» C. General Administration | |
| 866. |
The maximum rate that can be levied as CGST or SGST will be at; |
| A. | 18 % |
| B. | 20% |
| C. | 18 % |
| D. | 40% |
| Answer» C. 18 % | |
| 867. |
Works contract is; |
| A. | Supply of goods |
| B. | Supply of services |
| C. | Supply of both |
| D. | Neither supply of goods nor supply of services |
| Answer» C. Supply of both | |
| 868. |
Suppose One Dealer is not eligible for Composition of Tax. But, remitted Tax Under that scheme. What will be the volume of the compulsory Penalty |
| A. | No Penalty at all |
| B. | Equal Amount of Tax leviable under Normal Scheme |
| C. | Two Times of the tax leviable under Normal Scheme |
| D. | Three Times of the tax Levi able under Normal Scheme |
| Answer» C. Two Times of the tax leviable under Normal Scheme | |
| 869. |
On which one of the following items, GST will be levied; |
| A. | Aviation fuel |
| B. | Liquefied petroleum Gas |
| C. | Natural Gas |
| D. | High Speed Diesel oil |
| Answer» C. Natural Gas | |
| 870. |
The Registration to be taken by an ISD will be: |
| A. | IGST Registration |
| B. | SGST Registration |
| C. | SGST and CGST Registration |
| D. | ISD Registration |
| Answer» E. | |
| 871. |
Input Means: |
| A. | Any Goods Excluding Capital Goods |
| B. | Any Goods including Capital Goods |
| C. | Capital Goods Only |
| D. | Capital goods used for the furtherance of the Business |
| Answer» B. Any Goods including Capital Goods | |
| 872. |
Which one of the following shall not be treated as supply? |
| A. | Rental |
| B. | Lease |
| C. | Actionable claim |
| D. | License |
| Answer» D. License | |
| 873. |
Electronic Credit Ledger is Credited by: |
| A. | Cash Deposit towards Tax remittance |
| B. | IPT on IGST,CGST and SGST |
| C. | Cash Deposit towards Fees,Fine,Interest and Penalty |
| D. | Advance tax Remittance |
| Answer» C. Cash Deposit towards Fees,Fine,Interest and Penalty | |
| 874. |
Electronic Cash Ledger is credited by |
| A. | Cash Deposit towards Tax remittance, Fine, Interest and Penalty |
| B. | IPT on IGST,CGST and SGST |
| C. | Cash Deposit towards Fees, Fine, Interest and Penalty Only |
| D. | Advance tax Remittance Only |
| Answer» B. IPT on IGST,CGST and SGST | |
| 875. |
CGST and SGST will be levied on; |
| A. | Intra-state supply |
| B. | Inter-state supply |
| C. | Import |
| D. | Export |
| Answer» B. Inter-state supply | |
| 876. |
Minimum Service periods required to constitute a continuous supply of services with periodic payment |
| A. | Exceeding 6 months |
| B. | 6 Months |
| C. | Exceeding 3 months |
| D. | 3 months |
| Answer» D. 3 months | |
| 877. |
The permissible number of business verticals in a State in GST will be: |
| A. | 25 |
| B. | 30 |
| C. | 35 |
| D. | 40 |
| Answer» D. 40 | |
| 878. |
The Accounting Standard which states about Business Vertical is |
| A. | AS-18 |
| B. | AS-17 |
| C. | AS-16 |
| D. | AS-7 |
| Answer» C. AS-16 | |
| 879. |
The number of sections, chapters and Schedules involved in the Model GST Law |
| A. | 162 Sections, 25 Chapters and 4 Schedules |
| B. | 126 Sections, 52 Chapters and 3 Schedules |
| C. | 101 Sections, 21 Chapters and 2 Schedules |
| D. | 102 Sections, 20 Chapters and 1 Schedule |
| Answer» B. 126 Sections, 52 Chapters and 3 Schedules | |
| 880. |
The first state which ratified the GST Bill in India |
| A. | Kerala |
| B. | Bihar |
| C. | Jharkhand |
| D. | Assam |
| Answer» E. | |
| 881. |
The quorum required for a meeting of the GST Council will be |
| A. | ½ of the members |
| B. | 2/3 rd of the members |
| C. | 1/3 rd of the members |
| D. | 3/4th of the members |
| Answer» B. 2/3 rd of the members | |
| 882. |
The weightage of the votes of the Central Government in GST Council Decision will be |
| A. | ½ of the votes |
| B. | 2/3 rd of the votes |
| C. | 1/3 rd of the votes |
| D. | 3/4th of the Votes |
| Answer» D. 3/4th of the Votes | |
| 883. |
Who is the Chairman & Head of the GST Council Meeting? |
| A. | Prime Minister |
| B. | President |
| C. | Union Finance Minster |
| D. | State Finance Minister nominated by GST Council |
| Answer» D. State Finance Minister nominated by GST Council | |
| 884. |
The decision of the GST Council should be taken based on majority votes not less than: |
| A. | ½ of the weighted votes |
| B. | 2/3 rd of the weighted votes |
| C. | 1/3 rd of the weighted votes |
| D. | 3/4th of the Weighted Votes |
| Answer» E. | |
| 885. |
Whether Alcoholic Liquor for industrial and other usages is taxable under GST? |
| A. | No |
| B. | Yes |
| C. | Exempted |
| D. | Non-Taxable |
| Answer» C. Exempted | |
| 886. |
The recommendation of the GST Council will be |
| A. | Mandatory |
| B. | Only Advisory Power |
| C. | Mandatory and sometimes Advisory |
| D. | Mandatory on States only |
| Answer» C. Mandatory and sometimes Advisory | |
| 887. |
The Tax applicable to interstate supplies will be: |
| A. | SGST Only |
| B. | CGST Only |
| C. | IGST Only |
| D. | CGST + IGST |
| Answer» D. CGST + IGST | |
| 888. |
The permissible order of cross utilisation of IGST credit over the tax liabilities |
| A. | SGST, CGST and IGST |
| B. | IGST, CGST and SGST |
| C. | CGST, IGST and SGST |
| D. | CGST, SGST and IGST |
| Answer» C. CGST, IGST and SGST | |
| 889. |
Aggregate Turnover Limit for Opting Compounding Scheme |
| A. | 50/-Lakhs |
| B. | 60/-Lakhs |
| C. | 1 Crore |
| D. | 1.5 Crore |
| Answer» B. 60/-Lakhs | |
| 890. |
Dealers not eligible for Opting Compounding Scheme |
| A. | Exporters |
| B. | Importers |
| C. | Interstate Suppliers and those liable to remit Tax on Reverse Charge Basis |
| D. | Manufacturing dealers |
| Answer» D. Manufacturing dealers | |
| 891. |
The Dealers who are not eligible for any Threshold Limit in the minimum Registrable Turnover? |
| A. | Casual Dealers and Non-Resident Taxable Persons |
| B. | Input Service Distributors and Dealers making supply through Electronic Commerce Operator |
| C. | Dealers making interstate Supplies and those having Reverse tax Liability |
| D. | All of the Above |
| Answer» E. | |
| 892. |
The calculation of the aggregate turnover to decide the Taxable Minimum Turnover will be based on |
| A. | State Wise Turnover Basis |
| B. | All India Turnover Basis |
| C. | State Wise Turnover excluding Export |
| D. | All India Turnover excluding Export |
| Answer» C. State Wise Turnover excluding Export | |
| 893. |
The Items which will be taxable both under current Central Excise Law and new GST even after the implementation of the GST Act. |
| A. | Motor Spirit |
| B. | Alcoholic Liquor for Human Consumption |
| C. | Tobacco and Tobacco Products |
| D. | Natural Gas |
| Answer» D. Natural Gas | |
| 894. |
When did GST come into effect in India? |
| A. | 30th June 2017 |
| B. | 1st April 2017 |
| C. | 1st January 2017 |
| D. | 1st July 2017 |
| Answer» E. | |
| 895. |
The subsumption of which taxes will make the GST – a pucca Destination based Consumption Tax |
| A. | CST and Central Excise |
| B. | VAT and Luxury Tax |
| C. | Service Tax and Purchase Tax |
| D. | Taxes on Lotteries and Entertainment Tax |
| Answer» B. VAT and Luxury Tax | |
| 896. |
How many countries have dual – GST model? |
| A. | 5 |
| B. | 8 |
| C. | 10 |
| D. | None of these |
| Answer» E. | |
| 897. |
What is the rate of TDS? |
| A. | 1% |
| B. | 4% |
| C. | 5% |
| D. | 18% |
| Answer» B. 4% | |
| 898. |
What is the due date for payment of tax? |
| A. | Last day of the month to which payment relates |
| B. | Within 10 days of the subsequent month |
| C. | Within 20 days of the subsequent month |
| D. | Within 15 days of the subsequent month |
| Answer» D. Within 15 days of the subsequent month | |
| 899. |
Balance in electronic credit ledger under SGST can be used against which liability? |
| A. | SGST Liability only |
| B. | SGST and IGST liability |
| C. | SGST, IGST and CGST liability |
| D. | None of them |
| Answer» C. SGST, IGST and CGST liability | |
| 900. |
Balance in electronic credit ledger under CGST can be used against which liability? |
| A. | CGST Liability only |
| B. | CGST and IGST liability |
| C. | CGST, IGST and SGST liability |
| D. | None of them |
| Answer» C. CGST, IGST and SGST liability | |