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.
| 401. |
Cross utilization of ITC is not allowed between : |
| A. | CGST and SGST |
| B. | SGST and IGST |
| C. | IGST and CGST |
| D. | None of the above |
| Answer» B. SGST and IGST | |
| 402. |
In India, GST structure is in nature. |
| A. | Single |
| B. | Dual |
| C. | Triple |
| D. | (a) & (b) both |
| Answer» C. Triple | |
| 403. |
Services to a single residential unit is, exempted if: |
| A. | It is pure labour service only |
| B. | It is works contract only |
| C. | It is a part of residential complex only |
| D. | It is on ground floor without further super structure |
| Answer» B. It is works contract only | |
| 404. |
The place of supply of services on board a conveyance, including a vessel, an aircraft, a train ora motor vehicle shall be the |
| A. | Location of the supplier of service |
| B. | Place where the passenger embarks on the conveyance for a continuous journey |
| C. | Location of the first scheduled point of departure of that conveyance for the journey |
| D. | Place of destination of journey |
| Answer» D. Place of destination of journey | |
| 405. |
Construction of a complex, building, civil structure or the part thereof including a complex or building intended for sale to a buyer, wholly or partly except where the entire consideration has been received after issuance of completion certificate, where required, by a competent authority or after its first occupation, whichever is earlier for the purpose of taxability under the CGST Act, 2017 shall be treated as supply of: |
| A. | Good |
| B. | Both goods and services |
| C. | Services |
| D. | Contract work |
| Answer» D. Contract work | |
| 406. |
Import/Export is treated as in GST. |
| A. | Intra-state supply |
| B. | Inter-state supply |
| C. | Non-taxable supply |
| D. | Exempted supply |
| Answer» C. Non-taxable supply | |
| 407. |
is levied on imports of goods and services. |
| A. | SGST |
| B. | CGST |
| C. | IGST |
| D. | VAT |
| Answer» D. VAT | |
| 408. |
Provision for levy and collection of tax on intra-State supply of goods or services or both by the Union Territory and for matters connected therewith or incidental thereto are being enumerated in |
| A. | CGST Act, 2017 |
| B. | IGST Act, 2017 |
| C. | UTGST Act, 2017 |
| D. | None of the above |
| Answer» D. None of the above | |
| 409. |
Which of the following is not a bill passed by parliament for the implementation of GST in India? |
| A. | The Central GST Act, 2017 |
| B. | The State GST Act, 2017 |
| C. | The Integrated GST Act, 2017 |
| D. | None of above |
| Answer» C. The Integrated GST Act, 2017 | |
| 410. |
In case supplier has deposited the taxes but the receiver has not received the documents, isreceiver 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 | |
| 411. |
Persons shall be deemed to be “related persons” if any person directly or indirectly owns, controlsor holds or more of the outstanding voting stock or shares of both of them; |
| A. | 25% |
| B. | 26% |
| C. | 51% |
| D. | 0% |
| Answer» B. 26% | |
| 412. |
Special purpose vehicle to cater the IT needs of GST is called |
| A. | HSN |
| B. | GSTN |
| C. | IGSTN |
| D. | SGSTN |
| Answer» C. IGSTN | |
| 413. |
Where, by or under the direction of a person carrying on a business, goods held or used for the purposes of the business are put to any private use or are used, or made available to any person for use, for any purpose other than a purpose of the business, whether or not for a consideration, the usage or making available of such goods is a . |
| A. | Supply of goods |
| B. | Supply of services |
| C. | Neither as a supply of goods nor a supply of services |
| D. | Either as a supply of goods or a supply of services |
| Answer» C. Neither as a supply of goods nor a supply of services | |
| 414. |
A supply made by a taxable person to a recipient of goods being buyer consisting of two or more taxable supplies of goods or services or of both or any combination thereof which are only bundled and supplied in conjunction with each other in the ordinarily course of business out of which one is a principal supply has been defined u/s 2(3) of CGST Act, 2017 as |
| A. | Composite supply |
| B. | Mixed supply |
| C. | Higher rate tax supply |
| D. | Bundled supply |
| Answer» B. Mixed supply | |
| 415. |
The following categories of registered persons are not being eligible for the Composition Scheme under the CGST Act, 2017: (i) Supplier of the Restaurant Services (ii) Manufacturer of notified goods (iii) Non-resident taxable persons (iv)Casual taxable person |
| A. | (iii) and (iv) |
| B. | (ii), (iii) and (iv) |
| C. | (ii) and (iv) |
| D. | (i), (iii) and (iv) |
| Answer» B. (ii), (iii) and (iv) | |
| 416. |
In case of taxable supply of services, invoice shall be issued within a period of from thedate of supply of service. |
| A. | 30 day |
| B. | 45 days |
| C. | 60 days |
| D. | 90 days |
| Answer» B. 45 days | |
| 417. |
ABC Ltd is manufacturer of goods opting for Composition Scheme has effected turnover of ` 60 Lakhs during the financial year 2019-20. The CGST portion for composition tax payable by ABC Ltd is |
| A. | 30,000 |
| B. | 60,000 |
| C. | 30,000 |
| D. | 1,50,000 |
| Answer» B. 60,000 | |
| 418. |
GST is levied in India on the basis of Principle. |
| A. | Origin |
| B. | Destination |
| C. | Either a or b |
| D. | Both a or b |
| Answer» C. Either a or b | |
| 419. |
Suppose one Multi National Company (MNC) has places of business all over India. Can such anMNC take a single centralised GST registration? |
| A. | Yes |
| B. | No (it has to take registration in all the states from where it makes supplies of goods or services) |
| C. | Registration only from the state in which its Head Office in India is situated |
| D. | Either (a) or (c) |
| Answer» C. Registration only from the state in which its Head Office in India is situated | |
| 420. |
A supply comprising of two or more supplies shall be treated as the supply of thatparticular supply that attracts highest rate of tax. |
| A. | Composite |
| B. | Mixed |
| C. | Both (a) and (b) |
| D. | None of the above |
| Answer» C. Both (a) and (b) | |
| 421. |
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. | None of the above |
| Answer» B. On transfer of risks and rewards of the goods to the recipient | |
| 422. |
ITC can be availed on |
| A. | Possession of prescribed invoice/ debit note |
| B. | Receipt of goods/services |
| C. | Tax on such supply has been paid to government and return being furnished by the supplier |
| D. | Fulfilling all the above conditions |
| Answer» E. | |
| 423. |
A service shall be a continuous supply of service agreed to be provided continuously or onrecurrent basis under a contract when the period of service exceeds |
| A. | 1 month |
| B. | 3 months |
| C. | 6 months |
| D. | 1 year |
| Answer» C. 6 months | |
| 424. |
Real estate agent in Delhi charges brokerage fee to Company A located in Chandigarh forassistance 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 | |
| 425. |
Does cancellation of registration under CGST affect the liability under SGST/IGST for periodprior to cancellation of registration? |
| A. | Cancellation of registration will immune his liability under CGST only. |
| B. | Cancellation of registration will immune his liability under IGST only. |
| C. | Cancellation of registration will immune his liability under SGST and CGST but not under IGST. |
| D. | Cancellation does not affect the liability of taxable person to pay tax and other dues under CGST/SGST/IGST Act. |
| Answer» E. | |
| 426. |
is levied on Intra-State Supply of goods and/or Services. |
| A. | CGST |
| B. | SGST |
| C. | IGST |
| D. | Both a & b |
| Answer» E. | |
| 427. |
What are the factors differentiating composite supply & mixed supply? |
| 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 | |
| 428. |
The place of supply of goods imported into India shall be the |
| A. | Location of the importer |
| B. | Location of the exporter |
| C. | Location of the agent of exporter |
| D. | None of the above |
| Answer» B. Location of the exporter | |
| 429. |
P Ltd. has a contract with X Ltd. to provide book keeping services to Q Ltd. Q Ltd. is a subsidiary of P Ltd. The liability to discharge consideration for such book keeping service is of P Ltd. As per the CGST Act, 2017, who will be the recipient of the above service? |
| A. | P Ltd. |
| B. | Q Ltd. |
| C. | X L |
| D. | (d) Both (a) and (b) |
| Answer» B. Q Ltd. | |
| 430. |
Gifts not exceeding in value in a financial year by an employer to an employee shall not be treated as supply of goods or services or both. |
| A. | 20,000 |
| B. | 25,000 |
| C. | 50,000 |
| D. | 1,00,000 |
| Answer» D. 1,00,000 | |
| 431. |
Goods and Services Tax is a tax levied on goods and services imposed at each point of |
| A. | Demand |
| B. | Cash sale |
| C. | Supply |
| D. | Manufacturing |
| Answer» D. Manufacturing | |
| 432. |
The default rule of place of supply of services made to any person other than a registeredperson if address on record exist shall be the |
| A. | Location where service is rendered |
| B. | Location of the service provider |
| C. | Location of the recipient |
| D. | Any of the above |
| Answer» D. Any of the above | |
| 433. |
In case supplier has deposited the taxes but the receiver has not received the goods, is receiver entitled to avail credit? |
| A. | es, it will be automatically show in recipient monthly returns. |
| B. | o, as one of the conditions of section 16(2) is not fulfilled. |
| C. | es if the receiver can prove later that goods are received subsequently |
| D. | one of the above |
| Answer» C. es if the receiver can prove later that goods are received subsequently | |
| 434. |
Is definition of Inputs includes capital goods |
| A. | es |
| B. | o |
| Answer» C. | |
| 435. |
Who are mandatorily required to obtain registration? |
| A. | very Person |
| B. | or 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. | ot required for an agriculturist or person exclusively engaged in supplying exempt goods or services |
| D. | o, only if specified threshold exceeds in a financial year then only need to obtain |
| Answer» C. ot required for an agriculturist or person exclusively engaged in supplying exempt goods or services | |
| 436. |
Can a person apply for registration without PAN |
| A. | o |
| B. | es |
| Answer» B. es | |
| 437. |
Can Mr. A avail credit on Input services or capital goods held in stock, in case of new registration/voluntary Registration |
| A. | es |
| B. | o |
| C. | es on Input services only |
| D. | es on capital goods only |
| Answer» C. es on Input services only | |
| 438. |
Mr. A obtains new registration, voluntary registration, change of scheme from composition to regular scheme and from exempted goods/services to taxable goods/services. He can avail credit on inputs lying in stock. What is the time limit for taking said credit |
| A. | year from the date of invoice |
| B. | year from the date of invoice |
| C. | year from the date of invoice |
| D. | one of the above |
| Answer» B. year from the date of invoice | |
| 439. |
Any input tax paid on purchase of goods or services by an assessee for employees is eligible for ITC? |
| A. | o |
| B. | es |
| C. | es, 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. | ot applicable |
| Answer» D. ot applicable | |
| 440. |
Can Banking Company or Financial Institution withdraw the option of availing actual credit or 50% credit anytime in the financial year? |
| A. | es |
| B. | o |
| Answer» C. | |
| 441. |
Suppose, One Business Group has 35 Business Verticals within a state and has to take separate GST Registration under the same PAN. How many Online Registration applications with scanned documents have to be filed by that Business Group? |
| A. | 35 Separate Applications in GST REG-01 |
| B. | Only One Registration Application incorporating the entire business verticals in One Go |
| C. | Either of the above at the option of the Business Group |
| D. | Either of the above at the discretion of the Proper Officer |
| Answer» B. Only One Registration Application incorporating the entire business verticals in One Go | |
| 442. |
If the proper officer needs any clarification in the REG-01 filed by a dealer, what will be the option available to him? |
| A. | Online issuance of GST REG-03 within 3 common working days from the receipt of the GST REG-01 |
| B. | Make field visit |
| C. | Either a) or b) |
| D. | Provisional issuance of the registration certificate |
| Answer» B. Make field visit | |
| 443. |
What is the time period to give clarification in respect of the GST REG-03 from the part of the applicant of the registration? |
| A. | Online submission of GST-REG-04 within 3 common working days from the receipt of GST REG-03 |
| B. | Online submission of GST-REG-04 within 5 common working days from the receipt of GST REG-03 |
| C. | Online submission of GST-REG-04 within 7 common working days from the receipt of GST REG-03 |
| D. | Online submission of GST-REG-04 within 10 common working days from the receipt of GST REG-03 |
| Answer» D. Online submission of GST-REG-04 within 10 common working days from the receipt of GST REG-03 | |
| 444. |
If any objection from either of the Registering Authority, the objection curing by the applicant in GST REG-04 and its subsequent Approval/Disapproval by GST Officials should be within: |
| A. | Within 3 common working days from the date of the receipt of the clarification |
| B. | Within 5 common working days from the date of the receipt of the clarification |
| C. | Within 7 common working days from the date of the receipt of the clarification |
| D. | Within 14 common working days from the date of the receipt of the clarification |
| Answer» D. Within 14 common working days from the date of the receipt of the clarification | |
| 445. |
Suppose the proper officer is not satisfied with the clarification given by the appellant. What will be the fate of such registration application? |
| A. | The Registration application will be rejected by issuing GST REG-05 |
| B. | Provisional registration will be granted |
| C. | Either A) or B) |
| D. | The same will be kept pending for field enquiry |
| Answer» B. Provisional registration will be granted | |
| 446. |
Shop Inspection as part of a Registration in GST will be : |
| A. | A Pre-Condition for giving approval for a Registration Application |
| B. | Shop Inspection after the issuance of the GSTIN in all cases |
| C. | Only at the business place of those dealers which comes under the Risk Parameters of the concerned GST Officials or Risk Profile given by GSTN Common Portal |
| D. | No Shop Inspection at all |
| Answer» D. No Shop Inspection at all | |
| 447. |
The Number of Digits in the PAN based GSTIN registration Number will be: |
| A. | 10 Digits |
| B. | 15 Digits |
| C. | 14 Digits |
| D. | 12 Digits |
| Answer» C. 14 Digits | |
| 448. |
A registered taxable person is liable to show his GSTN number : |
| A. | Tax Invoice |
| B. | Name Board of Principal Place and additional place of business |
| C. | Both A) and B) |
| D. | None of the Above |
| Answer» D. None of the Above | |
| 449. |
GST IPT will be allowed only on the basis of Matching Principles. It allows IPT on Manual Basis only in the case of : |
| A. | ISD |
| B. | New Registrants who had crossed taxable limits even before getting GSTIN due to delay from the part of the department |
| C. | Job Worker |
| D. | Exporter |
| Answer» C. Job Worker | |
| 450. |
What is the prescribed time period to apply for GSTN by a non-resident taxable person? |
| A. | Within 5 days from the crossing of the threshold limit |
| B. | Within 7 days from the commencement of business |
| C. | Within 30 days from the commencement of business |
| D. | At least 5 days prior to the commencement of business |
| Answer» E. | |