GST BASICS Q &A - 2 (QUESTIONS)
1.)
Which amongst the given is in reference to ITC utilisation?
a.
UGST
b.
All of these
c.
SGST
d.
CGST
2.)
What is the input tax credit from CGST paid on purchases used to pay?
a.
CGST , IGST and SGST
b.
CGST and IGST
c.
None of these
d.
CGST only
3.)
Which amongst the following hold true in regards to State
Government
Taxes?
a.
SGST subsume's State Government Taxes
b.
SGST does not subsume State Government Taxes
c.
SGST subsume's union territory taxes
d.
None of these
4.)
______________ is not included in exempt supply as per Section 2(47) of
GST Act 2017.
a.
Non Taxable Supply
b.
Supply which attracts nil rate of tax
c.
Supply wholly exempt under section 11, or under section 6 of the
Integrated Goods and Services
Tax Act.
d.
None of these
5.)
_____________ taxes has not being subsumed at the central level into GST.
a.
Basic Customs Duty
b.
Countervailing Duty
c.
Central Excise Duty
d.
Service Tax
6.)
Which amongst the following is the back bone of GST?
a.
Government has already incorporated Goods and service tax network
(GSTN)
b.
None of these
c.
GSTN has to develop GST portal which ensure technology support for
registration, return filing,
tax payments, IGST settlements etc.
d.
Both of these
7.)
The mode of payments used under GST are ___________________.
a.
Electronic payment
b.
All of these
c.
Payment through challan generation- GSTN
d.
Common Accounting Codes
8.)
Which amongst the following holds true with reference to the place of supply
of goods?
a.
Both of these
b.
imported into India shall be the location of the importer;
c.
exported from India shall be the location outside India.
d.
None of these
9.)
What do you understand by Refund Amount?
a.
The value of zero-rated supply of goods made during the relevant
period without payment of
tax under bond or letter of undertaking.
b.
The value of zero-rated supply of services made without payment of tax
under bond or letter
of undertaking.
c.
All of these
d.
The input tax credit availed on inputs and input services during the
relevant period.
10.)
Which amongst the following statements holds true with reference to impact
on small enterprises?
a.
Those between the threshold and composition turnovers will have the
option to pay a turnover
based tax or opt to join the GST regime.
b.
Those below threshold limit will need to be within framework of GST
c.
There will be five categories of Small Enterprises in the GST Regime
d.
Those above threshold need not register for GST
11.)
What does the point of taxation helps us to determine?
a.
All of these
b.
Value
c.
Due Dates for payment of tax
d.
Rate of tax
12.)
Which amongst the following are considered as an important points of
GSTR 2 ?
a.
Auto-population under GSTR-2 would be done, on the basis of GSTR-1 of
counter-party supplier.
b.
GSTR-2 must be furnished by the 15th of the month succeeding the tax
period.
c.
All of these
d.
GSTR-2 in not required to be furnished by a Compounding Taxable Person
and Input Service
Distributor
13.)
Which of the following statement holds true with reference to GST in regards
to a job worker?
a.
GST is applicable on processing charges charged by the job worker
b.
None of these
c.
GST is not applicable on processing charges charged by the job worker
d.
Job worker has nothing to do with GST
14.)
What is the due date of GSTR 8?
a.
10th of the next month
b.
18th of the month succeeding quarter
c.
13th of the next month
d.
20th of the next month
15.)
What would be applicable under GST in regards to threshold limits?
a.
GST requires the previous financial year to check threshold limits
b.
GST does not require the previous financial year to check threshold
limits
c.
None of these
d.
Threshold limits are applicable only for the current financial year
16.)
Which of the following is correct in regards to commonly used items?
a.
Commonly used items are charged at 12%
b.
Commonly used items are exempt from GST
c.
None of these
d.
The lowest 5% rate would be for commonly used items
17.)
Which amongst the following holds true with reference to Section 77 -
Tax wrongfully collected and deposited with the Central or a State Government?
a.
A registered person who has paid integrated tax on a transaction
considered by him to be an
inter-State supply, but which is subsequently held to be an intra-State supply,
shall not be required
to pay any interest on the amount of central tax and State tax or, as the case
may be,
the Central tax and the Union territory tax payable.
b.
None of these
c.
Both of these
d.
A registered person who has paid the Central tax and State tax or, as
the case may be, the
Central tax and the Union territory tax on a transaction considered by him to
be an intra-State
supply, but which is subsequently held to be an inter-State supply, shall be
refunded the
amount of taxes so paid in such manner and subject to such conditions as may be prescribed.
18.)
Which amongst the following statement holds true with reference to the
following statement?
a.
The States have retained the power to tax sale of petroleum products
and potable alcoholic
liquor with themselves
b.
All of these
c.
In order to provide fiscal security to states and ensure that there is
a minimum guaranteed income
under the proposed GST regime.
d.
Petroleum production tax fetches nearly 45% of the Centre’s Indirect Tax revenue while sale
of petroleum products and potable alcoholic liquor constitutes nearly 55% (35%
plus 20%)
of the State tax income.
19.)
Which statement holds good with reference to GST Composition Team
?
a.
Pay taxes only at a certain percentage of turnover
b.
All of these
c.
Are not allowed to take Input Tax Credit (ITC)
d.
File periodic returns only (usually on a quarterly basis)
20.)
Which of the statements hold true with reference to the rate of GST?
(1)
Four main tax slabs ranging form 5% to 28%
(2)
Four rates are 5%,12%,18% & 28%
(3)
12% & 18% will be two standard rates of GST
(4)
Highest 28% rate will be applicable on luxury items
a.
Only (1) and (2)
b.
All of these
c.
Only (1) and (3)
d.
Only (2) and (3)
21.)
When is CGST imposed?
a.
CGST is imposed only when goods are sold within the state
b.
SGST is imposed only when goods are sold from one state to another
c.
None of these
d.
CGST is imposed only when goods are sold from one state to another
22.)
The services provided by an educational institution to students, faculty
and staff are ___________________.
a.
not exempt
b.
None of these
c.
partially exempt
d.
fully exempt
23.)
The documents required to claim input tax credit are to be furnished at
the time of filing form __________________.
a.
GSTR-1
b.
GSTR-3
c.
GSTR-2
d.
GSTR-4
24.)
How is the Indian GST case structured?
a.
For Efficient Tax collecton
b.
For Reduction in Corruption
c.
For Easy inter state movement of goods
d.
All of these
25.)
What is the time of supply for vouchers under GST?
a.
The date of issue of voucher, if the supply can be identified at that
point
b.
Both of these
c.
None of these
d.
The date of redemption of voucher, in all other cases.
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