McqMate
These multiple-choice questions (MCQs) are designed to enhance your knowledge and understanding in the following areas: Bachelor of Business Administration (BBA) , General Knowledge (GK) .
Chapters
| 1. |
The concept of Goods and Services Tax (GST) is originated in……….. |
| A. | Canada |
| B. | USA |
| C. | Britain |
| D. | Germany |
| Answer» A. Canada | |
| 2. |
Which of the following is statement is not correct about GST? |
| A. | GST is like a last-point retail tax. GST is going to be collected at point of Sale. |
| B. | GST will abolish all the direct tax levied in India . |
| C. | It will be implemented from 1 July, 2017 throughout the country. |
| D. | It will unified the tax structure in India |
| Answer» B. GST will abolish all the direct tax levied in India . | |
| 3. |
Which of the following tax will be abolished by the GST? |
| A. | Service Tax |
| B. | Corporation tax |
| C. | Income Tax |
| D. | Wealth Ta |
| Answer» A. Service Tax | |
| 4. |
Which of the following tax rate is not applicable under the GST? |
| A. | 5 |
| B. | 12 |
| C. | 18 |
| D. | 25 |
| Answer» D. 25 | |
| 5. |
GST will be levied on………………... |
| A. | Manufacturers |
| B. | Retailers |
| C. | Consumers |
| D. | All of the above |
| Answer» D. All of the above | |
| 6. |
What kind of Tax is GST? |
| A. | Direct Tax |
| B. | Indirect Tax |
| C. | Depends on the type of goods and services |
| D. | None of the above |
| Answer» B. Indirect Tax | |
| 7. |
Who is the head of the GST council? |
| A. | Shashi Kant Das |
| B. | Amit Mitra |
| C. | Arun Jaitley |
| D. | Hasmukh Adhia |
| Answer» C. Arun Jaitley | |
| 8. |
Which constitutional amendment is done to pass the GST bill? |
| A. | 101st |
| B. | 120th |
| C. | 122nd |
| D. | 115th |
| Answer» A. 101st | |
| 9. |
Which of the following good will not be covered under the GST bill? |
| A. | Cooking gas |
| B. | Liquor |
| C. | Petrol |
| D. | All of the above |
| Answer» D. All of the above | |
| 10. |
Which of the following is the main motive of the government behind the introduction of the Goods and Services Tax |
| A. | To bring tax uniformity in the country |
| B. | To increase government revenue |
| C. | To replace all the indirect tax |
| D. | All of the above |
| Answer» B. To increase government revenue | |
| 11. |
GST stands for |
| A. | Goods and Service Tax |
| B. | Goods and Supply Tax |
| C. | Government Service Tax |
| D. | General Sales Tax |
| Answer» A. Goods and Service Tax | |
| 12. |
In India GST became effective from_________________ |
| A. | 1st April,2017 |
| B. | 1st January,2017 |
| C. | 1st July,2017 |
| D. | 1st March,2017 |
| Answer» C. 1st July,2017 | |
| 13. |
India has got____________ mode of GST. |
| A. | Singular |
| B. | Dual |
| C. | all |
| D. | none |
| Answer» B. Dual | |
| 14. |
GST is a ____________________ based tax on consumption of goods and services. |
| A. | Destination |
| B. | Duration |
| C. | Destiny |
| D. | Development |
| Answer» A. Destination | |
| 15. |
What does “I” stand for in IGST? |
| A. | Integrated |
| B. | International |
| C. | Intra |
| D. | Internal |
| Answer» A. Integrated | |
| 16. |
How many types of taxes are there in India GST? |
| A. | 2 |
| B. | 3 |
| C. | 4 |
| D. | 5 |
| Answer» B. 3 | |
| 17. |
First announcement for introduction of GST arose in |
| A. | 2004 |
| B. | 2005 |
| C. | 2006 |
| D. | 2007 |
| Answer» C. 2006 | |
| 18. |
What are the taxes levied on intra-state supply of goods? |
| A. | CGST |
| B. | SGST |
| C. | CGST and SGST |
| D. | IGST |
| Answer» C. CGST and SGST | |
| 19. |
What type of tax will be levied on import of goods? |
| A. | CGST |
| B. | SGST |
| C. | CGST and SGST |
| D. | IGST |
| Answer» D. IGST | |
| 20. |
HSN code stand for |
| A. | Harmonised System of Nomenclature |
| B. | Home State Number |
| C. | Host State Number |
| D. | Hall State Number |
| Answer» A. Harmonised System of Nomenclature | |
| 21. |
India has chosen dual mode of GST same as ____________. |
| A. | USA |
| B. | UK |
| C. | CANADA |
| D. | CHINA |
| Answer» C. CANADA | |
| 22. |
India GST model has ____________ rate structure. |
| A. | 3 |
| B. | 2 |
| C. | 5 |
| D. | 4 |
| Answer» D. 4 | |
| 23. |
SAC stand for ____________. |
| A. | Service Accounting Code |
| B. | Software Accounting Code |
| C. | System Accounting Code |
| D. | Service Application Code |
| Answer» A. Service Accounting Code | |
| 24. |
Can a person apply for pan without registration? |
| A. | YES |
| B. | NO |
| C. | none |
| D. | all |
| Answer» B. NO | |
| 25. |
IGST is payable when the supply is --- |
| A. | Interstate |
| B. | Intra-state |
| C. | Intra- UT |
| D. | All of the above |
| Answer» A. Interstate | |
| 26. |
Zero Rated Supplies include: |
| A. | Exports |
| B. | Imports |
| C. | SEZs |
| D. | Both A and C |
| Answer» D. Both A and C | |
| 27. |
GSTN stands for: |
| A. | Goods and Services Transport Nation |
| B. | Goods and Service Tax Network |
| C. | Goods and Society Tax Network |
| D. | Goods and Service Tax Net |
| Answer» B. Goods and Service Tax Network | |
| 28. |
What is taxable event under GST? |
| A. | Supply of goods |
| B. | Supply of services |
| C. | Supply of goods and services |
| D. | None of the above |
| Answer» C. Supply of goods and services | |
| 29. |
Is reverse charge mechanism applicable to both goods and services? |
| A. | YES |
| B. | NO |
| C. | none |
| D. | all |
| Answer» A. YES | |
| 30. |
Is composition scheme available to people making inter-state supplies? |
| A. | YES |
| B. | NO |
| C. | none |
| D. | all |
| Answer» B. NO | |
| 31. |
Goods and Service tax is applicable to: |
| A. | Whole of India |
| B. | Whole of India except Jammu and Kashmir |
| C. | Whole of India, except Jammu and Kashmir and Union Territories of Dadra, Nagar Haveli, Daman & Diu |
| D. | Partially in India |
| Answer» A. Whole of India | |
| 32. |
Can the taxable person under composition scheme avail the input tax credit? |
| A. | YES |
| B. | NO |
| C. | none |
| D. | all |
| Answer» B. NO | |
| 33. |
Can the composition tax be collected from customers? |
| A. | YES |
| B. | NO |
| C. | none |
| D. | all |
| Answer» B. NO | |
| 34. |
Where the supplier involves a movement of goods, the place of supply shall be determined by -------. |
| A. | Movement of goods |
| B. | Location of goods at the time of final delivery |
| C. | Supplier’s location |
| D. | Recipients’ location |
| Answer» B. Location of goods at the time of final delivery | |
| 35. |
Which of the following tax is not subsumed in GST? |
| A. | VAT |
| B. | Stamp Duty |
| C. | Entry Tax |
| D. | Entertainment Tax |
| Answer» B. Stamp Duty | |
| 36. |
What are the taxes levied on inter-state supply of goods? |
| A. | CGST |
| B. | SGST |
| C. | CGST and SGST |
| D. | IGST |
| Answer» D. IGST | |
| 37. |
What is the maximum rate prescribed under CGST? |
| A. | 5 |
| B. | 10 |
| C. | 30 |
| D. | 20 |
| Answer» D. 20 | |
| 38. |
What is the maximum rate prescribed under UTGST? |
| A. | 5 |
| B. | 10 |
| C. | 30 |
| D. | 20 |
| Answer» D. 20 | |
| 39. |
What is the maximum rate prescribed under SGST? |
| A. | 5 |
| B. | 10 |
| C. | 30 |
| D. | 20 |
| Answer» D. 20 | |
| 40. |
How will the goods and services be classified under GST regime? |
| A. | SAC/HSN CODE |
| B. | HSN |
| C. | SAC |
| D. | None of the above |
| Answer» A. SAC/HSN CODE | |
| 41. |
Is there any ceiling limit prescribed for rate under IGST? |
| A. | 12 |
| B. | 18 |
| C. | 28 |
| D. | 40 |
| Answer» D. 40 | |
| 42. |
IGST deals with |
| A. | Composition scheme |
| B. | Time of supply |
| C. | Service tax on imported services |
| D. | All of the above |
| Answer» C. Service tax on imported services | |
| 43. |
The turnover limit of Rs. 50 Lakh for composition scheme is not applicable to the state of |
| A. | Himachal Pradesh |
| B. | Assam |
| C. | Uttarakhand |
| D. | None of the above |
| Answer» C. Uttarakhand | |
| 44. |
IGST tax levy means |
| A. | Within state |
| B. | Between two states |
| C. | Only A |
| D. | None of the above |
| Answer» B. Between two states | |
| 45. |
IGST levy can be levied |
| A. | Centre |
| B. | State |
| C. | Union Territory |
| D. | Both a and b |
| Answer» A. Centre | |
| 46. |
A person is having multiple business requires registration |
| A. | Single |
| B. | Each business separately |
| C. | Either A or B |
| D. | None of the above |
| Answer» B. Each business separately | |
| 47. |
Zero rated supply includes supplies made |
| A. | By SEZ unit in India |
| B. | To SEZ unit in India |
| C. | Both (a & (b) above |
| D. | None of the above |
| Answer» B. To SEZ unit in India | |
| 48. |
With the introduction of GST, imports will be— |
| A. | more expensive |
| B. | cheaper |
| C. | neutral with no change |
| D. | None of the above |
| Answer» A. more expensive | |
| 49. |
Compensation to states under GST (Compensation to States) Act, 2017 is paid by |
| A. | Central Government from consolidated fund of India |
| B. | Central Government from GST compensation fund of India |
| C. | Central Government directly from the collection of compensation cess |
| D. | GST Council under Constitution of India. |
| Answer» B. Central Government from GST compensation fund of India | |
| 50. |
While computing compensation to states, tax revenue of this tax/ these taxes is excluded |
| A. | petroleum crude, diesel, petrol, ATF and natural gas |
| B. | Alcohol for human consumption |
| C. | entertainment tax collected by local authorities |
| D. | All of the above |
| Answer» D. All of the above | |
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