McqMate
These multiple-choice questions (MCQs) are designed to enhance your knowledge and understanding in the following areas: Bachelor of Management Studies (BMS) .
| 1. |
GST was introduced in India with effect from |
| A. | 1.1.2017 |
| B. | 1.4.2017 |
| C. | 1.1.2018 |
| D. | 1.7.2017 |
| Answer» D. 1.7.2017 | |
| 2. |
Goods and service tax is -- |
| A. | supply based |
| B. | consumption based |
| C. | both supply and consumption based |
| D. | transaction based |
| Answer» B. consumption based | |
| 3. |
SGST is applicable when |
| A. | goods are sold within a state |
| B. | goods are sold from one gst dealer to a customer |
| C. | goods are sold by a gst dealer to another gst dealer |
| D. | interstate supply |
| Answer» A. goods are sold within a state | |
| 4. |
Inter-state trade is presently subject to |
| A. | sgst |
| B. | cgst |
| C. | integrated gst |
| D. | utgst |
| Answer» C. integrated gst | |
| 5. |
GST can be collected by |
| A. | any registered dealer |
| B. | any gst dealer |
| C. | any service provider |
| D. | any dealer |
| Answer» B. any gst dealer | |
| 6. |
The chair of GST Council |
| A. | nominated by the govt |
| B. | nominated by the gst council |
| C. | union finance minister |
| D. | elected by the gst council |
| Answer» C. union finance minister | |
| 7. |
Where the location of the supplier and the place of supply are in two different States – |
| A. | igst is applicable |
| B. | cgst is applicable |
| C. | sgst plus cgst is applicable |
| D. | cgst plus igst is applicable |
| Answer» A. igst is applicable | |
| 8. |
One tooth paste and tooth brush and a toilet soap sold in a packet for Rs. 50, is |
| A. | mixed supply |
| B. | composite supply |
| C. | joint supply |
| D. | not supply |
| Answer» A. mixed supply | |
| 9. |
The notified limit for payment of composition levy is - |
| A. | rs. 1 crore |
| B. | rs. 20lakh |
| C. | rs. 50 lakh |
| D. | rs. 2 crore |
| Answer» A. rs. 1 crore | |
| 10. |
A Composite taxpayer is required to file summarised details of transactions |
| A. | annually |
| B. | half yearly |
| C. | quarterly |
| D. | monthly |
| Answer» C. quarterly | |
| 11. |
The incidence of tax is called |
| A. | tax cascading |
| B. | tax pyramiding |
| C. | tax evasion |
| D. | indirect tax |
| Answer» D. indirect tax | |
| 12. |
Introduction of GST affects the revenue of |
| A. | consuming states |
| B. | manufacturing states |
| C. | all the states |
| D. | central government |
| Answer» C. all the states | |
| 13. |
Goods which get input tax credit without being liable to collect output tax is called |
| A. | exempt goods |
| B. | white goods |
| C. | sin goods |
| D. | zero rated goods |
| Answer» D. zero rated goods | |
| 14. |
Any goods other than capital goods used or intended to be used by a supplier in the course or furtherance of business is |
| A. | input |
| B. | output |
| C. | merit goods |
| D. | white goods |
| Answer» A. input | |
| 15. |
If application for registration is ------, the registration shall be effective from the date on which the person becomes liable for registration. |
| A. | made within 30 days |
| B. | not made within 30 days |
| C. | made within 60 days |
| D. | not made within 30 days |
| Answer» A. made within 30 days | |
| 16. |
When turnover during a financial year exceeds---- the accounts and other records must be audited by a chartered accountant or a cost accountant |
| A. | 1 crore |
| B. | 2 crore |
| C. | 5 crore |
| D. | 10 crore |
| Answer» B. 2 crore | |
| 17. |
The tax applicable to interstate supplies will be: |
| A. | sgst only |
| B. | cgst only |
| C. | igst only |
| D. | cgst-igst |
| Answer» C. igst only | |
| 18. |
A person is liable to registered under GST law where aggregate sale of good exceeds----- after 1.4.2019. in general category |
| A. | rs.40,00,000 |
| B. | rs.20,00,000 |
| C. | rs.15,00,00 0 |
| D. | rs.1,50,000 |
| Answer» A. rs.40,00,000 | |
| 19. |
GST is applicable on------- of goods or services. |
| A. | supply |
| B. | manufacture |
| C. | consumpti on |
| D. | production |
| Answer» A. supply | |
| 20. |
The first 2 digit of GSTIN represent------ |
| A. | entity code |
| B. | country code |
| C. | state code |
| D. | checksum character |
| Answer» C. state code | |
| 21. |
The definition of goods under the GST Act does not include-- --- |
| A. | grass |
| B. | growings crops |
| C. | actionable claims |
| D. | money & securities |
| Answer» D. money & securities | |
| 22. |
If the payment to the supplier of goods or services is not made within----- from the date of issue of invoice, the input tax credit on such goods or services cannot be availed. |
| A. | 6 months |
| B. | 180 days |
| C. | 45 days |
| D. | 30 days |
| Answer» B. 180 days | |
| 23. |
Electronic Way Bill is compulsory to move goods of worth |
| A. | rs. 10,000 or more |
| B. | 20,000 or more |
| C. | 50,000 or more |
| D. | 1,00,000 or more |
| Answer» C. 50,000 or more | |
| 24. |
An e-commerce operator neither having physical presence in the taxable territory not a representative in the said territory, shall----- |
| A. | not supply goods and/or services in that taxable territory. |
| B. | not be liable for collecting and paying taxes on supply in such taxable territory. |
| C. | ask the recipient to pay taxes on his behalf. |
| D. | appoint a person in the taxable territory for the purpose of paying taxes. |
| Answer» D. appoint a person in the taxable territory for the purpose of paying taxes. | |
| 25. |
Every operator who collects the amount of tax has to furnish the details of the same within----after the end of the month. |
| A. | 15 days |
| B. | 1 month |
| C. | 20 days |
| D. | 10 days |
| Answer» D. 10 days | |
| 26. |
In case an operator fails to furnish the information required by the notice served to him U/s 52(2) within 15 days of date of service, he will be liable to pay penalty of maximum----- |
| A. | rs.5,000 |
| B. | rs.10,000 |
| C. | rs.25,000 |
| D. | rs.20,000 |
| Answer» C. rs.25,000 | |
| 27. |
In a case where passenger transportation service is provided to an unregistered person, place of supply will be-- ---- |
| A. | location of recipient |
| B. | location of transporter |
| C. | location of the destination |
| D. | location where journey starts |
| Answer» B. location of transporter | |
| 28. |
TDS certificate is to be issued by deductor in form----- |
| A. | gstr1a |
| B. | gstr2a |
| C. | gstr7b |
| D. | gstr7a |
| Answer» D. gstr7a | |
| 29. |
Every registered person required to deduct tax at source shall furnish a return in Form------- |
| A. | gstr-1 |
| B. | gstr-5 |
| C. | gstr-9 |
| D. | gstr-7 |
| Answer» D. gstr-7 | |
| 30. |
An operator can rectify any omission or incorrect particulars in furnishing the statement U/s 52(4) subject to payment of----- |
| A. | taxes |
| B. | interest |
| C. | penalty |
| D. | late fee |
| Answer» C. penalty | |
| 31. |
Every electronic commerce operator required to collect tax at source has to furnish a statement in form------ |
| A. | gstr-1 |
| B. | gstr-5 |
| C. | gstr-7 |
| D. | gstr-8 |
| Answer» C. gstr-7 | |
| 32. |
Central & excise duty shall be levied in addition to GST on --- --- |
| A. | petroleum products |
| B. | alcohol products |
| C. | tobacco and tobacco products |
| D. | alcohol for human consumption |
| Answer» B. alcohol products | |
| 33. |
Where supply is received at place other than place of business, location of recipient of services is---- |
| A. | location of place of business |
| B. | location of fixed establishment |
| C. | location of establishm ent most directly concerned |
| D. | location of usual place of residence of recipient. |
| Answer» C. location of establishm ent most directly concerned | |
| 34. |
M/s. ABC of Gujarat supplies goods to M/s. XYZ of Delhi, this will classify as |
| A. | intra state supply |
| B. | export supply |
| C. | inter state supply |
| D. | deemed supply |
| Answer» C. inter state supply | |
| 35. |
Indirect Tax is a------ |
| A. | regressive |
| B. | progressive tax |
| C. | tax on tax |
| D. | value added tax. |
| Answer» D. value added tax. | |
| 36. |
GST is charged on----- of goods or services |
| A. | manufacture or provision |
| B. | consumption |
| C. | supply |
| D. | demand |
| Answer» C. supply | |
| 37. |
Supply of services Imported into the territory if India are treated as------ |
| A. | inter state supply |
| B. | intra state supply |
| C. | exempt supplies |
| D. | international supplies |
| Answer» A. inter state supply | |
| 38. |
Ms. Pooja supplied services to Ms. Smita on 5-7-2018.She raised an invoice on 20-6-2018 and recived the amount on 10-7-2018. The tax rate for these services was changed from 15% to 28% on 1-7-2018. The time of supply will be------ and tax rate levied will be----- |
| A. | 20-6- 2018,28% |
| B. | 10-7-2018,28% |
| C. | 20-6- 2018,15% |
| D. | 10-7-2018,15% |
| Answer» B. 10-7-2018,28% | |
| 39. |
In example (8) above, if invoice is raised on 10-7-2018 and amount is received on 20-6-2018 everything else being same, time of supply will be ------ and tax rate levied will be-- ---. |
| A. | 20-6- 2018,28% |
| B. | 10-7-2018,15% |
| C. | 20-6- 2018,15% |
| D. | 10-7-2018,28% |
| Answer» B. 10-7-2018,15% | |
| 40. |
Where the location of the supplier and the place of supply are in two different States- |
| A. | igst is applicable |
| B. | cgst is applicable |
| C. | sgst plus cgst is applicable |
| D. | cgst plus igst is applicable |
| Answer» A. igst is applicable | |
| 41. |
Where location of the supplier and place of supply are in a State and a Union territory |
| A. | cgst plus utgst is applicable |
| B. | cgst plus igst is applicable |
| C. | sgst plus utgst is applicable |
| D. | igst is applicable |
| Answer» D. igst is applicable | |
| 42. |
Place of supply of goods exported from India shall be |
| A. | the location outside india |
| B. | the location of the exporter |
| C. | state in which exported goods reaches first |
| D. | place of supply not applicable. |
| Answer» A. the location outside india | |
| 43. |
The place of supply of telecommunication services shall be |
| A. | the location where connection is installed |
| B. | place of office of the services provider |
| C. | place of payment |
| D. | place of supply not relevant |
| Answer» A. the location where connection is installed | |
| 44. |
Gifts not exceeding----- in a year by an employer to employee shall not be treated as supply. |
| A. | rs. 5,000 |
| B. | rs. 10,000 |
| C. | rs. 50,000 |
| D. | rs. 1,00,000 |
| Answer» C. rs. 50,000 | |
| 45. |
Integrated Goods and services Tax is applicable when- |
| A. | sold in union territory |
| B. | sold from one gst dealer to another gst dealer |
| C. | sold within a state |
| D. | there is interstate supply |
| Answer» D. there is interstate supply | |
| 46. |
Dealers whose annual turnover between Rs.1.5 crore and Rs. 5 crore need to use |
| A. | two-digit hsn code |
| B. | four digit hsn codes |
| C. | four digit hsn codes |
| D. | eight digit hsn codes |
| Answer» B. four digit hsn codes | |
| 47. |
Composite tax is applicable for dealer with turnover upto |
| A. | rs. 1 crore |
| B. | rs. 20 lakh |
| C. | rs. 1.5 crore |
| D. | rs. 10 crore |
| Answer» C. rs. 1.5 crore | |
| 48. |
Supply of goods provided, or agreed to be provided, continuously or on recurrent basis, under a contract, is |
| A. | mixed supply |
| B. | composite supply |
| C. | common supply |
| D. | continuous supply |
| Answer» D. continuous supply | |
| 49. |
The maximum limit of IGST rate fixed in the Act is |
| A. | 18% |
| B. | 28% |
| C. | 40% |
| D. | 100% |
| Answer» C. 40% | |
| 50. |
Supply of two or more taxable supplies naturally bundled and supplied is called |
| A. | mixed supply |
| B. | composite supply |
| C. | common supply |
| D. | continuous supply |
| Answer» B. composite supply | |
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