McqMate
These multiple-choice questions (MCQs) are designed to enhance your knowledge and understanding in the following areas: Bachelor of Commerce (B Com) .
Chapters
| 1. |
What are the taxes levied on an intra-State supply? |
| A. | CGST |
| B. | SGST |
| C. | CGST and SGST |
| D. | IGST |
| Answer» C. CGST and SGST | |
| 2. |
What is the maximum rate prescribed under CGST Act? |
| A. | 12% |
| B. | 28% |
| C. | 20% |
| D. | 18% |
| Answer» C. 20% | |
| 3. |
Who will notify the rate of tax to be levied under CGST Act? |
| A. | Central Government suo moto |
| B. | State Government suo moto |
| C. | GST Council suo moto |
| D. | Central Government as per the recommendations of the GST Council |
| Answer» D. Central Government as per the recommendations of the GST Council | |
| 4. |
Which of the following taxes will be levied on imports? |
| A. | CGST |
| B. | SGST |
| C. | IGST |
| D. | CGST and SGST |
| Answer» C. IGST | |
| 5. |
What is the maximum rate prescribed under UTGST Act? |
| A. | 14% |
| B. | 28% |
| C. | 20% |
| D. | 30% |
| Answer» C. 20% | |
| 6. |
Supply shall attract IGST? |
| A. | Intra-State |
| B. | Inter-State |
| C. | Both |
| D. | none |
| Answer» B. Inter-State | |
| 7. |
Is there any ceiling limit prescribed on the rate under IGST? |
| A. | 14% |
| B. | 40% |
| C. | 26% |
| D. | 30% |
| Answer» B. 40% | |
| 8. |
What if an e-commerce operator having no physical presence in the taxable territory, does not have a representative in the taxable territory? |
| A. | His will have to discharge his tax liability in foreign currency |
| B. | He will not be liable to tax |
| C. | He has to appoint a person in the taxable territory for the purpose of paying tax on his behalf |
| D. | None of the above |
| Answer» C. He has to appoint a person in the taxable territory for the purpose of paying tax on his behalf | |
| 9. |
Unless and until notified, IGST shall not be levied on the inter-State supply of which of the following: |
| A. | Industrial alcohol |
| B. | Works contract |
| C. | Petroleum |
| D. | None of the above |
| Answer» C. Petroleum | |
| 10. |
What are the supplies on which reverse charge mechanism would apply at present? |
| A. | Notified categories of goods or services or both under section 9(3) |
| B. | Inward supply of goods or services or both from an unregistered dealer under section 9(4) |
| C. | Both the above |
| D. | None of the above |
| Answer» A. Notified categories of goods or services or both under section 9(3) | |
| 11. |
Which of the following services are covered under Reverse Charge Mechanism of CGST Act, 2017?
|
| A. | i & iii |
| B. | i & iv |
| C. | i & ii |
| D. | All the above |
| Answer» C. i & ii | |
| 12. |
In case of sponsorship services provided by Mr. A to M/s AB Ltd., liability to pay GST is on: |
| A. | Mr. A |
| B. | M/s AB Ltd. |
| C. | Both |
| D. | None of the above |
| Answer» B. M/s AB Ltd. | |
| 13. |
In case of renting of land, inside an Industrial estate, by State Government to a registered manufacturing company, GST is: |
| A. | Exempted |
| B. | Applicable under Normal Charge |
| C. | Applicable under Reverse Charge |
| D. | None of the above |
| Answer» C. Applicable under Reverse Charge | |
| 14. |
In case of services by an insurance agent to Ms. ABC Insurance Co. Ltd., GST is to be paid by: |
| A. | Insurance Agent |
| B. | ABC Insurance Co. Ltd. |
| C. | Both |
| D. | None of the above |
| Answer» B. ABC Insurance Co. Ltd. | |
| 15. |
Sitting fees received by director of XYZ Ltd., is liable for GST in the hands of the |
| A. | Director |
| B. | XYZ Ltd. |
| C. | Both of above |
| D. | None of the above |
| Answer» B. XYZ Ltd. | |
| 16. |
Services by a recovery agent to M/s ZZZ Bank Ltd., are liable for GST in the hands of: |
| A. | M/s ZZZ Bank Ltd. |
| B. | Recovery agent |
| C. | Both the above |
| D. | None of the above |
| Answer» A. M/s ZZZ Bank Ltd. | |
| 17. |
In case of lottery procured from State Government by a lottery distributor, GST is payable by: |
| A. | Lottery distributor |
| B. | State Government |
| C. | Both the above |
| D. | None of the above |
| Answer» A. Lottery distributor | |
| 18. |
Reverse charge under section 9(3) of the CGST Act is applicable: |
| A. | Only on notified service |
| B. | Only on notified goods |
| C. | On Notified goods & services |
| D. | On None of the above |
| Answer» C. On Notified goods & services | |
| 19. |
If Tobacco leaves procured from an Agriculturist by a registered person, then: |
| A. | Reverse charge is applicable |
| B. | Normal charge is applicable |
| C. | Joint charge is applicable |
| D. | None of the above |
| Answer» A. Reverse charge is applicable | |
| 20. |
In case M/s. PQR Ltd., a registered person, has availed rent-a-cab service from M/s ABC Travels (Proprietor) service then which one of the following is true: |
| A. | Reverse charge is applicable as this is a notified service |
| B. | Reverse charge is applicable if ABC Travels is not registered |
| C. | Joint charge is applicable |
| D. | None of the above |
| Answer» B. Reverse charge is applicable if ABC Travels is not registered | |
| 21. |
Reverse charge is applicable: |
| A. | Only on intra-State supplie |
| B. | Only on inter-State supplies |
| C. | Both intra-State and inter-State supplies |
| D. | None of the above |
| Answer» C. Both intra-State and inter-State supplies | |
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