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. |
Which of these registers/ledgers are maintained online? |
| A. | Tax liability register |
| B. | Credit ledger |
| C. | Cash ledger |
| D. | All of them |
| Answer» D. All of them | |
| 2. |
Payment made through challan will be credited to which registers/ledgers? |
| A. | Electronic Tax liability register |
| B. | Electronic Credit ledger |
| C. | Electronic Cash ledger |
| D. | All of them |
| Answer» C. Electronic Cash ledger | |
| 3. |
What is deemed to be the date of deposit in the electronic cash ledger? |
| A. | Date on which amount gets debited in the account of the taxable person |
| B. | Date on which payment is initiated and approved by the taxable person |
| C. | Date of credit to the account of the appropriate Government |
| D. | Earliest of the above three dates |
| Answer» C. Date of credit to the account of the appropriate Government | |
| 4. |
What gets debited to the electronic credit ledger? |
| A. | Matched input tax credit |
| B. | Provisionally input tax credit |
| C. | Unmatched input tax credit |
| D. | All of them |
| Answer» D. All of them | |
| 5. |
Balance in electronic credit ledger can be utilized against which liability? |
| A. | Output tax payable |
| B. | Interest |
| C. | Penalty |
| D. | All of them |
| Answer» A. Output tax payable | |
| 6. |
Balance in electronic credit ledger under IGST can be used against which liability? |
| A. | IGST Liability only |
| B. | IGST and CGST liability |
| C. | IGST, CGST and SGST liability |
| D. | None of them |
| Answer» C. IGST, CGST and SGST liability | |
| 7. |
Balance in electronic credit ledger under CGST can be used against which liability? |
| A. | CGST Liability only |
| B. | CGST and IGST liability |
| C. | CGST, IGST and SGST liability |
| D. | None of them |
| Answer» B. CGST and IGST liability | |
| 8. |
Balance in electronic credit ledger under SGST can be used against which liability? |
| A. | SGST Liability only |
| B. | SGST and IGST liability |
| C. | SGST, IGST and CGST liability |
| D. | None of them |
| Answer» B. SGST and IGST liability | |
| 9. |
What should the taxable person do if he pay’s the wrong tax i.e. IGST instead of CGST/SGST or vice versa? |
| A. | Remit tax again and claim refund |
| B. | It will be auto-adjusted |
| C. | It will be adjusted on application/request |
| D. | None of the above |
| Answer» A. Remit tax again and claim refund | |
| 10. |
What should the taxable person do if he pay’s tax under wrong GSTIN? |
| A. | Pay again under right GSTIN and claim refund |
| B. | Auto-adjustment |
| C. | Adjustment on application/request |
| D. | Raise ISD invoice and transfer |
| Answer» A. Pay again under right GSTIN and claim refund | |
| 11. |
Taxable person made an online payment of tax. Due to technical snag CIN was not generated but my bank account is debited. What should he do? |
| A. | Wait for 24 hours for re-credit |
| B. | Approach bank |
| C. | File application with department |
| D. | File return without challan |
| Answer» C. File application with department | |
| 12. |
What is the due date for payment of tax? |
| A. | Last day of the month to which payment relates |
| B. | Within 10 days of the subsequent month |
| C. | Within 20 days of the subsequent month |
| D. | Within 15 days of the subsequent month |
| Answer» C. Within 20 days of the subsequent month | |
| 13. |
A Company has head office in Bangalore and 4 branches in different states, all registered under GST and one ISD registered unit in Delhi. How many electronic cash ledgers will the company have? |
| A. | 1 |
| B. | 4 |
| C. | 5 |
| D. | 6 |
| Answer» C. 5 | |
| 14. |
What is the validity of challan in FORM GST PMT-06? |
| A. | 1 day |
| B. | 5 days |
| C. | 15 days |
| D. | Forever |
| Answer» C. 15 days | |
| 15. |
Input Tax credit as credited in Electronic Credit ledger can be utilized for |
| A. | Payment of Interest |
| B. | Payment of penalty, fine |
| C. | Payment of late fees |
| D. | Payment of Taxes |
| Answer» D. Payment of Taxes | |
| 16. |
Deposits towards tax, penalty, interest, fee or any other amount are credited into the of a taxable person. |
| A. | Electronic Credit Ledger |
| B. | Electronic Tax Liability Ledger |
| C. | Electronic Cash Ledger |
| D. | All of the above |
| Answer» C. Electronic Cash Ledger | |
| 17. |
The Input Tax Credit as self-assessed by a taxable person is credited into the |
| A. | Electronic Credit Ledger |
| B. | Electronic Tax Liability Ledger |
| C. | Electronic Cash Ledger |
| D. | All of the above |
| Answer» A. Electronic Credit Ledger | |
| 18. |
Cross-Utilization of credit of available IGST after utilization towards payment of IGST is done in the following chronological order : |
| A. | CGST then SGST/UTGST |
| B. | SGST/UTGST then CGST |
| C. | CGST, UTGST and SGST simultaneously |
| D. | Only IGST |
| Answer» A. CGST then SGST/UTGST | |
| 19. |
Which of the following Statements is true? |
| A. | ITC of CGST is first utilized for payment of CGST and the balance is utilized for payment of SGST/UTGST |
| B. | ITC of SGST is first utilized for payment of SGST and the balance is utilized for payment of CGST |
| C. | ITC of CGST is first utilized for payment of CGST and the balance is utilized for payment of IGST |
| D. | All of the Above |
| Answer» C. ITC of CGST is first utilized for payment of CGST and the balance is utilized for payment of IGST | |
| 20. |
A Company has head office in Bangalore and 4 branches in different states, all registered under GST and one ISD registered unit in Delhi. How many electronic cash ledgers will the company have? |
| A. | 1 |
| B. | 2 |
| C. | 5 |
| D. | 6 |
| Answer» C. 5 | |
| 21. |
Over the Counter Payment can be made in branches of Banks Authorized for deposits up to ` per challan per tax period? |
| A. | 5,000 |
| B. | 10,000 |
| C. | 20,000 |
| D. | 40,000 |
| Answer» B. 10,000 | |
| 22. |
Which of the following shall be discharged first, while discharging liability of a taxable person? |
| A. | All dues related to previous tax period |
| B. | All dues related to current tax period |
| C. | Additional demand raised |
| D. | No such condition is mandatory |
| Answer» A. All dues related to previous tax period | |
| 23. |
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» A. CGST and SGST | |
| 24. |
Tax paid on goods and services under Act is allowable both under SGST Act and CGST Act? |
| A. | IGST |
| B. | CGST |
| C. | SGST |
| D. | VAT |
| Answer» A. IGST | |
| 25. |
ITC includes tax payable also. |
| A. | VAT |
| B. | Reverse Charge |
| C. | Excise |
| D. | Custom laws |
| Answer» B. Reverse Charge | |
| 26. |
The amounts can be credited in E-Cash ledger by |
| A. | Internet Banking |
| B. | Using Credit cards or Debit Cards |
| C. | NEFT or RTGS |
| D. | Any of the above |
| Answer» D. Any of the above | |
| 27. |
Suppose Mr. X has a SGST credit of ` 10 lakhs in his ITC ledger and at the same time, he has a CGST output liability of ` 7 lakhs. What an amount should be deposited by Mr. X to his E-Cash ledger maintained at the GSTN portal |
| A. | No deposit is required |
| B. | 2 Lakhs |
| C. | 5 Lakhs |
| D. | 7 Lakhs |
| Answer» D. 7 Lakhs | |
| 28. |
Suppose Mr. Y has a IGST credit of ` 14 lakhs in his ITC ledger and at the same time, he has a IGST liability of ` 7 lakhs, CGST liability of ` 8 lakhs and SGST liability of ` 5 lakhs. What an amount should be deposited by Mr.Y to his E-Cash ledger maintained at the GSTN portal? |
| A. | 6 lakhs (` 1 lakhs to SGST + ` 5 lakhs to CGST) |
| B. | 6 lakhs (` 1 lakhs to CGST + ` 5 lakhs to SGST) |
| C. | 6 lakhs (` 1 lakhs to IGST + ` 5 lakhs to SGST) |
| D. | 6 lakhs (` 2 lakhs to IGST + ` 4 lakhs to SGST) |
| Answer» B. 6 lakhs (` 1 lakhs to CGST + ` 5 lakhs to SGST) | |
| 29. |
Suppose Mr. Z has a credit of ` 15 lakhs in his ITC ledger and at the same time, he has an interest arrears dues of ` 16 Lakhs and penalty dues of ` 12 lakhs. If so, how much Mr. Z has to deposit to settle the above interest and penalty dues? |
| A. | 16 Lakh |
| B. | 28 Lakhs |
| C. | 12 Lakhs |
| D. | 15 Lakhs |
| Answer» B. 28 Lakhs | |
| 30. |
A taxable person failed to pay tax and / or file returns on time. He should pay interest on ? |
| A. | Gross tax payable |
| B. | Gross tax payable and input credit claimed |
| C. | Net tax payable i.e. amount to be paid after ITC set off |
| D. | No interest payable, if reasonable cause is shown |
| Answer» A. Gross tax payable | |
| 31. |
What is the rate of interest in case of belated payment of tax ? |
| A. | 1% |
| B. | 10% |
| C. | 18% |
| D. | 24% |
| Answer» C. 18% | |
| 32. |
What is the rate of interest in case of undue or excess claim of ITC ? |
| A. | 18% |
| B. | 24% |
| C. | 30% |
| D. | 40% |
| Answer» B. 24% | |
| 33. |
Mr. A was liable to pay GST of ` 10,000 on 20-8-2019 but he failed to pay. Later he decided to pay tax on 26-10-2019. What would be the period for which interest has to be paid by him ? |
| A. | 66 day |
| B. | 67 days |
| C. | 68 days |
| D. | 70 days |
| Answer» B. 67 days | |
| 34. |
What is the date for applicability of TDS provisions ? |
| A. | 1-7-2017 |
| B. | 1-1-2018 |
| C. | 1-9-2018 |
| D. | 1-10-2018 |
| Answer» D. 1-10-2018 | |
| 35. |
GST TDS provisions can apply where total value of such supply, under a contract, exceeds rupees . |
| A. | 1 lakh |
| B. | 1.5 lakhs |
| C. | 5 lakhs |
| D. | 2.5 lakhs |
| Answer» D. 2.5 lakhs | |
| 36. |
On what value TDS needs to be deducted ? |
| A. | Contract value |
| B. | Contract value excluding tax |
| C. | Invoice value including tax |
| D. | Invoice value excluding tax |
| Answer» D. Invoice value excluding tax | |
| 37. |
The amount deducted as tax (TDS) shall be paid to the credit of the Government by the deductor within . |
| A. | Last day of the month to which payment relates |
| B. | 10 days from the relevant period |
| C. | 15 days from the relevant period |
| D. | 20 days from the relevant period |
| Answer» B. 10 days from the relevant period | |
| 38. |
What is the rate of tax for tax collected at source ? |
| A. | 0.5% each CGST and SGST |
| B. | 2% of IGST |
| C. | Both (a) and (b) |
| D. | None of the above |
| Answer» A. 0.5% each CGST and SGST | |
| 39. |
What is the threshold limit for applying the provisions of Section 52 for collecting tax at source ? |
| A. | If net value of taxable supplies exceeds ` 2,50,000 |
| B. | If net value of taxable supplies exceeds ` 5,00,000 |
| C. | If net value of taxable supplies exceeds ` 10,00,000 |
| D. | No such limit prescribed |
| Answer» D. No such limit prescribed | |
| 40. |
Can a supplier take credit of the TCS ? |
| A. | Yes |
| B. | No |
| C. | Yes, on the basis of the valid return filed |
| D. | Yes, on the basis of a valid return filed by the e-commerce operator and there is no discrepancy |
| Answer» D. Yes, on the basis of a valid return filed by the e-commerce operator and there is no discrepancy | |
| 41. |
Which section deals with the TDS provisions in GST ? |
| A. | Section 51 |
| B. | Section 52 |
| C. | Section 53 |
| D. | Section 54 |
| Answer» A. Section 51 | |
| 42. |
Which section deals with the TCS provisions in GST ? |
| A. | Section 51 |
| B. | Section 52 |
| C. | Section 53 |
| D. | Section 54 |
| Answer» B. Section 52 | |
| 43. |
the table supplies returned to the supplier on the electronic commerce is as a deduction while calculating the net value. |
| A. | No, not allowed |
| B. | Yes, allowed |
| C. | Yes, not allowed |
| D. | No, allowed |
| Answer» B. Yes, allowed | |
| 44. |
No TDS shall be made when |
| A. | Location of supplier and place of supply is in a State or Union Territory which is different from the State / UT of registration of the recipient |
| B. | Location of supplier and place of supply is in same state and location of recipient is in same state |
| C. | Location of supplier and place of supply is in different state and location of recipient is in different state |
| D. | None of the above |
| Answer» A. Location of supplier and place of supply is in a State or Union Territory which is different from the State / UT of registration of the recipient | |
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