GST Quiz

Quiz on Indian gst law

Questions on Goods and Services Tax:

Ques. 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

Ans. (b)

Ques. Powers to declare certain activities/transactions as neither supply of goods nor of services
(a) Schedule I
(b) Schedule III
(c) Schedule II
(d) Schedule IV

Ans. (b)

Ques. HSN code stand for
(a) Harmonised System of Nomenclature
(b) Home State Number
(c) Host State Number
(d) Hall State Number

Ans. (a)

Ques. The concept of Goods and Services Tax (GST) is originated in __
(a) Canada
(b) USA
(c) Britain
(d) Germany

Ans. (a)

Related: Quiz on Debentures

Ques. Works contract under GST is goods used in work relating to
(a) Immovable property
(b) Both movable and immovable property
(c) Immovable property treated as supply of service
(d) Immovable property treated as supply of goods

Ans. (c)

Ques. Person includes
(a) Individual
(b) HUF
(c) LLP
(d) All the above

Ans. (d)

Ques. Agriculturist includes
(a) Individual or HUF
(b) Individual and HUF
(c) Partnership
(d) All the above

Ans. (a)

Ques. How will the goods and services be classified under GST regime?
(a) SAC/HSN CODE
(b) HSN
(c) SAC
(d) None of the above

Ans. (a)

Related: Financial reporting Quiz

Ques. Is reverse charge mechanism applicable to both goods and services?
(a) YES
(b) NO

Ans. (a)

Ques. Money means
(a) Indian legal tender
(b) Foreign currency
(c) Cheque/promissory note
(d) All the above

Ans. (d)

Ques. SAC stand for __
(a) Service Accounting Code
(b) Software Accounting Code
(c) System Accounting Code
(d) Service Application Code

Ans. (c)

Ques. What are the taxes levied on inter-state supply of goods?
(a) CGST
(b) SGST
(c) CGST and SGST
(d) IGST

Ans. (d)

Ques. Taxes paid on
(a) Transaction value
(b) Manufacturing cost
(c) Both A and B
(d) None of the above

Ans. (a)

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Ques. Input tax credit availability
(a) On receipt of goods
(b) On payment of taxes paid by supplier to Govt.
(c) Taken to manufacturing site or availed services
(d) None of the above

Ans. (b)

Ques. Debit note, and credit note is mentioned in which section?
(a) Section 36
(b) Section 39
(c) Section 34
(d) None of the above

Ans. (c)

Ques. Registration under GST is not compulsory to
(a) Casual taxable person
(b) Input service distributor
(c) Non-resident taxable person
(d) None of the above

Ans. (d)

Ques. GST is a __ based tax on consumption of goods and services.
(a) Destination
(b) Duration
(c) Destiny
(d) Development

Ans. (a)

Related: mcq on Capital Budgeting

Ques. 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

Ans. (d)

Ques. Non-taxable territory means
(a) Outside taxable territory
(b) Inside taxable territory
(c) Inter-state taxable territory
(d) None of the above

Ans. (a)

Ques. 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

Ans. (b)

Ques. What is the main motive of government behind the introduction of GST?
(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

Ans. (b)

Related: Criminal law multiple choice questions and answers

Ques. What does “I” stand for in IGST?
(a) Integrated
(b) International
(c) Intra
(d) Internal

Ans. (a)

Ques. What type of tax is levied on import of goods?
(a) CGST
(b) SGST
(c) CGST and SGST
(d) IGST

Ans. (d)

Ques. Address for delivery
(a) Recipient address mentioned in the tax invoice
(b) Recipient address mentioned in the delivery challan
(c) Recipient address not necessary
(d) Recipient address mentioned in the Gate pass

Ans. (a)

Ques. Appointed day is
(a) Date on which the provisions of this Act shall come into force
(b) Date on which President assent
(c) Date of which both houses passed the act
(d) Date on which sent to Finance Ministry

Ans. (a)

Related: RBI related questions

Ques. IGST tax levy means
(a) Within state
(b) Between two states
(c) Only A
(d) None of the above

Ans. (b)

Ques. Taxable levy in case of manufacture under composite scheme
(a) Two percent
(b) Three per cent
(c) One per cent
(d) Half per cent

Ans. (c)

Ques. ITC available
(a) In the course or Furtherance of business
(b) Other than business exp
(c) Only A
(d) None of the above

Ans. (a)

Ques. Zero Rated Supplies include:
(a) Exports
(b) Imports
(c) SEZs
(d) Both A and C

Ans. (d)

Ques. 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

Ans. (c)

Related: Private Banks List

Ques. India has chosen dual mode of GST same as __
(a) USA
(b) UK
(c) CANADA
(d) CHINA

Ans. (c)

Ques. GST levied on __
(a) Manufacturers
(b) Retailers
(c) Consumers
(d) All of the above ANSWER:D

Ans. (d)

Ques. 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

Ans. (b)

Ques. Roll out of GST requires constitutional amendment because
(a) existing laws were cascading
(b) the powers of levy were exclusive
(c) there are separate laws for goods and services
(d) All of the above

Ans. (d)

Related: mcq on Dividend policy

Ques. IGST is payable when the supply is __
(a) Interstate
(b) Intra-state
(c) Intra- UT
(d) All of the above

Ans. (a)

Ques. IGST deals with
(a) Composition scheme
(b) Time of supply
(c) Service tax on imported services
(d) All of the above

Ans. (c)

Ques. IGST levy can be levied
(a) Centre
(b) State
(c) Union Territory
(d) Both a and b

Ans. (a)

Ques. What are the taxes levied on intra-state supply of goods?
(a) CGST
(b) SGST
(c) CGST and SGST
(d) IGST

Ans. (c)

Related: mcq on Company Meetings

Ques. Participation of ITC value chain in composite scheme
(a) With participation
(b) Without participation
(c) Either a or b
(d) None of the above

Ans. (b)

Ques. Which of the following tax is not subsumed in GST?
(a) VAT
(b) Stamp Duty
(c) Entry Tax
(d) Entertainment Tax

Ans. (b)

Ques. A person is having multiple business requires registration
(a) Single
(b) Each business separately
(c) Either A or B
(d) None of the above

Ans. (b)

Ques. Authorised representative is referred in which section?
(a) Section 110
(b) Section 116
(c) Section 119
(d) Section 106

Ans. (b)

Ques. After the introduction of GST, imports become __
(a) more expensive
(b) cheaper
(c) neutral with no change
(d) None of the above

Ans. (a)

Related: Issue of Shares questions

Ques. Appellate Tribunal is mentioned in which section?
(a) Section 109
(b) Section 105
(c) Section 103
(d) Section 119

Ans. (a)

Ques. Electronic cash ledger and Electronic credit ledger is mentioned in which section?
(a) Section 39
(b) Section 42
(c) Section 49
(d) Section 47

Ans. (c)

Ques. GST stands for
(a) Goods and Service Tax
(b) Goods and Supply Tax
(c) Government Service Tax
(d) General Sales Tax

Ans. (a)

Ques. Exemption from registration is available to
(a) Central & State Govt. Departments
(b) Agriculturists
(c) a) & b) above
(d) None of the above

Ans. (b)

Ques. Deemed exports mentioned in which section
(a) Section 137
(b) Section 147
(c) Section 142
(d) Section 145

Ans. (b)

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Jaspreet (Masters in Commerce) not only have exceptional command of Accounts and Commerce subjects but also have keen interest in Law. He is consistent in producing high quality assignments.