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This set of Indirect Tax Multiple Choice Questions & Answers (MCQs) focuses on Indirect Tax Set 1
Q1 | GST was introduced in India with effect from
- 1.1.2017
- 1.4.2017
- 1.1.2018
- 1.7.2017
Q2 | Goods and service tax is --
- supply based
- consumption based
- both supply and consumption based
- transaction based
Q3 | SGST is applicable when
- goods are sold within a state
- goods are sold from one gst dealer to a customer
- goods are sold by a gst dealer to another gst dealer
- interstate supply
Q4 | Inter-state trade is presently subject to
- sgst
- cgst
- integrated gst
- utgst
Q5 | GST can be collected by
- any registered dealer
- any gst dealer
- any service provider
- any dealer
Q6 | The chair of GST Council
- nominated by the govt
- nominated by the gst council
- union finance minister
- elected by the gst council
Q7 | Where the location of the supplier and the place of supply are in two different States –
- igst is applicable
- cgst is applicable
- sgst plus cgst is applicable
- cgst plus igst is applicable
Q8 | One tooth paste and tooth brush and a toilet soap sold in a packet for Rs. 50, is
- mixed supply
- composite supply
- joint supply
- not supply
Q9 | The notified limit for payment of composition levy is -
- rs. 1 crore
- rs. 20lakh
- rs. 50 lakh
- rs. 2 crore
Q10 | A Composite taxpayer is required to file summarised details of transactions
- annually
- half yearly
- quarterly
- monthly
Q11 | The incidence of tax is called
- tax cascading
- tax pyramiding
- tax evasion
- indirect tax
Q12 | Introduction of GST affects the revenue of
- consuming states
- manufacturing states
- all the states
- central government
Q13 | Goods which get input tax credit without being liable to collect output tax is called
- exempt goods
- white goods
- sin goods
- zero rated goods
Q14 | Any goods other than capital goods used or intended to be used by a supplier in the course or furtherance of business is
- input
- output
- merit goods
- white goods
Q15 | If application for registration is ------, the registration shall be effective from the date on which the person becomes liable for registration.
- made within 30 days
- not made within 30 days
- made within 60 days
- not made within 30 days
Q16 | When turnover during a financial year exceeds---- the accounts and other records must be audited by a chartered accountant or a cost accountant
- 1 crore
- 2 crore
- 5 crore
- 10 crore
Q17 | The tax applicable to interstate supplies will be:
- sgst only
- cgst only
- igst only
- cgst-igst
Q18 | A person is liable to registered under GST law where aggregate sale of good exceeds----- after 1.4.2019. in general category
- rs.40,00,000
- rs.20,00,000
- rs.15,00,00 0
- rs.1,50,000
Q19 | GST is applicable on------- of goods or services.
- supply
- manufacture
- consumpti on
- production
Q20 | The first 2 digit of GSTIN represent------
- entity code
- country code
- state code
- checksum character
Q21 | The definition of goods under the GST Act does not include-----
- grass
- growings crops
- actionable claims
- money & securities
Q22 | 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.
- 6 months
- 180 days
- 45 days
- 30 days
Q23 | Electronic Way Bill is compulsory to move goods of worth
- rs. 10,000 ormore
- 20,000 or more
- 50,000 ormore
- 1,00,000 or more
Q24 | An e-commerce operator neither having physical presence in the taxable territory not a representative in the said territory, shall-----
- not supply goods and/or services in that taxable territory.
- not be liable for collecting and paying taxes on supply in such taxable territory.
- ask the recipient to pay taxes on his behalf.
- appoint a person in the taxable territory for the purpose of paying taxes.
Q25 | Every operator who collects the amount of tax has to furnish the details of the same within----after the end of the month.
- 15 days
- 1 month
- 20 days
- 10 days