S.Y. B.COM
SEMESTER 4
ELEMENTS OF INDIRECT TAXES
(EIDT)
MCQS - FEBRUARY 2024
1. Which of the following is not falling under the definition of goods?
(A) Machinery
(B) Computer
(C) Mutual fund
(D) Tree attached to land
2. Supply of goods by Mr. Mohan of Bhubaneswar to Mr. Manoj of Madras after value addition at 20% on Rs.18,000. The applicable GST rate is 18%. Then __________ will be levied on this transaction.
(A) IGST of Rs.3888
(B) CGST Rs.1944 and SGST Rs.1944
(C) CGST Rs.1944 and UTGST Rs.1944
(D) CGST of Rs.3888
3. Goods supplied to Ms. Kamini of Noida by Mr. Karan of Lucknow, after value addition at 20% on Rs.21,600. The applicable GST rate is 18%. Then __________ will be levied on this transaction.
(A) IGST of Rs.4665.60
(B) CGST Rs.2332.80 and SGST Rs.2332.80
(C) CGST Rs.2332.80 and UTGST Rs.2332.80
(D) UTGST of Rs.4665.60
4. Rahul of Uttar Pradesh sells 400 units of an article at the rate of ₹ 1,000 per article (without GST). The buyer is Mr. Ketan of Patna. The applicable GST rate is 18%. Then __________ will be levied on this transaction.
(A) IGST of Rs.72000
(B) CGST Rs.36000 and SGST Rs.36000
(C) CGST Rs.36000 and UTGST Rs.36000
(D) CGST Rs.36000 and IGST Rs.36000
5. Find out aggregate turnover of Mr. X, if goods were supplied as given: inward supply under RCM Rs.50,000, exempted supply Rs.20,000, non-taxable supply Rs.35,000, export of taxable goods Rs.55,000, and inter-state supply Rs.1,20,000.
(A) Rs. 2,80,000
(B) Rs. 1,60,000
(C) Rs. 2,30,000
(D) Rs. 2,60,000
6. Calculate GST payable as per applicability in case of supply of goods by Mr. L of Shillong to Mr. M of Amaravati, value Rs. 20,000, and consider further value addition @ 20% on Rs. 20,000 (CGST@ 9%, SGST/UTGST@ 9%, IGST@18%).
(A) CGST Rs. 2160 and SGST Rs. 2160
(B) CGST Rs. 2160 and UTGST Rs. 2160
(C) IGST Rs. 3600
(D) IGST Rs. 4320
7. Which of the following statement is incorrect?
(A) Goods supplied from Daman to Port Blair then IGST shall be levied.
(B) Goods supplied within Delhi jurisdiction then CGST and UTGST shall be levied.
(C) Import is treated under inter-state supply.
(D) Goods supplied from Mysore to Bengaluru then CGST and SGST shall be levied.
8. Mr. X of Kanpur agreed to supply goods to Mr. Y of Delhi on 23nd September, 2023. The goods were removed for supply by Mr. X on 29th September, 2023 and goods were received by Mr. Y on 30th September, 2023. Mr. X needs to issue tax invoice __________.
(A) On/before 23nd September, 2023
(B) On/before 29th September, 2023
(C) On/before 30th September, 2023
(D) After 30th September, 2023
9. Date of invoice issued by supplier is 14.10.2023; date of receipt of goods is 05.12.2023; date of payment made by recipient of goods is 25.11.2023. What will be time of supply in case of Reverse charge mechanism (RCM)?
(A) 13.11.2023
(B) 14.11.2023
(C) 25.11.2023
(D) 05.12.2023
10. Date of completion of service is 01.07.2023; date of invoice issued by supplier is 10.07.2023 and date of receipt of payment from recipient is 01.08.2023. What will be the time of supply in case of Forward Charge Mechanism (FCM)?
(A) 10.07.2023
(B) 01.07.2023
(C) 01.08.2023
(D) 31.07.2023
11. The rate of GST for service provider (other than restaurant) who has opted for composition scheme is __________.
(A) 1% (0.5% CGST+0.5% SGST)
(B) 2% (1% CGST+1% SGST)
(C) 5% (2.5% CGST+2.5% SGST)
(D) 6% (3% CGST+3% SGST)
12. From the following, who is eligible to get himself registered under Composition Scheme?
(A) Person who is making supply of taxable goods from Gujarat to Punjab only (whose aggregate turnover of last financial year was Rs.1.2 Cr)
(B) Person who is making interstate supply of goods in Arunachal Pradesh only (whose aggregate turnover of last financial year was Rs.76 lakh)
(C) Person who is engaged in manufacturing of Ice-cream (whose aggregate turnover of last financial year in Gujarat was Rs.45 lakh)
(D) Person who is making supply of taxable goods from Vadodara to Surat only (whose aggregate turnover of last financial year was Rs.1.4 Cr)
13. Determine the Value of Supply of goods, if the value of good supplied Rs. 85,000; CGST payable on goods Rs.5,000 and other taxes payable Rs. 500 (not including in the above value); Subsidy received from Government of Gujarat ₹ 1,500 and from manufacturer of goods Rs. 1000 (deducted from above value); and trade discount given Rs. 4,000.
(A) Rs.82,500
(B) Rs.87,500
(C) Rs.81,000
(D) Rs.84,000
14. Determine whether Mr. Y of Manipur is required to obtain GST registration or not if he is engaged in the business of taxable supply of goods ₹ 10 lakh and taxable supply of services ₹ 2 lakh within the state.
(A) Liable to get registered under GST as supply is only within the state.
(B) Not liable to get registered under GST as turnover of services doesn't exceeds threshold limit
(C) Not liable to get registered under GST as supply doesn't include interstate supply.
(D) Liable to get registered under GST as turnover exceeds threshold limit of 10 lakh.
15. Which of the following statement is incorrect?
(A) A plot of land is considered under immovable goods.
(B) Unclaimed dividend is an exempt actionable claim as per Schedule - III.
(C) GST is neither income nor expense for registered businessmen in the course of business.
(D) Supply includes disposal of business asset.
16. Which one is not a feature of GST?
(A) It is a Value Addition Tax
(B) There is smooth input credit chain mechanism
(C) It eliminates double taxation problem
(D) It is a progressive in nature
17. Which of the following statement is incorrect?
(A) All taxable persons may not be registered person.
(B) Import falls under RCM.
(C) Betting, gambling and lottery are taxable under GST.
(D) Disposal of personal asset is chargeable to GST.
18. Which one is not added to aggregate turnover?
(A) Exempt Supplies
(B) Export of goods and services
(C) Non-taxable supplies
(D) Import of goods
19. Which of the following statement is correct?
(A) GST is chargeable on sale of equity shares.
(B) GST is chargeable on sale of completed building.
(C) Assessee and taxpayer may be different under GST.
(D) Suppliers pay GST to government under RCM.
20. S Enterprise supplies 100 kits (at Rs. 5000 per kit) to R Stores for Rs. 5,00,000 (without GST). Each kit consists of 1 cricket bat, 1 badminton racket and 1 football. Assuming the rate of tax on bat 12%, badminton racket 28% and football 18%, ascertain nature of supply and accordingly the amount of GST payable will be __________ by S Enterprise.
(A) Mixed Supply & Rs. 60,000
(B) Composite Supply & Rs. 90,000
(C) Composite Supply & Rs. 1,40,000
(D) Mixed Supply & Rs. 1,40,000
21. Som Computers, a dealer has supplied a laptop (VoS Rs. 65,000) along with the laptop charger to a customer. Assuming the rate of GST on laptop 18%, and laptop charger 28%, ascertain nature of supply and accordingly, the amount of GST tax liability will be __________.
(A) Mixed Supply & Rs. 11,700
(B) Composite Supply & Rs. 11,700
(C) Composite Supply & Rs. 18,200
(D) Mixed Supply & Rs. 18,200
22. Determine the Time of Supply in accordance with provisions of section 12 of the CGST Act 2017 in case supply does not involve movement of goods. Date of invoice: 22/12/2023, Date when goods made available to the recipient 31/12/2023, and Date of receipt of payment: 15/12/2023.
(A) 22/12/2023
(B) 31/12/2023
(C) 15/12/2023
(D) 22/01/2024
23. Albert Enterprise provided services to Meem Enterprise on 25/04/2023 under RCM for which invoice of Rs. 50,000 was raised on 04/05/2023 and payment of Rs.50,000 was entered in books on 01/06/2023, the same was debited from bank account 05/06/2023. Find out Time of Supply.
(A) 01/06/2023
(B) 25/04/2023
(C) 04/05/2023
(D) 04/07/2023
24. S Ltd. purchased 50 shoes vouchers of Rs. 5,000 each for its employees from Skechers on 01/01/2024. The vouchers were issued by Skechers on 05/01/2024 and the same were given to the employees on 06/01/2024. The employees redeemed the vouchers on 10/01/2024. Determine Time of Supply.
(A) 01/01/2024
(B) 05/01/2024
(C) 06/01/2024
(D) 10/01/2024
25. S Ltd. sold goods with list price of Rs. 50,000 to M Ltd. Which is inclusive of IGST Rs. 10,440 but exclusive of municipal taxes Rs. 6,640 paid by M Ltd. On behalf of S Ltd. the supplier also considered subsidy of Rs. 2,000 received from NGO on sale of such goods (not given any effect to list price for such subsidy). Compute Value of Supply (VoS).
(A) Rs. 69,080
(B) Rs. 30,920
(C) Rs. 48,200
(D) Rs. 44,200
26. The VoS __________ GST amount and related cess; also it __________ discount given before or at the time of supply and shown in tax invoice.
(A) includes, includes
(B) excludes, excludes
(C) excludes, includes
(D) includes, excludes
27. In case of "Non Identical Voucher", time of supply is:
(A) the date when voucher is redeemed
(B) the date of payment of GST
(C) the date of issue of voucher
(D) the date of return filing
28. ABC Ltd gifts goods to its employee without consideration. The cost of goods is Rs.30,000, and the fair market value is Rs. 40,000. What is the GST implication on this supply?
(A) No GST Applicable
(B) GST on Rs. 30,000
(C) GST on Rs. 40,000
(D) GST on Rs. 10,000
29. Ms. Sangita is a saloon stylist, who has opted for composition levy for services. The turnover in last F.Y was Rs. 20 Lakhs. The turnover in the 1st quarter of current F.Y is Rs. 2 Lakhs. What will be the amount of GST payable under composition levy by Ms. Sangita for 1st quarter?
(A) CGST Rs. 1,000 and SGST Rs. 1,000
(B) IGST Rs. 2,000
(C) CGST Rs.6,000 and SGST Rs. 6,000
(D) IGST Rs. 12,000
30. Match the following:
(A) 1-C, 2-E, 3-B, 4-A
(B) 1-C, 2-B, 3-D, 4-A
(C) 1-E, 2-D, 3-B, 4-A
(D) 1-C, 2-D, 3-A, 4-B
For More Detail Contact Us And Follow On Study For Buddies
Thank You
No comments:
Post a Comment