ELEMENTS OF INDIRECT TAXES - MARCH 2018 (MCQS)

S.Y B.COM

SEMESTER - 4

ELEMENTS OF INDIRECT TAXES

(EIDT)

MCQS - MARCH 2018

1. What is the taxable event under the GST Law? 

A. Provision for services 

B. Sale of goods in intra-state

C. Manufacture of goods 

D. Supply of Goods or service or both

2. Indirect taxes are imposed on _______ and ______whereas the direct taxes are imposed on _______

A. Goods, Services, Facilities 

B. Person, goods, services

C. Goods, Person, Services 

D. Goods, Service, Person

3. Indirect taxes are ______ in nature 

A. None 

B. Substantive 

C. Progressive 

D. Regressive

4. Under the composition scheme, the specified rate of GST for eligible restaurants services is _______

A. 6% (3% CGST plus 3% SGST) of the turnover 

B. 5% (2.5% CGST plus 2.5% SGST) of the turnover

C. 8 % (4% CGST plus 4% SGST) of the turnover

D. 10% ( 5% CGST plus 5% SGST) of the turnover

5. Mr X. taxable person under the GST Law, has provided services to Mr. Z on 25/02/2018 and has issued the invoice after 30 days from the date of provisions of service, whereas the Mr. X has received the payment from the Mr. Z on 04/04/2018, which date is treated as time of Supply?

A. 25/02/2018 

B. 25/03/2018 

C. 04/04/2018 

D. 04/05/2018 

6. Under the GST Law "Services" means anything other than _________, ___________ and _________.

A. Goods, Plant, Machinery 

B. Goods, Money, securities

C. Goods, Land, Building 

D. Goods, Goodwill, know-how

7. Government rolled out GST with effect from _________ 

A. 1st July, 2017 

B. 31st March, 2017

C. 1st March, 2017 

D. 1st April, 2017

8. On manufacture of alcoholic liquor for human consumption _______ is levied. 

A. CGST 

B. State Value added tax 

C. State Excise duty 

D. IGST 

9. Import of goods would be treated as ______ supplies and would be subject to IGST in addition to the applicable customs duties. 

A. Inter-state 

B. Export 

C. Intra-state 

D. None of the above 

10. GSTR-10 - A final return is required be filed by Taxable Person whose registration has been surrendered or cancelled Within ________ of the date of cancellation or date of order of cancellation, whichever is later. 

A. 4 Months 

B. 3 Months 

C. 5 months 

D. 6 months 

11. Person opting for composition scheme shall have to file quarterly returns in Form _______on the GSTN common portal by the ______of the month succeeding the quarter. 

A. GSTR -5, 15th 

B. GSTR – 7, 13th

C. GSTR -9, 15th 

D. GSTR – 4, 18th

12. The burden of Indirect taxes finally borne by ________

A. Taxable person 

B. Government

C. Final consumer 

D. Retailer

13. Composition scheme is a scheme for payment of GST available to small taxpayers whose aggregate turnover in the preceding financial year did not cross Rs. _______However in the case of the some specified States, the limit of turnover under the composition scheme is Rs. ___________

A. 50 lacs, 60 lacs 

B. 75 lacs, 80 lacs

C. 1.5 crore, 50 lacs 

D. 1.5 crore, 75 lacs 

14. GST provides comprehensive and continuous chain of tax credit from the manufacturer's point / service provider's point up to the retailer's level / consumer's level thereby taxing only the ________ at each stage of supply chain. 

A. Value addition 

B. Total value 

C. Mix value 

D. Gross value 

15. Under GST law, taxable value is the _______ value, if price actually paid or payable, provided the supplier & the recipient are not related and price is the sole consideration. 

A. Transitional value 

B. Transfer value 

C. Transmission Value 

D. Transaction value

16. Refund of tax to be sought by taxpayer or by any other person who has borne the incidence of tax within period of _______ years from the relevant date. 

A. 15 

B. 10 

C. 12 

D. 2 

17. The date on which the charging event has occurred. In GST law, it is known as _____ 

A. Point of supply 

B. Event of Supply

C. Time of supply

D. scope of supply 

18. Which of the following is specifically excluded for determining the taxable value under the GST law? 

A. Expenses incurred by the recipient on behalf of the supplier 

B. Late fees or penalty for delayed payment

C. Any taxes, fees, charges levied under any law other than GST 

D. trade discount 

19. An Integrated GST (IGST) is levied on ______ supply of goods or services. 

A. Inter-state 

B. Intra-state

C Export 

D. None of the above 

20. _________ taxes are inflationary in nature, which increases price of goods and services. 

A. Indirect 

B. Property 

C. Direct 

D. None of the above 

21. Activities specified in Schedule _______ of CGST Act, 2017 are treated as supply, even though made or agreed to be made without a consideration. 

A III 

B. I 

C. IV 

D. V

22. A person opting for composition levy will have to pay tax on quarterly basis before ________of the month succeeding the quarter during which the supplies were made. 

A. 18th 

B. 25th 

C. 12th 

D. 20th 

23. Presently the on the sale of "Petroleum Crude" within state _____ tax is levied. 

A. CGST and SGST 

B. IGST 

C. SGST only 

D. Value added Tax (Local Sales tax)

24. GST is a ________ based tax on consumption of goods and services. 

A. Destination 

B .Consumption 

C Manufacture 

D. Production 

25. Ad-valorem basis means 

A. Tax charged on the Weight or Size of the goods

B. Tax charged as a percentage of value of the supply of goods or services 

C. Tax charged on the basis of Quality of goods and Services

D. Tax charged on the basis of Quantity of goods and Services 

26. Under the CGST Act, 2017 "Goods" means every kind of movable property other than _______ and ______ 

A. Plant, Machinery 

B. Goodwill, know-how

C. Money, securities 

D. Land, Building 

27. Mr. X a "taxable person" under the CGST Act, 2017, has made supply of goods on 01/02/2018 and has issued the invoice for the same on 05/02/2018, whereas for this supply he had received payment in advance on 31/01/2018. Which date is treated as time of Supply? 

A. 01/02/2018 

B. 05/02/2018 

C. 28/02/2018 

D. 31/01/2018

28. Invoice for supply of services needs to be issued before or after the provision of service but not later than _______ days from the date of provision of service. 

A. 30 

B. 7 

C. 8 

D. 15 

29. Reverse charge means the liability to pay tax by the ______ of supply of goods or services or both instead of the ______ of such goods or services or both under section 9(3)/(4) of CGST Act, 2017 or under section 5(3)/(4) of the IGST Act, 2017. 

A. Retailer, Manufacturer 

B. Supplier, Recipient 

C. Manufacture, retailer 

D. Recipient, Supplier 

30. Section 22 of the CGST Act 2017 provides that every 'supplier' shall be liable to be registered under the GST law in the State (or Union territory) from where he makes any taxable supply of goods or services or both if his aggregate turnover in a financial year exceeds the specified limit of Rs. _____ or Rs._____ in case of some specified states. 

A. 30 Lakhs, 25 Lakhs 

B. 15 lakhs, 11 Lakh 

C 10 lakhs, 20 lakhs 

D. 20 Lakhs, 10 Lakhs 

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