S.Y B.COM
SEMESTER - 4
ELEMENTS OF INDIRECT TAXES
(EIDT)
MCQS - UNIT II
1. The composition of levy is method of levy of tax designed for small taxpayers whose turnover is up to __________.
a) Rs.5 crore
b) Rs.1.50 crore
c) Rs.2 crore
d) Rs.1 crore
2. How many % of composition levy for Restaurant services?
a) 2.5%
b) 1%
c) 5%
d) None of these
3. In composition scheme GST available for small tax payer who aggregate turnover in preceding financial year does not exceeds...
a) Rs.1.5 Crore
b) Rs.1 crore
c) Rs.50 lakhs
d) Rs.75 lakhs
4. Small business Whose aggregate turnover below _________ need not to register.
a) Rs.30 lakh
b) Rs.20 lakh
c) Rs.2 lakh
d) Rs.5 lakh
5. Which is the date of filling GSTR-1?
a) 15th of next month
b) 10th of next month
c) 20th of next month
d) 18th of next month
6. Which type of return is GSTR-4?
a) Final Return
b) Annual Return
c) Monthly Return
d) Quarterly return
7. Who files GSTR-8?
a)Tax deduction from
b) Registered person
c) Non-resident tax payer
d) E-commerce operation
8. Deposit of tax, interest, penalty fee or any other amount can be made by which mode ?
a) credit/debit card
b) Internet Banking
c) NEFT/RTGS
d) All of these
9. How many % of composition levy for manufacturers?
a) 0.5%
b) 2.5%
c) 5%
d) 1%
10. Taxable person whose registration has been surrendered or cancelled has to file return in which form?
a) GSTR-10
b) GSTR-8
c) GSTR-7
d) GSTR-2
11. For the state of Meghalaya and Sikkim, what is the turnover limit for composition scheme ?
a) Rs.25 lakh
b) Rs.50 lakh
c) Rs.75 lakh
d) Rs.1 crore
12. State the date of filling GSTR-9.
a) 20th of next month
b) 10th of next month
c) 31st December of next financial year
d) 13th of next month
TIME OF SUPPLY OF GOODS
13) The liability to pay GST arise __________ in case of supply of goods.
a) At the time of issue of invoice
b) At the time of supply of goods
c) On receipt of payment
d) Earliest of a, b or c
14. Time of supply of goods under CGST Act , 2017 is _________.
a) Date on which the supplier receives the payment with respect to the supply
b) Date of issue of invoice by the supplier
c) Date of dispatch of goods by the supplier
d) Earlier of (a) of (b)
15. Time of supply of goods liable to tax under reverse charge mechanism is ________.
a) Date on which the payment is made
b) Date of receipt of goods
c) Date immediately following 30 days from the date of issue of invoice by the supplier
d) Earlier of a, b, c
16. Time of supply of vouchers in respect of goods when the supply with respect to the voucher is identifiable is ________.
a) Date of redemption of voucher
b) Date of Issue of voucher or date of redemption of voucher whichever is earlier
c) Date of issue of voucher
d) Date of issue of voucher or date of voucher whichever is later
17. Time of supply of vouchers in respect of goods when the supply with respect to the voucher is identifiable is _________.
a) Date of redemption of voucher
b) Date of issue of voucher
c) Date of issue of voucher or date of redemption of voucher whichever is earlier
d) Date of issue of voucher or date of voucher whichever is later
18. What is date of receipt of payment?
a) Date of payment Credited into bank account
b) Date of entry in the books
c) Date of filing of return
d) Earlier of (a) and (b)
19. Determine the time of supply in accordance with provision of Section 12 of the CGST Act, 2017 in case supply involves movement of goods.
Date of Removal 01-10-2017
Date of Invoice 02-10-2017
Date when goods made available to recipient 03-10-2017
Date of receipt of payment 15-11-2017
a) 01-10-2017
b) 02-10-2017
c) 03-10-2017
d) 15-11-2017
20. Determine the time of supply in accordance with provision of Section 12 of the CGST Act, 2017 in case supply involves movement of goods.
Date of Invoice 02-10-2017
Date when goods made available to recipient 03-10-2017
Date of receipt of payment 15-11-2017
a) 01-11-2017
b) 02-10-2017
c) 03-10-2017
d) 15-11-2017
21. Determine the time of supply in accordance with provision of Section 12 of the CGST Act, 2017 in case recipient of goods is liable to pay tax under reverse charge mechanism.
Date of Invoice 01-10-2017
Date when goods made available to recipient 03-10-2017
Date of receipt of payment 15-11-2017
a) 01-10-2017
b) 15-10-2017
c) 12-10-2017
d) 10-10-2017
22. Determine the time of supply in accordance with provision of Section 12 of the CGST Act, 2017 in case recipient of goods is liable to pay tax under reverse charge mechanism.
Date of Invoice 01-10-2017
Date of receipt of goods 15-11-2017
Date of payment in books 18-11-2017
Date when payment debited in bank account 20-11-2017
a) 01-10-2017
b) 01-11-2017
c) 18-11-2017
d) 20-11-2017
TIME OF SUPPLY OF SERVICE
23. What is the time of supply of service if the invoice is issued within 30 days from the date of supply of service?
a) Date of issue of invoice by the supplier
b) Date of receipt of payment or date of issue of invoice whichever is later
c) Dale of receipt of payment by the supplier
d) Date of receipt of payment or date of issue of invoice whichever is earlier
24. What is the time of supply of service if the invoice is NOT issued within 30 days from the date of supply of service and no advance payment are received?
a) Date of completion of supply of service
b) Date of issue of invoice by the supplier
c) Date of receipt of payment by the supplier
d) Date of receipt of payment or date of issue of invoice whichever is earlier
25. Minimum Service periods required to constitute a continues supply with periodic payment ______.
a) 3 months
b) Exceeding 3 months
c) Exceeding 6 months
d) 6 months
26. What is the time of supply of services in case of reverse charge mechanism?
a) Date on which payment is made to the supplier
b) Date immediately following 60 days from the date of issue of Invoice
c) Earlier of (a) & (b)
d) Date of invoice by the supplier
27. Determine the time of supply in each of following independent cases in accordance with provision of CGST Act, 2017:
Date of actual supply of service 10-11-2017
Time (Date) of Invoice, Bill or Challan as the case may be 12-12-2017
Date on which payment received 30-04-2018
a) 30-04-2018
b) 10-12-2017
c) 12-12-2017
d) 10-11-2017
28. Determine the time of supply in each of following independent cases in accordance win provision of CGST Act, 2017:
Date of actual supply of service 10-11-2017
Time (Date) of Invoice, Bill or Challan as the case may be 22-12-2017
Date on which payment received 12-12-2017
a) 10-11-2017
b) 12-12-2018
c) 22-12-2017
d) 10-11-2017
VALUE OF TAXABLE SUPPLY
29. The value of supply of goods and services shall be the -
a) Wholesale price
b) Transaction value
c) Retail sale price
d) None of above
30. The value of supply should include
a) Incidental expenses, including commission and packing, charged by the supplier to the charged by the suppliers to the recipient of a supply.
b) Interest, late fee or penalty for delayed payment of any consideration for any supply
c) Subsidies directly linked to the price except subsidies provided by the Central and state government
d) All of the above
31. Interest or late fee or penalty for delayed payment of any consideration for any supply-
a) Shall be included in value of taxable supply
b) Shall be excluded in value of Taxable supply
c) Shall require no adjustment
d) Shall be included or excluded as per wish of supplier
32. What deductions are allowed from the transaction value?
a) Discounts offered to customers, Subject to conditions
b) Incidental expenses
c) Amount paid by customer on behalf of the supplier
d) Freight charges
33. Determine the value of taxable Supply as per Section 15 of the CGST Act, 2017: (in Rs.)
Contracted sale price of goods (including CGST and SGST @ 5%) 10,56,000
The contracted sale price includes the following elements of cost:
1) Cost of drawings and design 5,000
2) Cost of primary packing 2,000
3) Cost of packing at buyer's request 4,000
4) Fright and insurance from 'place of removal' to buyer's premises 43,000
A discount of 6,000 was given by the supplier at the time of supply of goods. CGST and SGST is levied @5%.
a) Rs.11,10,000
b) Rs.10,00,000
c) Rs. 10,56,000
d) Rs.10,50,000
34. Persons shall be deemed to be 'related persons' if any person directly or indirectly owns, Controls or holds __________
a) 20%
b) 51%
c) 26%
d) 25%
35. Persons shall be deemed to be related it _________
a) such persons are officers or directors of one another's businesses
b) such persons are legally recognized partners in business
c) such persons are employer and employee
d) All of the above
INPUT TAX CREDIT
36. 'Input' Means
a) Any goods including capital goods
b) Any goods excluding capital goods
c) Capital goods used for the furtherance of the Business
d) Capital goods only
37. Input tax credit can be taken by ........
a) Registered dealer not opting for complication scheme
b) Unregistered dealers
c) Registered dealer opting for composition
d) All of the above
38. Whether credit on capital goods can be taken immediately on receipt of the goods?
a) After usage of such capital goods
b) no
c) Yes
d) No, 50% in first year and balance in subsequent years
39. Input tax credit in respect of inputs supplied by principal to job-worker for job-work shall be allowed to ______
a) Partly to Principal and Partly to job-worker
b) Principal
c) Job-worker
d) No one
40. Input tax credit on capital goods can be availed in _______.
a) 6 installments
b) 36 installments
c) 12 installments
d) 1 installments
41. The time limit to pay the value of supply with taxes to avail the input tax credit?
a) 30 days from the date of invoice
b) 90 days from the date of invoice
c) Till the date of filling of Annual Return
d) 180 days from the date of invoice
42. The time limit beyond which inputs sent for job work if not returned will be treated as supply?
a) 4 years
b) 3 years
c) 5 years
d) 1 years
43. The time limit beyond which capital goods sent for job work if not returned will be treated as supply.
a) 4 years
b) 3 years
c) 5 years
d) 1 year
44. ITC includes tax payable under ______ also.
a) Customers
b) Reverse charge
c) Excise
d) VAT
REGISTRATION
45. Every supplier shall be liable to be registered under this Act in the State or Union territory, other than special category States, form where he makes a taxable supply of goods or services or both, of his aggremate turnover in a financial year exceeds _________.
a) Rs.20 lakhs
b) Rs.15 lakhs
c) Rs.1.5 carores
d) Rs.10 lakhs
46) Where such person makes taxable supplies of goods or service or both from any of the special category states, he shall be liable to be registered if his aggregate turnover in a financial year exceeds.
a) Rs.20 lakhs
b) Rs.15 lakhs
c) Rs.1.5 carores
d) Rs.10 lakhs
47. A causal taxable, person or a non-resident taxable person shall apply for registration at least ________ prior to the commencement of business.
a) 30 days
b) 15 days
c) 10 days
d) 5 days
48. Which one of the following true?
a) A person can't collect tax unless he is registered
b) Registered person not liable to collect tax till his aggregate turnover exceeds tax till his aggregate turnover exceeds Rs.20 lakhs/Rs.10 lakhs as the case may be
c) a person can collect the tax during the period of his provisional registration
d) Both (a) and (b) are correct
49. Within how many days a person should apply for registration ?
a) within 60 days from the date he becomes liable for registration
b) within 30 days from the date he becomes liable for registration
d) Within 90 days from the date he becomes liable for registration
c) No time limit
50. What is the validity of the registration certificate?
a) Valid till it is cancelled
b) five yeas
c) No validity
d) One year
RETURNS
51. The details of outward suppliers of goods or services shall be submitted by -
a) 18th of the succeeding month
b) 10th of the succeeding month
c) 20th of the succeeding month
d) 15th of the succeeding month
52. Details of Outward supplies shalll includes -
a) Credit and Debit notes
b) Invoice
c) Revised invoice issued in relation to outward supplies
d) All of the above
53. Every tax payer paying tax under section 10 (composition levy) shall file the return-
a) by 18th of the month succeeding the quarter
b) by 18th of the month succeeding the month
d) by 20th of the month succeeding the quarter
c) by 10th of the succeeding month
54. The e-commerce operator collecting tax under section 52 shall file its monthly return-
a) 20th of the month succeeding the quarter
b) by 18th of the succeeding month
c) 10th of the succeeding month
d) 17th of the succeeding month
55. What is the time limit for rectification of return filed by registered supplier?
a) Return can be rectified within 6 months from the date of filling the return
b) Return can be rectified within 90 days from the date of filling the return
c) Return have to be rectified before the due date for filling the subsequent periods return
d) Return can be rectified before the due date for filling the return for month of September or second quarter, as the case may be following the end of the financial year.
56. The final return shall be filed by the registered taxable person within
a) Date of order of cancellation
b) 3 month of the date of cancellation
c) Later of the (a) or (b)
d) None of the above
57. Any registered taxable person who fails to furnish the details and file the return within the due date prescribed shall be liable to -
a) Interest at the rate of 1% per month
b) Date of order of cancellation
c) Later of the (a) or (b)
d) None of the above
EXTRA MCQS
58. Value of supply under section 15 is :
a) wholesale price
b) Market value
c) Transaction value
d) Maximum retail price
59. In case of continuous supply of services, where due dale of payment is not ascertainable from the contract, Invoice shall be issued:
a) Before or at the time when the supplier of service receives the payment
b) On or order the due date of payment
c) Either (a) or (b)
d) None of the above
60. Where the goods being sent or taken on approval for sale or return are removed before the supply takes place, the invoice shall be issued:
a) before / at the time of supply
b) 6 months from the date of removal
c) Earlier of (a) or (b)
d) None of the above
PAYMENT OF TAX
61. Which of these electronic ledgers are maintained online?
a) Electronic liability register
b) Electronic credit ledger
c) Electronic cash ledger
d) All of the above
62. Deposit towards tax, penalty, interest fee or any other amount are credited into the _______ of a taxable person.
a) Electronic liability register
b) Electronic credit ledger
c) Electronic cash ledger
d) All of the above
63. lnput tax credit as self-assessed in the return of the registered person shall be credited to which of the following ledger?
a) Electronic credit ledger
b) Electronic liability register
c) Electronic cash ledger
d) All of the above
64. Which of the following items are debited to electronic credit ledger?
a) Penalty
b) Interest
c) Output tax
d) All of the above
65. Balance in electronic credit ledger under SGST can be used against which liabilitly ?
a) SGST and IGST liability
b) SGST Liability only
c) SGST, IGST and CGST liability
d) None of the above
66. Which input tax credit cannot be claimed against which output tax habilbty ?
a) CGST, SGST
b) SGST, IGST
c) CGST, IGST
d) IGST, SGST
67. Interest is payable on:
a) Undue / excess claim of input tax credit
b) Belated payment of tax
c) Undue/ excess reduction in output tax liability
d) All of the above
68. Which of the following liability cannot be adjusted against input tax credit of CGST?
a) IGST
b) SGST/UTGST
c) All of the above
d) None of the above
69. Which of the following shall be discharged first, while discharging Liability of a Taxable person?
a) All dues related to Current tax period
b) Demand raised under section 73 and 74
c) No such condition is mandatory
d) All dues related to previous tax period
70. Interest is calculated
a) No period is specified
b) From the day following the day on which tax becomes due to be paid
c) From the last day such tax was due to be paid
d) None of the above
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