Elements of Indirect Taxes Mcqs - Study For Buddies

Monday, March 28, 2022

Elements of Indirect Taxes Mcqs

S.Y B.COM
SEMESTER - 4

ELEMENTS OF INDIRECT TAXES
(EIDT)
MCQS: UNIT - 1 

1. An Integrated GST (IGST) would be collected by the _____________.

(a) State Government 
(b) Central Government
(c) Local authority 
(d) None

2. Import of goods would be treated as ____________.

(a) Inter - State supplies 
(b) intra – State supplies 
(c) purchase of goods 
(d) none

3. Import of goods would be treated as inter - state supplies and would be subject to ________ in addition to the applicable ____________.

(a) IGST, Excise duty 
(b) IGST, Custom duty 
(c) IGST, SGST 
(d) All of the above

4. GST would apply to all goods and services except _______________.

(a) Alcohol for human consumption 
(b) Electronic items
(c) Computer software 
(d) All of the above

5. GST on __________ would be applicable from a date to be recommended by the GSTC.

(a) Crude 
(b) Petrol & Diesel 
(c) ATF& Natural gas
(d) All of the above

6. Exports would be ____________.

(a) Zero – rated
(b) Exempted 
(c) Taxable 
(d) None

7. Various modes of payment of tax available to the taxpayer including __________.

(a) internet banking, 
(b) debit/ credit card 
(c) NEFT / RTGS 
(d) All of the above

8. Limitation period for raising demand is _____________ in normal cases.

(a) three (3) years 
(b) five (5) years 
(c) two (2) years 
(d) none

9. Limitation period for raising demand is _____________in case of fraud, suppression or willful mis-statement.

(a) three (3) years 
(b) five (5) years 
(c) two (2) years 
(d) none

10. Goods means every kind of movable property other than__________.

(a) Money and Securities
(b) Actionable a Claim
(c) Growing crops, grass etc. 
(d) All of the above

11. Actionable claim other than lottery, betting and gambling will not be treated as supply of goods or services by virtue of _________.

(a) Schedule II
(b) Schedule III
(c) Schedule L 
(d) None

12. Goods includes ____________.

(a) Actionable claims 
(b) License, copyright and carbon
(c) Money 
(d) (a) And (b)

13. “Supplier” in relation to any goods or services or both shall mean –

(a) The person supplying the said goods or services or both
(b) Agent acting on behalf of such supplier in relation to the goods or services or both supplied.
(c) Both
(d) None

14. Services means anything other than _________.

(a) Goods, Money and Securities
(b) Activities relating to the use of money
(c) Both 
(d) None

15. Taxable event of GST is ____________.

(a) Supply of goods or services or both 
(b) Supply of goods or services
(c) Supply of goods 
(d) None

16. Supply Includes _________.

(a) Sale and transfer 
(b) Barter and exchange,
(c) License, rental, lease or disposal
(d) All of the above

17. Supply includes __________.

(a) Import of service for a consideration whether or not in the course of furtherance of business.
(b) The activities specified in schedule L, made or agreed to be made without a consideration.
(c) The activities to be treated as supply of goods or supply of services as referred to in Schedule - II.
(d) All of the above

18. Which of the following shall be treated neither as a supply of goods nor a supply of service.

(a) Activities or transactions specified in schedule III.
(b) Activities or transactions notified by the government on the recommendations of the council.
(c) Both
(d) None

19. “Taxable person” means a person who is registered or liable to be registered under section __________.

(a) Section 22 
(b) Section 24
(c) Section 22 or 24
(d) None

20. The charging section for levy and collection of CGST is __________ of CGST Act, 2017.

(a) Section 15
(b) Section 9
(c) Section 7
(d) Section 10

21. CGST would be levied on the value determined under __________.

(a) Section 15
(b) Section 9
(c) Section 7 
(d) Section 10

22. CGST would be levied at such rates, __________, as may be notified by the government on the recommendations of the council.

(a) not exceeding 20% 
(b) not exceeding 18% 
(c) 18% 
(d) 20%

23. If the levy of tax is in the hands of the supplier it is referred to as tax under _____________.

(a) forward charge mechanism
(b) reverse charge mechanism
(c) partly forward and partly reverse 
(d) none

24. If the levy of tax is in the hands of recipient, it is referred to as tax under _____________.

(a) forward charge mechanism
(b) reverse charge mechanism
(c) partly forward and partly reverse 
(d) none

25. Every supplier is liable to be registered under the CGST Act, if the aggregate turnover in a financial year exceeds Rs. ______________.

(a) Rs. 20 lakhs
(b) Rs. 10 Lakhs 
(c) Rs. 9 Lakhs 
(d) Rs. 25 Lakhs

26. In case of special states, every supplier is liable to be registered under the CGST Act, if the aggregate turnover in a financial year exceeds Rs. ______________.

(a) Rs. 20 lakhs
(b) Rs. 10 Lakhs
(c) Rs. 9 Lakhs 
(d) Rs. 25 Lakhs

27. Tax is nothing but ___________ that people have to pay to the government, which is used to provide Public services.

(a) Money
(b) Property 
(c) Wealth 
(d) None of these

28. The incidence of indirect tax borne by ___________. 

(a) producer
(b) consumer
(c) Retailer 
(d) wholesaler

29. Income tax is which type of tax ?

(a) Direct tax
(b) Indirect tax 
(c) Both A & B 
(d) None of these

30. What is the rate of ‘KKC’ ?

(a) 5% 
(b) 1% 
(c) 2.5%
(d) 0.5%

31. Import of services would be subject to ________.

(a) CGST
(b) UTGST
(c) IGST
(d) SGST

32. GST would apply to all goods & services except which item ?

(a) Gold 
(b) Diamond
(c) Alcohol
(d) All of these

33. What is the rate of SBC ?

(a) 0.5%
(b) 5% 
(c) 1% 
(d) 2%

34. The provision of section 2 (109) is applicable to ________. 

(a) Person 
(b) Manufacturer 
(c) Good
(d) Taxable Territory

35. A person who is registered or liable to be registered under section 22 or 24 is known as __________. 

(a) Taxable person
(b) Professional 
(c) Individual 
(d) Association of person

36. Buying a new refrigerator in exchange of old refrigerator is which type of transaction ?

(a) Sale & transfer 
(b) Barter & Exchange 
(c) lease Rentral 
(d) License

37. Everything received or recoverable in return for supply of goods or services or both is known as _________. 

(a) Deposit
(b) Consideration 
(c) Business 
(d) None of these

38. To attract GST, supply has to be made by _____________.

(a) Any person 
(b) Dealer
(c) Taxable person
(d) All of these

39. Anything other than Goods, money and securities known as __________.

(a) Services
(b) Supplier 
(c) Both A & B
(d) None of thses

40. Supply of goods & services or both which is leviable to tax is known as __________.

(a) Taxable Territory 
(b) Taxable person 
(c) Taxable supply 
(d) All of these

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