Q. Under GST, which of the following is eligible for input tax credit?
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A.
Personal expenses
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B.
Goods used for exempt supplies
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C.
Goods used for taxable supplies
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D.
Goods purchased for resale without tax
Solution
Under GST, input tax credit is available for goods used for taxable supplies.
Correct Answer:
C
— Goods used for taxable supplies
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Q. What is the GST rate on the supply of services related to education?
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A.
0%
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B.
5%
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C.
12%
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D.
18%
Solution
The supply of services related to education is exempt from GST, hence the rate is 0%.
Correct Answer:
A
— 0%
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Q. What is the rate of GST on most goods and services in India?
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A.
5%
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B.
12%
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C.
18%
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D.
28%
Solution
The standard rate of GST on most goods and services in India is 18%.
Correct Answer:
C
— 18%
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Q. Which of the following is a benefit of GST for businesses?
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A.
Increased compliance costs
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B.
Reduction in tax cascading
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C.
Higher tax rates
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D.
Complex filing procedures
Solution
One of the benefits of GST for businesses is the reduction in tax cascading, leading to lower overall tax burden.
Correct Answer:
B
— Reduction in tax cascading
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Q. Which of the following is a condition for availing input tax credit under GST?
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A.
The supplier must be unregistered
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B.
The goods must be used for personal consumption
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C.
The invoice must be in the name of the recipient
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D.
The goods must be imported
Solution
To avail input tax credit under GST, the invoice must be in the name of the recipient.
Correct Answer:
C
— The invoice must be in the name of the recipient
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