Q. Under GST, which of the following is a taxable supply?
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A.
Sale of agricultural produce
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B.
Sale of old newspapers
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C.
Sale of luxury goods
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D.
Sale of exempt goods
Solution
Sale of luxury goods is considered a taxable supply under GST.
Correct Answer:
C
— Sale of luxury goods
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Q. What is the GST rate on services provided by a restaurant?
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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 GST rate on services provided by a restaurant is generally 5%.
Correct Answer:
A
— 5%
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Q. What is the rate of GST on most goods and services?
-
A.
5%
-
B.
12%
-
C.
18%
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D.
28%
Solution
The standard rate of GST on most goods and services is 18%.
Correct Answer:
C
— 18%
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Q. What is the time limit for filing GST returns?
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A.
Monthly
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B.
Quarterly
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C.
Annually
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D.
Bi-annually
Solution
GST returns are generally required to be filed monthly.
Correct Answer:
A
— Monthly
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Q. Which of the following is a condition for claiming input tax credit (ITC) under GST?
-
A.
The supplier must be registered
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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 consumer
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D.
The goods must be imported
Solution
To claim input tax credit (ITC) under GST, the supplier must be registered.
Correct Answer:
A
— The supplier must be registered
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