Introduction to GST - Numerical Applications for Exams

Introduction to GST - Numerical Applications

Q. If a person is a resident in India, what is the basic condition for determining their residential status?

Solution

The basic condition for determining residential status is the duration of stay in India.

Correct Answer: C — Duration of stay

Q. If a taxpayer's total taxable income is ₹10,00,000, what is the income tax liability for an individual below 60 years under the old tax regime?

Solution

Under the old tax regime, the income tax liability for ₹10,00,000 is ₹1,50,000 after applying the applicable slabs.

Correct Answer: B — ₹1,50,000

Q. What is the GST rate applicable on the supply of most goods in India?

Solution

The standard GST rate applicable on most goods in India is 18%.

Correct Answer: C — 18%

Q. What is the GST rate on the supply of services like restaurant food?

Solution

The GST rate on the supply of restaurant food is 5%.

Correct Answer: B — 12%

Q. What is the maximum limit for claiming deductions under Section 80C in a financial year?

Solution

The maximum limit for claiming deductions under Section 80C is ₹1,50,000.

Correct Answer: A — ₹1,00,000

Q. Which of the following deductions is available for interest on housing loan under Section 24(b)?

Solution

Under Section 24(b), a deduction of up to ₹2,00,000 is available for interest on housing loan.

Correct Answer: A — ₹1,50,000

Q. Which of the following is NOT a component of the GST structure?

Solution

VAT is not a component of the GST structure; it was replaced by GST.

Correct Answer: D — VAT

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