Q. Under GST, which of the following is considered a supply?
-
A.
Sale of goods
-
B.
Transfer of property
-
C.
Import of services
-
D.
All of the above
Solution
All of the above are considered supplies under GST.
Correct Answer:
D
— All of the above
Learn More →
Q. What is the GST rate on services provided by a restaurant that is not air-conditioned?
-
A.
5%
-
B.
12%
-
C.
18%
-
D.
28%
Solution
The GST rate on services provided by a restaurant that is not air-conditioned is 5%.
Correct Answer:
A
— 5%
Learn More →
Q. What is the maximum penalty for failure to furnish GST returns?
-
A.
Rs. 5,000
-
B.
Rs. 10,000
-
C.
Rs. 25,000
-
D.
Rs. 50,000
Solution
The maximum penalty for failure to furnish GST returns is Rs. 25,000.
Correct Answer:
C
— Rs. 25,000
Learn More →
Q. What is the standard rate of GST applicable on most goods and services in India?
-
A.
5%
-
B.
12%
-
C.
18%
-
D.
28%
Solution
The standard rate of GST applicable on most goods and services in India is 18%.
Correct Answer:
C
— 18%
Learn More →
Q. What is the time limit for claiming input tax credit under GST?
-
A.
Within 3 months
-
B.
Within 6 months
-
C.
Within the financial year
-
D.
Within 2 years
Solution
The time limit for claiming input tax credit under GST is within the financial year.
Correct Answer:
C
— Within the financial year
Learn More →
Q. Which of the following is a condition for availing input tax credit?
-
A.
Goods must be used for personal use
-
B.
Invoice must be in the name of the recipient
-
C.
Payment must be made in cash
-
D.
Goods must be sold within 30 days
Solution
The invoice must be in the name of the recipient to avail input tax credit.
Correct Answer:
B
— Invoice must be in the name of the recipient
Learn More →
Q. Which of the following is an example of a zero-rated supply under GST?
-
A.
Export of goods
-
B.
Sale of exempt goods
-
C.
Sale of services to SEZ
-
D.
Both 1 and 3
Solution
Both export of goods and sale of services to SEZ are examples of zero-rated supplies under GST.
Correct Answer:
D
— Both 1 and 3
Learn More →
Q. Which of the following is NOT a component of the GST structure in India?
-
A.
CGST
-
B.
SGST
-
C.
UTGST
-
D.
VAT
Solution
VAT (Value Added Tax) is not a component of the GST structure; it was replaced by GST.
Correct Answer:
D
— VAT
Learn More →
Q. Which of the following is NOT eligible for input tax credit under GST?
-
A.
Purchase of capital goods
-
B.
Purchase of exempt goods
-
C.
Purchase of services for business
-
D.
Purchase of raw materials
Solution
Input tax credit is not eligible for the purchase of exempt goods.
Correct Answer:
B
— Purchase of exempt goods
Learn More →
Showing 1 to 9 of 9 (1 Pages)
