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EXECUTIVE PROGRAMMEPRACTICE QUESTIONS ON GSTCompensation to states under GST(Compensation to States ) Act , 2017 is paid byCentral Government from consolidated fund of IndiaCentral Government from GST compensation fund of IndiaCentral Government directly from the collection of compensation cess GST Council under Constitution of India.While computing compensation to states, tax revenue of this tax/ these taxes is excludedpetroleum crude, diesel, petrol, ATF and natural gas Alcohol for human consumptionentertainment tax collected by local authorities All of the aboveInput tax credit on compensation cess paid under GST(Compensation to States ) Act , 2017is not available is availableis available but not fully is available after one yearInput tax credit under GST(Compensation to States ) Act , 2017 includes GST Compensation Cess charged on any supply of goods and/or services, Goods imported GST Compensation Cess payable on reverse charge basis;All of the aboveMaximum rate of CGST prescribed by law for intrastate supply made is----18% 20%40% 28%+cessInput tax credit on Compensation cess paid under GST (Compensation to States) Act, 2017 is available for payment ofIGST onlyIGST and CGST onlycompensation under GST (Compensation to States) ActNone of the aboveIGST is payable when the supply is ---InterstateIntra-state Intra- UTAll of the above Zero rated supply includes supplies made-By SEZ unit in India to SEZ unit in IndiaBoth (a & (b above None of the above With the introduction of GST, imports will be—more expensivecheaperneutral with no change None of the aboveThe first committee to design GST model was headed by Vijay KelkarAsim Das GuptaDr. Chidambaram None of the aboveFirst discussion paper (FDP) which formed the basis for GST in 2009 was released byUnion Finance MinistryDr. Manmohan SinghGST CouncilEmpowered CommitteeRoll out of GST requires constitutional amendment because—existing laws were cascadingthe powers of levy were exclusivethere are separate laws for goods and servicesAll of the aboveWorks contract under GST is goods used in work relating to-Immovable propertyBoth movable and immovable propertyImmovable property treated as supply of serviceImmovable property treated as supply of goodsIGST deals withComposition schemeTime of supplyService tax on imported servicesAll of the aboveThe turnover limit of Rs. 50 Lakh for composition scheme is not applicable to the state ofHimachal PradeshAssamUttarakhandNone of the aboveA supplier is liable to get registered under GST if his aggregate turnover in a financial year crosses Rs. 20 lakh in a state or UT other than special category states if he is-an interstate supplieran intra-state supplier Electronic commerce operator Person liable to pay GST under reverse chargeRegistration under GST is not compulsory to-Casual taxable personInput service distributorNon-resident taxable personNone of the aboveOne of the following states does not fall under special category given under Art. 279A of the ConstitutionHimachal PradeshUttarakhandChhattisgarhJammu & KashmirExemption from registration is available to Central & State Govt. Departments Agriculturistsa) & b) above None of the aboveAddress for deliveryRecipient address mentioned in the tax invoiceRecipient address mentioned in the delivery challanRecipient address not necessaryRecipient address mentioned in the Gate passWhen President assent was obtained for central GST 18th April 201722nd April 20175th April 201712th April 2017What is applicability of GST Applicable all over India except SikkimApplicable all over India except Jammu and KashmirApplicable all over IndiaApplicable all over India except NagalandMoney means Indian legal tenderForeign currencyCheque/promissory noteAll the abovenon-taxable territory means Outside taxable territoryInside taxable territoryInter-state taxable territoryNone of the abovePerson includes IndividualHUFLLPAll the above Goods and Service Tax council referred in which section 279A of the constitution276 of the constitution277 of the constitution279 of the constitutionWeight age of vote for centre at GST council 1/4th of total votes cast1/3rd of total votes cast? of total votes castOnly BWeightage of States ( combined together) at GST council 2/3rd of total votes cast1/3rd of total votes cast1/4th of total votes castNone of the aboveWho is chairperson of GST council Finance secretaryState Finance MinisterUnion Finance MinisterNone of the aboveTaxable turnover of below Rs.1.5 crore assessee under control of CentreStateBoth a and bOnly cPowers to declare certain activities/transactions as neither supply of goods nor of services Schedule ISchedule IIISchedule IISchedule IVWhen GST council constituted 15.09.201613.09.201612.09.201620.09.2016Address for delivery Recipient address mentioned in the invoiceRecipient address mentioned in the delivery challanRecipient address not necessaryRecipient address mentioned in the Gate passAgriculturist Individual or HUFIndividual and HUFPartnershipAll the aboveAssociated enterprise mentioned Income tax act 1961Companies Act 2013Central GST Act 2017State GST Act 2017Appointed day Date on which the provisions of this Act shall come into forceDate on which President assentDate of which both houses passed the actDate on which sent to Finance Ministry Deemed exports mentioned in which section Section 137Section 147Section 142Section 145Quarter means MarchSeptemberDecemberAll the aboveTaxable levy in case of manufacture under composite scheme Two percentThree per centOne per centHalf per centWhether person opted for composite scheme collect tax under GSTNoYesOnly ANone of the aboveParticipation of ITC value chain in composite scheme With participationWithout participationEither a or b None of the aboveTaxes paid on Transaction valueManufacturing costBoth A and BNone of the aboveITC available In the course or Furtherance of businessOther than business expOnly ANone of the aboveInput tax credit availability On receipt of goodsOn payment of taxes paid by supplier to Govt. Taken to manufacturing site or availed services None of the aboveInput tax on capital goods In one installmentPartly five equal installmentsOnly AEqually 10% every yearAppellate Tribunal mentioned in which section Section 109Section 105Section 103Section 119Authorised representative referred in which section Section 110Section 116Section 119Section 106Common portal referred in which section Section 136Section 146Section 143Section 149Debit note and credit note mentioned in which section Section 36Section 39Section 34None of the aboveElectronic cash ledger and Electronic credit ledger mentioned in which section Section 39Section 42Section 49Section 47“invoice” or “tax invoice mentioned in which section Section 27Section 29Section 31Section 47Valid return mentioned in which section Section 29Section 39Section 47Section 49GST Registration Aadhar basedPassport basedPan basedNone of the aboveA person is having multiple business requires registrationSingleEach business separatelyEither A or BNone of the aboveDeemed Registration After four working daysAfter five working daysAfter three common working daysAfter seven working daysAnnual Return to be filed every year 30th June 30th September31st December31st OctoberIGST tax levy means Within stateBetween two statesOnly ANone of the aboveIGST levy can be levied CentreStateUnion TerritoryBoth a and bAnswers: 1 (b), 2 (d), 3 (b), 4 (d), 5 (b), 6 (c), 7 (a), 8 (b), 9 (a), 10 (b), 11 (d), 12 (d), 13 (c), 14 (c), 15 (c), 16 (b), 17 (d), 18 (c), 19 (b), 20 (a), 21 (d), 22 (c), 23 (d), 24 (a), 25 (d), 26 (a), 27 (b), 28 (a), 29 (c), 30 (c), 31 (b), 32 (c), 33 (a), 34 (a), 35 (a), 36 (a), 37 (b), 38 (d), 39 (c), 40 (c), 41 (b), 42 (a), 43 (a), 44 (b), 45 (c), 46 (a), 47 (b), 48 (b), 49 (c), 50 (c), 51 (c), 52 (b), 53 (c), 54 (b), 55 (c), 56 (c), 57 (b), 58 (a) ................
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