MCQs on Goods and Services Tax (GST) -9

1. What is the time of supply of service if the invoice is issued within 30 days from the date of provision of service? 

(a) Date of issue of invoice 
(b) Date on which the supplier receives payment 
(c) Date of provision of service 
(d) Earlier of (a) & (b) 


2. What is the time of supply of service in case of reverse charge mechanism? 

(a) Date on which payment is made to the supplier 
(b) Date immediately following 60 days from the date of issue of invoice 
(c) Date of invoice 
(d) Earlier of (a) & (b) 



3. What deductions are allowed from the transaction value 

(a) Discounts offered to customers, subject to conditions 
(b) Packing Charges, subject to conditions 
(c) Amount paid by customer on behalf of the supplier, subject to conditions 
(d) Freight charges incurred by the supplier for CIF terms of supply, subject to conditions 


4. If the goods are supplied to related persons then how should the taxable person ascertain the value of supplies? 

(a) Seek the help of the GST officer 
(b) Use the arm’s length price as required under the Income Tax law 
(c) Identify the prices at which goods are sold by the unrelated person to his customer 
(d) Refer the Rules which will be prescribed for this purpose 


5. Whether definition of Inputs includes capital goods 

(a) No
(b) Yes   
(c) Certain capital goods only 
(d) None of the above 


6. Is it mandatory to capitalize the capital goods in books of Accounts? 

(a) Yes 
(b) No 
(c) Optional 
(d) None of the above 


7. What is the maximum time limit to claim the Input tax credit? 

(a) Till the date of filing annual return 
(b) Due date of September month which is following the financial year 
(c) Earliest of (a) or (b) 
(d) Later of (a) or (b) 



8. Proportionate credit for capital goods is allowed 

(a) for business and non-business purpose 
(b) for business or non- business purpose 
(c) both of the above 
(d) none of the above 


9. Exempt supplies under Section 17 (apportionment of credit) includes 

(a) Only exempted supplies 
(b) Reverse charge supplies and sale of land 
(c) Exempted supplies, reverse charge supplies, Transaction in securities, sale of land, sale of building 
(d) None of the above 


10. Banking company or Financial Institution have an option of claiming: 

(a) Only 50% Credit 
(b) Eligible Credit or 50% credit 
(c) Only Eligible credit 
(d) Eligible credit and 50% credit 


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