MCQs on Goods and Services Tax (GST) -10

1. Can Banking Company or Financial Institution withdraw the option of availing actual credit or 50% credit anytime in the financial year? 

(a) Yes 
(b) No 
(c) Yes with permission of Authorized officer 
(d) Not applicable 


2. In case of Compulsory registration, input tax credit can be availed on 

(a) on stocks held on the day immediately preceding the date from which he becomes liable to pay tax under the provisions of this Act, provided application for registration is filed within 30 days from the due date 
(b) on stocks held on the day immediately preceding the date of grant of registration under the provisions of this Act. 
(c) on stocks held on the day immediately preceding the date of application of registration under the provisions of this Act. 
(d) None of the above 


3. In case of Voluntary registration input tax credit can be availed 

(a) on stocks held on the day immediately preceding the date from which he becomes liable to pay tax under the provisions of this Act 
(b) on stocks held on the day immediately preceding the date of grant of registration under the provisions of this Act. 
(c) on stocks held on the day immediately preceding the date of application of registration under the provisions of this Act. 
(d) None of the above 


4. The time limit beyond which if goods are not returned, the inputs sent for job work shall be treated as supply 

(a) One year 
(b) Five years 
(c) Six months 
(d) Seven years 


5. The time limit beyond which if goods are not returned, the capital goods sent for job work shall be treated as supply 

(a) One year 
(b) Five years 
(c) Three Years 
(d) Seven years 


6. Principal entitled for input tax credit on inputs sent for job work 

(a) If goods sent are returned within nine months  
(b) If goods sent are returned within three years 
(c) If goods sent are returned within six months 
(d) If goods sent are returned within one year 


7. Principal entitled for input tax credit on capital goods if sent for job work 

(a) If goods sent are returned within one year 
(b) If goods sent are returned within three years 
(c) If goods sent are returned within six months 
(d) If goods sent are returned within nine months 


8. Is the principal entitled for credit of goods though he has not received the goods and has been sent to job worker directly by vendor 

(a) Yes 
(b) No 
(c) Yes vendor should be located in same place 
(d) None of the above 


9. In case of ISD whether distributor and recipient should have same PAN 

(a) Yes 
(b) No 
(c) Yes if in same state and different in other state 
(d) None of the above 


10. Can the credit distributed by an ISD exceed the amount available for distribution 

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


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