1. What are the factors differentiating Composite Supply & Mixed Supply CGST Act 2017?

(a) Nature of bundling i.e. artificial or natural
(b) Existence of Principal Supply
(c) Both of the above
(d) None of the above

2. What is the time of supply of vouchers when the supply with respect to the voucher is not identifiable? 

(a) Date of issue of voucher 
(b) Date of redemption of voucher 
(c) Earlier of (a) & (b) 
(d) (a) & (b) whichever is later 

3. The value of supply of goods and services shall be the 

(a) Transaction value 
(b) MRP 
(c) Market Value 
(d) None of above 

4. The value of supply should include 

(a) Any non-GST taxes, duties, cesses, fees charged by supplier separately 
(b) Interest, late fee or penalty for delayed payment of any consideration for any supply 
(c) Subsidies directly linked to the price except subsidies provided by the Central and State Government 
(d) All of the above 

5. When can the transaction value be rejected for computation of value of supply 

(a) When the buyer and seller are related and price is not the sole consideration 
(b) When the buyer and seller are related or price is not the sole consideration 
(c) It can never be rejected 
(d) When the goods are sold at very low margins 

6. The term “used in the course or furtherance of business” means? 

(a) It should be directly co related to output supply 
(b) It is planned to use in the course of business 
(c) It is used in the course of business 
(d) It is used in the course of business for making outward supply 

7. Under section 16(2) of CGST Act how many conditions are to be fulfilled for the entitlement of credit? 

(a) All the conditions 
(b) Any two conditions 
(c) Conditions not specified 
(d) None of the above 

8. Whether credit on inputs should be availed based on receipt of documents or receipt of goods 

(a) Receipt of goods 
(b) Receipt of Documents 
(c) Both 
(d) Either receipt of documents or Receipt of goods 

9. In case supplier has deposited the taxes but the receiver has not received the documents, is receiver entitled to avail credit? 

(a) Yes it will be auto populated in recipient monthly returns 
(b) No as one of the conditions of 16(2) is not fulfilled 
(c) Yes if the receiver can prove later that documents are received subsequently 
(d) None of the above 

10. The time limit to pay the value of supply with taxes to avail the input tax credit? 

(a) Three months 
(b) Six Months 
(c) One hundred and eighty days 
(d) Till the date of filing of Annual Return