MCQs on Goods and Services Tax (GST) -8

1. An assessee obtains new registration, voluntary registration, change of scheme from composition to regular scheme and from exempted goods/services to taxable goods/services. It can avail credit on inputs lying in stock. What is the time limit for taking said credit 

(a) 1 year from the date of invoice 
(b) 3 year from the date of invoice 
(c) 5 year from the date of invoice 
(d) None of the above 


2. Eligibility of credit on capital goods in case of change of scheme from Composition scheme to Regular scheme 

(a) Eligible during application for Regular scheme 
(b) Not eligible 
(c) Yes Immediately before the date from which he becomes liable to pay tax under the Regular scheme 
(d) None of the above 


3. Can the unutilized input tax credit be transferred in case of change in constitution of business? 

(a) Not possible 
(b) No, it will be exhausted 
(c) Yes, It will be transferred only if there is provision for transfer of liabilities 
(d) It will be transferred only if it is shown in books of Accounts of transferor 



4. Which of the following persons can opt for composition scheme? 

(a) Person making any supply of goods which are not leviable to tax under this Act; 
(b) Person making any inter-State outward supplies of goods; 
(c) Person effecting supply of goods through an e-commerce operator liable to collect tax at source 
(d) None of the above 


5. What is the threshold limit of turnover in the preceding financial year for opting to pay tax under composition scheme? 

(a) Rs.20 lacs 
(b) Rs.10 lacs 
(c) Rs.50 lacs 
(d) None of the above 


6. What is the rate applicable under CGST to a registered person being a manufacturer opting to pay taxes under composition scheme? 

(a) 2.5% 
(b) 1% 
(c) 0% 
(d) No composition for manufacturer 


7. What is the rate applicable under CGST to a registered person being a hotelier opting to pay taxes under composition scheme? 

(a) 1% 
(b) 0.5% 
(c) 2.5% 
(d) None of the above 


8. What is the rate applicable under CGST to a registered person opting to taxes under composition scheme, not being a manufacturer or a hotelier? 

(a) 1% 
(b) 2.5% 
(c) 0.5% 
(d) None of the above 


9. Can a registered person opt for composition scheme only for one out of his 3 business verticals having same Permanent Account Number? 

(a) Yes 
(b) No 
(c) Yes, subject to prior approval of the Central Government 
(d) Yes, subject to prior approval of the concerned State Government 


10. 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 


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