1. Transfer of Possession of Goods is

(A) Actual Tax Point
(B) Basic Tax Point
(C) Either of the above
(D) None of the Above

2. The Issuance of the Invoice or Receipt of Payment is known as :

(A) Actual Tax Point
(B) Basic Tax Point
(C) Either of the above
(D) None of the Above

3. In GST, a Taxable Event is reckoned based on :

(A) Based on Basic tax Point Only
(B) Based on Actual tax Point Only
(C) Basic tax Point or Actual Tax Point whichever is earlier
(D) None of the Above

4. Suppose, one dealer has sent some goods to another dealer for Sales on Approval Basis. In absence of any confirmation even after 6 months, it will be treated as :

(A) Sales Return
(B) Deemed Supply of Goods
(C) Purchase return
(D) None of the Above

5. In GST, the valuation of the supply of Goods is based on:

(A) Market Value
(B) Fair Value
(C) Transaction Value
(D) None of the Above

6. Suppose, a Cement manufacturing company allows a post supply discount of ` 5/-Cores to his Distributor without any prior agreement to that effect or without disclosing the same at the time of supply. Whether, it is a Deemed Supply or Not?

(A) Yes
(B) No
(C) Subject to the Individual Circumstances
(D) None of the Above

7. Suppose One Dealer has a credit of ` 5/-Lakhs in his Electronic ITC Ledger. That dealer has an interest arrears dues of `6/-Lakhs and Penalty Dues of ` 2/-Lakhs. If so, how much, he has to deposit to settle the above interest and Penalty Dues?

(A) 3/-Lakhs
(B) 6/-Lakhs
(C) 2/-Lakhs
(D) 8/-Lakhs

8. In GST, the order of discharging of Tax and Other Liability will be :

(A) Previous Tax Period, Current tax Period and Additional Demand
(B) Current Tax Period, Previous tax Period and Additional Demand
(C) Additional Demand, Current tax Period and Previous Tax Period
(D) Any Order at the Discretion of the Proper Officer/Tax Payer

9. What will be the Amount of TDS in GST?

(A) Full Tax Amount
(B) SGST Tax Only
(C) CGST Tax Only
(D) 1% of the Payment

10. What will be the Time Limit for making payment of the TDS Amount by the Deductor?

(A) Within 20 days after the end of the month
(B) Within 15 days after the end of the month
(C) Within 10 days after the end of the month
(D) Next Working Day after the TDS Collection

More MCQs on Goods and Services Tax (GST)