Graded assessment Framework of GST Quiz Answers

Graded assessment: Framework of GST Quiz Answers

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Graded assessment: Framework of GST Quiz Answers

Question 1)
Under which schedule of the Constitution of India, the specific Lists have been prescribed to levy taxes by Central Government or State Government?

  • Fifth Schedule
  • Third Schedule
  • Seventh Schedule
  • First Schedule

Question 2)
What were the key bottleneck or challenges in the erstwhile Indirect tax regime which paved the wave for introduction of GST in India?

  • Cascading effect of taxes
  • Multiple taxes
  • No set-off mechanism
  • All of the above

Question 3)
What is the meaning of consumption-based tax?

  • Entire tax on goods or services shall be payable to the state from which these are provided
  • Entire tax revenue accrued on goods or services will be payable to the state in which such goods and services are actually consumed
  • None of the above

Question 4)
Which of the following statement is correct in relation to GST council?

  • GST council decides the taxes, cesses and surcharges levied by the Centre or the States, Goods and services that may be subjected to or exempted from the GST
  • GST council recommends the taxes, cesses and surcharges levied by the Centre or the States, Goods and services that may be subjected to or exempted from the GST

Question 5)
What is the extended date for the levy of compensation cess?

  • 1st July 2022
  • 1st July 2026
  • 31st March 2026
  • 31st March 2023

Question 6)
Which of the following taxes are outside the purview of GST?

  • Basic Customs Duty on import of goods
  • Stamp duty, tax on electricity
  • Duties on alcohol for human consumption and tobacco products
  • All of the above

Question 7)
Out of the following supplies, on what kind of supplies IGST is levied?

  • Import of goods
  • Inter-state supplies
  • Export of goods (with payment of tax)
  • All of the above

Question 8)
Select the True statement:

  • A taxpayer can avail the input tax credit of the inward supplies, if the same is reflecting in the GSTR 2B of the recipient provided other condition for availing credit has been fulfilled
  • A taxpayer can avail the credit without actual receipt of the invoice copy, mere reflecting in the GSTR 2B is sufficient
  • Before availment of the input tax credit, the taxpayer does not need to ensure that taxes are paid on inward supplies are actually credited to the Government
  • All of the above

Question 9)
How many authorities have been constituted to deal with Anti-profiteering issues under GST laws?

  • National Anti-profiteering Authority
  • Directorate General of Anti-profiteering
  • State level screening committees and standing committees
  • All of the above

Question 10)
How many GST slab rates are there in India?

  • 3
  • 4
  • 5
  • 6

Question 11)
Which of the following have resulted upon implementation of GST in India?

  • Eliminating the cascading effect of taxes
  • Improving the cash flow position
  • Creating a simpler and rational tax structure
  • All of the above

Question 12)
Which of the following transaction does not qualify as supply under GST law?

  • Disposal of car without consideration and the supplier has not claimed input tax credit on such car
  • A principal makes supplies to his agent who is also registered under GST and is situated within the same state and the invoice for further supply is issued by the agent in his name
  • Head office makes the supply of services to its own branch outside the state
  • A person imports services without consideration for the purposes of his business from his elder sons living outside India

Question13)
How many members form part of GST council?

  • 30
  • 28
  • 31
  • 33

Question 14)
Which is the correct combination for implementation of E-invoicing in India?

  • Companies with turnover above 500 crores w.e.f. October 01, 2020
  • Companies with turnover above 100 crores w.e.f. January 01, 2021
  • Companies with turnover above 50 crores w.e.f. April 01, 2021
  • Companies with turnover above 20 crores w.e.f. April 01, 2022
  • All of the above

Question 15)
What all State Indirect taxes or duties have subsumed upon introduction of GST law in India?

  • VAT (except certain specified goods)
  • Central Sales Tax
  • Entry Tax & Luxury Tax
  • All of the above

Question 16)
Select true statement in terms of appropriate mechanism of utilization of IGST input tax credit under the GST laws.

  • IGST credit shall be utilized to first off set IGST output tax liability
  • IGST credit can be utilized to discharge CGST output tax liability
  • IGST credit cannot be utilized to discharge SGST output tax liability
  • a and b
  • None of the above

Question 17)
How many types of supply has been defined under the GST law?

  • Inter-state supply
  • Intra-state supply
  • Both of the above
  • None of the above

Question 18)
Vide which List of Seventh Schedule to the Constitution of India, Custom duty, Excise Duty, duty on inter-state sale or purchase of goods, Service tax were levied by the Central Government?

  • Union List
  • State List
  • Concurrent List
  • None of the above

Question 19)
Under which Article of Constitution of India, the GST council was formed?

  • Article 279A
  • Article 246A
  • Article 269A
  • Article 289

Question 20)
Complete the sentence “GST is levied……….”?

  • only on the value addition added by the supplier of goods
  • on the Cost of the goods, plus value addition plus profit
  • None of the above

Question 21)
Select the appropriate combination out of the following:

  1. IGST is levied on intra-state supplies
  2. CGST & SGST is levied on inter-state supplies
  3. IGST is levied on inter-state supplies
  4. CGST & SGST is levied on intra-state supplies
  • (i) and (ii)
  • (i) and (iii)
  • (ii) and (iv)
  • (iii) and (iv)

 

Question 22)
Out of following, what taxes or duties were applicable during the pre-GST regime in case of an inter-state supply of goods?

  • Central Excise Duty
  • Central Sales Tax
  • Entry Tax and other local body taxes like mandi tax etc.
  • All of the above

Question 23)
Till what period, the Kerala Flood Cess on intra-state supplies in the state of Kerala was implemented?

  • July 01, 2017 to March 31, 2022
  • August 01, 2019 to July 31, 2021
  • August 01, 2019 to July 31, 2022
  • July 01, 2017 to March 31, 2021

Question 24)
What all Central Indirect taxes or duties have subsumed upon introduction of GST law in India?

  • Service Tax
  • Central Excise Duty (except certain specified goods)
  • Basic Customs Duty
  • Both a & b

Question 25)
Which of the following statement is correct?

  • Advance Ruling issued by an Authority for Advance Ruling is binding on all the taxpayers in India
  • Advance Ruling issued by an Authority for Advance Ruling is binding on all the taxpayers in
  • the state where the issuing Authority for Advance Ruling is located
  • Advance Ruling is binding only on the taxpayer (who have sought the ruling) and the jurisdictional officer
  • None of the above

Question 26)
What GST slab rates are applicable in India?

  • 0%, 5%, 9%, 18%, 28%
  • 0%, 9%, 12%, 18%, 28%
  • 0%, 5%, 12%, 18%, 28%
  • 0%, 6%, 9%, 12%, 28%

Question 27)
Which year is considered as the ‘Base year’ for calculation of compensation cess payable to a state?

  • 2013-14
  • 2014-15
  • 2015-16
  • 2016-17

Question 28)
Please select the correct statement:

  • Input credit of IGST can be utilized only to discharge output tax liability of IGST
  • Input credit of IGST can be utilized only to discharge output tax liability of IGST and CGST
  • Input credit of CGST can be utilized to discharge output tax liability of SGST
  • None of the above

Question 29)
Under which Article of Constitution of India, the GST is being levied?

  • Article 376
  • Article 19
  • Article 246A
  • Article 246

Question 30)
What does composite supply means?

  • Two supplies of goods are supplied together irrespective of the fact that these are supplied in conjunction with each other in the ordinary course of business.
  • Two or more goods or services that are naturally bundled are supplied in conjunction with each other in the ordinary course of business, where one of them is the principal supply.

Question 31)
In which circumstances provisions of Anti-profiteering trigger?

  • Any reduction in the output GST rate
  • Any increase in the input tax credit availability to the supplier of Goods or services
  • Both a & b
  • None of the above

 

 

 

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