Gst

1. Who is the chairman of GST council?

President of India
Prime Minister
Finance Minister
RBI Governor E. Finance secretary

Detailed SolutionWho is the chairman of GST council?

2. The maximum rate prescribed under IGST now is _______.

5%
12%
18%
28% E. No such limit

Detailed SolutionThe maximum rate prescribed under IGST now is _______.

3. Which of the following country is the first one to implement GST?

USA
France
China
Switzerland E. Germany

Detailed SolutionWhich of the following country is the first one to implement GST?

4. Balance in electronic credit ledger can be utilized against which liability?

Output tax payable
Interest payable
Penalty
All of above

Detailed SolutionBalance in electronic credit ledger can be utilized against which liability?

5. Every registered taxable person shall be entitled to take credit of input tax in his return and such input tax credit shall be credited to

Personal Ledger Account
Refund account
Electronic Cash Ledger
Electronic Credit Ledger

Detailed SolutionEvery registered taxable person shall be entitled to take credit of input tax in his return and such input tax credit shall be credited to

6. When does liability to pay GST arise in case of supply of goods?

On raising of invoice
At the time of supply of goods
On receipt of payment
Earliest of any of above

Detailed SolutionWhen does liability to pay GST arise in case of supply of goods?

7. GST threshold limit of Normal States is _______ lakh

12
15
20
25 E. 30

Detailed SolutionGST threshold limit of Normal States is _______ lakh

8. _______ is the first state to ratify GST bill.

Andhra Pradesh
Assam
Arunachal Pradesh
Bihar E. Telangana

Detailed Solution_______ is the first state to ratify GST bill.

9. What is location of supply in case of importation of goods?

Customs port where the goods are cleared
Location of the importer
Place where the goods are delivered after clearance from customs port
Owner of the goods

Detailed SolutionWhat is location of supply in case of importation of goods?

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

Rs.75 lacs
Rs.1 crore
Rs.1.5 crore
None of the above

Detailed SolutionWhat is the threshold limit of turnover in the preceding financial year for opting to pay tax under composition scheme?

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