Gst

11. Under which Act GST was introduced?

100
101
102
103 E. 104

Detailed SolutionUnder which Act GST was introduced?

12. What deductions are allowed from the transaction value

Discounts mention on invoice
Packing Charges mention on invoice
Any amount paid by customer on behalf of the supplier
Freight charges mention on invoice

Detailed SolutionWhat deductions are allowed from the transaction value

13. Under GST, Insurance is taxed _______ percent.

0%
5%
12%
18% E. 28%

Detailed SolutionUnder GST, Insurance is taxed _______ percent.

14. Balance in electronic credit ledger under CGST can be used against which liability?

CGST Liability only
CGST and IGST liability
CGST, IGST and SGST liability
None of them

Detailed SolutionBalance in electronic credit ledger under CGST can be used against which liability?

15. Which of the following country has the second highest tax slab?

Australia
Netherland
Argentina
Ireland E. South Korea

Detailed SolutionWhich of the following country has the second highest tax slab?

16. Can a registered person under Composition Scheme claim input tax credit?

Yes
No
Input tax credit on inward supply of goods only can be claimed
Input tax credit on inward supply of services only can be claimed

Detailed SolutionCan a registered person under Composition Scheme claim input tax credit?

17. GST threshold limit of North Eastern States is _______ lakhs

5
10
12
15 E. 20

Detailed SolutionGST threshold limit of North Eastern States is _______ lakhs

18. In case of goods sent on sale on approval basis, invoice has to be issued:

while sending the goods; another Invoice has to be issued by the recipient while rejecting the goods;
while sending the goods but the recipient can take credit only when the goods are accepted by him;
when the recipient accepts the goods or six months from the date of supply whichever isearlier.
when the recipient accepts the goods or three months from the date of supply whichever is earlier.

Detailed SolutionIn case of goods sent on sale on approval basis, invoice has to be issued:

19. Input tax credit on capital goods and Inputs can be availed in

In thirty six installments
In twelve installments
In one installment
In six installments

Detailed SolutionInput tax credit on capital goods and Inputs can be availed in

20. PAN issued under the Income Tax Act is mandatory for grant of registration.

It is one of the document listed.
Yes, but non-resident taxable person may be granted registration on the basis of any other document.
No, for persons who are required to deduct tax at source u/s 51 shall have TAN in lieu of PAN.
Both (b) and (c)

Detailed SolutionPAN issued under the Income Tax Act is mandatory for grant of registration.

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