Gst

31. Whether depreciation on tax component of capital goods and Plant and Machinery and whether input tax credit (ITC) is Permissible?

Yes
No
Input tax credit is eligible if depreciation on tax component is not availed
None of the above

Detailed SolutionWhether depreciation on tax component of capital goods and Plant and Machinery and whether input tax credit (ITC) is Permissible?

32. Input Tax credit as credited in Electronic Credit ledger can be utilized for

Payment of Interest
Payment of penalty
Payment of Fine
Payment of Taxes

Detailed SolutionInput Tax credit as credited in Electronic Credit ledger can be utilized for

33. SAC Code Stands for

Services Accounting Code
Software Accounting Code
System Accounting Code
Service Application Code

Detailed SolutionSAC Code Stands for

34. Balance in electronic credit ledger under SGST can be used against which liability?

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

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

35. When an e-commerce operator is required to register under GST?

When he is required to collect tax at source u/s 52
When his aggregate turnover exceeds the threshold limit
When he is required to discharge tax on the taxable supply or services made by the supplier through him u/s 9(5)
It is mandatory to register irrespective of the threshold limit.

Detailed SolutionWhen an e-commerce operator is required to register under GST?

36. Smart Phones will be taxed at _______ under GST.

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

Detailed SolutionSmart Phones will be taxed at _______ under GST.

37. Is there any ceiling limit prescribed on the rate under IGST?

12%
18%
28%
40%

Detailed SolutionIs there any ceiling limit prescribed on the rate under IGST?

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

1%
0.50%
2.50%
None of the above

Detailed SolutionWhat is the rate applicable under CGST to a registered person being a hotelier opting to pay taxes under composition scheme?

39. When can a registered person avail credit on inputs?

on receipt of goods
on receipt of documents
Both
None of the above

Detailed SolutionWhen can a registered person avail credit on inputs?

40. What is the validity of the registration certificate?

Five years
Ten years
No validity
Valid till it is cancelled

Detailed SolutionWhat is the validity of the registration certificate?

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