Gst Archives

31. The tax IGST charged by _________Government.

Central

State

Concerned department

Both a and b E. All a, b and c

Detailed SolutionThe tax IGST charged by _________Government.

32. GST comes under which amendment bill?

118

120

122

115 E. 129

Detailed SolutionGST comes under which amendment bill?

33. Whether credit on capital goods can be taken immediately on receipt of the goods?

Yes

After usage of such capital goods

After capitalizing in books of Accounts

None of the above

Detailed SolutionWhether credit on capital goods can be taken immediately on receipt of the goods?

34. Under what circumstances physical verification of business premises is mandatory?

Physical verification of business premises is a discretionary power of proper officer.

If additional information for registration asked by the proper officer is not submitted within specified time.

If certificate of registration is obtained on misrepresentation of facts.

If photograph of the business premise is not uploaded in the common portal within specified time.

Detailed SolutionUnder what circumstances physical verification of business premises is mandatory?

35. When can the transaction value be rejected for computation of value of supply

When the buyer and seller are not related and price is not the sole consideration

When the buyer and seller are related or price is not the sole consideration

It can never be rejected

When the goods are sold at very low margins

Detailed SolutionWhen can the transaction value be rejected for computation of value of supply

36. The registered recipient must issue an invoice in the following cases:

The supplier fails to issue an invoice

The supplier is unregistered

The goods or services received notified for tax on reverse charge basis

All of the above

Detailed SolutionThe registered recipient must issue an invoice in the following cases:

37. Can a registered person opt for composition scheme only for one out of his 5 business different units having same Permanent Account Number?

Yes

Yes, with prior approval of the Central Government

Yes, subject to prior approval of the GST Council

Detailed SolutionCan a registered person opt for composition scheme only for one out of his 5 business different units having same Permanent Account Number?

38. In India GST was first proposed in _______.

1993

1996

1999

2000 E. 2002

Detailed SolutionIn India GST was first proposed in _______.

39. Can Banking Company or Financial Institution withdraw the option of availing actual credit or 50% credit anytime in the financial year?

Yes

nan

Detailed SolutionCan Banking Company or Financial Institution withdraw the option of availing actual credit or 50% credit anytime in the financial year?

40. What is the maximum rate prescribed under CGST?

12%

20%

28%

18%

Detailed SolutionWhat is the maximum rate prescribed under CGST?

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