Gst Archives

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

Yes

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.

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?

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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