Gst Archives

41. Business which has centralized registration under existing Acts

Shall obtain a centralized registration under GST Law.

Shall obtain separate registration in each state from where it is making taxable supplies.

Shall obtain registration on temporary basis.

No need to apply for registration under GST.

Detailed SolutionBusiness which has centralized registration under existing Acts

42. Accounts are required to be maintained in

Manual form

Electronic form

Manual and electronic form

Manual or electronic form

Detailed SolutionAccounts are required to be maintained in

43. GST council formation based on Article number _______.

279A

289A

266A

255A E. 286A

Detailed SolutionGST council formation based on Article number _______.

44. Tax invoice must be issued by________

Every supplier

Every taxable person

Registered persons not paying tax under composition scheme

All the above

Detailed SolutionTax invoice must be issued by________

45. For capital goods, proportionate credit is allowed

for business and non-business purpose

for business or non- business purpose

both of the above

none of the above

Detailed SolutionFor capital goods, proportionate credit is allowed

46. What is date of receipt of payment?

Date of entry in the books

Date of payment credited into bank account

Earlier of (a) and (b)

Date of filing of return

Detailed SolutionWhat is date of receipt of payment?

47. Is Input tax to be reversed in case of supply of capital goods

Yes fully

Yes, to extent of credit taken as reduced by prescribed percentage or tax on transaction value whichever is higher

Yes to the extent of transaction value of such goods

Detailed SolutionIs Input tax to be reversed in case of supply of capital goods

48. Is the principal entitled for credit of goods though he has not received the goods and has been sent to job worker directly by vendor

Yes

Yes vendor should be located in same place

None of the above

Detailed SolutionIs the principal entitled for credit of goods though he has not received the goods and has been sent to job worker directly by vendor

49. In case supplier has deposited the taxes but the receiver has not received the goods, is receiver entitled to avail credit?

Yes, it will be automatically show in recipient monthly returns.

No, as one of the conditions of section 16(2) is not fulfilled.

Yes if the receiver can prove later that goods are received subsequently

None of the above

Detailed SolutionIn case supplier has deposited the taxes but the receiver has not received the goods, is receiver entitled to avail credit?

50. Who will notify the rate of tax to be levied under CGST?

GST Council suo moto

Central Government suo moto

State Government suo moto

Central Government as per the recommendations of the GST Council

Detailed SolutionWho will notify the rate of tax to be levied under CGST?

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