[amp_mcq option1=”President of India” option2=”Prime Minister” option3=”Finance Minister” option4=”RBI Governor E. Finance secretary” correct=”option3″]
Gst
52. The maximum rate prescribed under IGST now is _______.
[amp_mcq option1=”5%” option2=”12%” option3=”18%” option4=”28% E. No such limit” correct=”option3″]
Detailed SolutionThe maximum rate prescribed under IGST now is _______.
53. Which of the following country is the first one to implement GST?
[amp_mcq option1=”USA” option2=”France” option3=”China” option4=”Switzerland E. Germany” correct=”option1″]
Detailed SolutionWhich of the following country is the first one to implement GST?
54. Balance in electronic credit ledger can be utilized against which liability?
[amp_mcq option1=”Output tax payable” option2=”Interest payable” option3=”Penalty” option4=”All of above” correct=”option4″]
Detailed SolutionBalance in electronic credit ledger can be utilized against which liability?
55. Every registered taxable person shall be entitled to take credit of input tax in his return and such input tax credit shall be credited to
[amp_mcq option1=”Personal Ledger Account” option2=”Refund account” option3=”Electronic Cash Ledger” option4=”Electronic Credit Ledger” correct=”option4″]
56. When does liability to pay GST arise in case of supply of goods?
[amp_mcq option1=”On raising of invoice” option2=”At the time of supply of goods” option3=”On receipt of payment” option4=”Earliest of any of above” correct=”option4″]
Detailed SolutionWhen does liability to pay GST arise in case of supply of goods?
57. GST threshold limit of Normal States is _______ lakh
[amp_mcq option1=”12″ option2=”15″ option3=”20″ option4=”25 E. 30″ correct=”option3″]
Detailed SolutionGST threshold limit of Normal States is _______ lakh
58. _______ is the first state to ratify GST bill.
[amp_mcq option1=”Andhra Pradesh” option2=”Assam” option3=”Arunachal Pradesh” option4=”Bihar E. Telangana” correct=”option1″]
Detailed Solution_______ is the first state to ratify GST bill.
59. What is location of supply in case of importation of goods?
[amp_mcq option1=”Customs port where the goods are cleared” option2=”Location of the importer” option3=”Place where the goods are delivered after clearance from customs port” option4=”Owner of the goods” correct=”option3″]
Detailed SolutionWhat is location of supply in case of importation of goods?
60. What is the threshold limit of turnover in the preceding financial year for opting to pay tax under composition scheme?
[amp_mcq option1=”Rs.75 lacs” option2=”Rs.1 crore” option3=”Rs.1.5 crore” option4=”None of the above” correct=”option1″]