Gst Archives - Page 6 of 10 - MCQ and Quiz for Exams

51. Who is the chairman of GST council?

President of India

Prime Minister

Finance Minister

RBI Governor E. Finance secretary

Detailed SolutionWho is the chairman of GST council?

52. The maximum rate prescribed under IGST now is _______.

5%

12%

18%

28% E. No such limit

Detailed SolutionThe maximum rate prescribed under IGST now is _______.

53. Which of the following country is the first one to implement GST?

USA

France

China

Switzerland E. Germany

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?

Output tax payable

Interest payable

Penalty

All of above

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

Personal Ledger Account

Refund account

Electronic Cash Ledger

Electronic Credit Ledger

Detailed SolutionEvery registered taxable person shall be entitled to take credit of input tax in his return and such input tax credit shall be credited to

56. When does liability to pay GST arise in case of supply of goods?

On raising of invoice

At the time of supply of goods

On receipt of payment

Earliest of any of above

Detailed SolutionWhen does liability to pay GST arise in case of supply of goods?

57. GST threshold limit of Normal States is _______ lakh

12

15

20

25 E. 30

Detailed SolutionGST threshold limit of Normal States is _______ lakh

58. _______ is the first state to ratify GST bill.

Andhra Pradesh

Assam

Arunachal Pradesh

Bihar E. Telangana

Detailed Solution_______ is the first state to ratify GST bill.

59. What is location of supply in case of importation of goods?

Customs port where the goods are cleared

Location of the importer

Place where the goods are delivered after clearance from customs port

Owner of the goods

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?

Rs.75 lacs

Rs.1 crore

Rs.1.5 crore

None of the above

Detailed SolutionWhat is the threshold limit of turnover in the preceding financial year for opting to pay tax under composition scheme?

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