Practice GST Multiple Choice Questions Quiz-3 - MCQGeeks.com

Q.1

Can Mr. A avail credit on Input services or capital goods held in stock, in case of new registration/voluntary Registration

Yes
No
Yes on Input services only
Yes on capital goods only

Q.2

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

Yes fully
No
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

Q.3

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

Yes
No
Input tax credit is eligible if depreciation on tax component is not availed
None of the above

Q.4

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

Q.5

Banking company or Financial Institution have an option of claiming ITC:

Actual Credit or 50% credit
Only 50% Credit
Only cctual credit
Actual credit and 50% credit

Q.6

A bill of supply can be issued in case of inter-State and intra-State:

Exempted supplies
Supplies by composition suppliers;
Supplies to unregistered persons;
None of the above.

Q.7

Provisional Input tax credit can be utilized against

Any Tax liability
Self Assessed output Tax liability
Interest and Penalty
Fine

Q.8

When can a registered person avail credit on inputs?

on receipt of goods
on receipt of documents
Both
None of the above

Q.9

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

Q.10

Input tax credit on capital goods and Inputs can be availed in

In thirty six installments
In twelve installments
In one installment
In six installments

Q.11

Maximum rate prescribed under UTGST/SGST?

14%
20%
28%
30%

Q.12

How will the goods and services be classified under GST regime?

SAC/HSN Code
HSN Code
SAC Code
GST Code
None of above

Q.13

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

Q.14

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

Q.15

The value of supply of goods and services shall be the

Transaction value
MRP
Market Value
None of above

Q.16

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

Q.17

How a person can apply for registration?

Filing FORM GST REG-01 along with necessary documents with the jurisdictional proper officer.
Filing FORM GST REG-01 electronically in the common portal and uploading the required documents along with the application.
Uploading necessary documents electronically in the common portal and also submitting manually to the jurisdictional proper officer.
None of the above

Q.18

What deductions are allowed from the transaction value

Discounts mention on invoice
Packing Charges mention on invoice
Any amount paid by customer on behalf of the supplier
Freight charges mention on invoice

Q.19

Which form is to be used for registration?

Form GSTR -1A
Form GSTR – 2
Form GST REG-01
Form GST REG

Q.20

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

Q.21

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.

Q.22

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.

Q.23

SAC Code Stands for

Services Accounting Code
Software Accounting Code
System Accounting Code
Service Application Code

Q.24

PAN issued under the Income Tax Act is mandatory for grant of registration.

It is one of the document listed.
Yes, but non-resident taxable person may be granted registration on the basis of any other document.
No, for persons who are required to deduct tax at source u/s 51 shall have TAN in lieu of PAN.
Both (b) and (c)

Q.25

For an E-commerce operator registration threshold limit is?

Rs.20 lacs
Rs.50 lacs
Rs.75 lacs
None of above

Q.26

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

Q.27

What is the rate applicable under CGST to a registered person being a hotelier opting to pay taxes under composition scheme?

1%
0.5%
2.5%
None of the above

Q.28

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

Yes
No
Yes, with prior approval of the Central Government
Yes, subject to prior approval of the GST Council

Q.29

Can a registered person under Composition Scheme claim input tax credit?

Yes
No
Input tax credit on inward supply of goods only can be claimed
Input tax credit on inward supply of services only can be claimed

Q.30

Can a person apply for registration without PAN

No
Yes

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