Gst — Part 2 MCQs with Explanations

40% is the correct answer to “Is there any ceiling limit prescribed on the rate under IGST”. This question is standard in competitive examination syllabi for Gst.

Supplier of goods located in Goa and place of supply of goods in Goa is the correct answer to “Which of the following is an intrastate supply”. This question is standard in competitive examination syllabi for Gst.

Where the installation of elevator is made. is the correct answer to “Place of supply in case of installation of elevator is”. This question is standard in competitive examination syllabi for Gst.

Location of the importer is the correct answer to “What is location of supply in case of importation of goods”. This question is standard in competitive examination syllabi for Gst.

For an agriculturist or exclusively engaged in supplying exempt goods or services is not required and for others if specified threshold limit exceeds in a financial year is the correct answer to “Who are mandatorily required to obtain registration”. This question is standard in competitive examination syllabi for Gst.

Valid till it is cancelled is the correct answer to “What is the validity of the registration certificate”. This question is standard in competitive examination syllabi for Gst.

All of the above is the correct answer to “Which of the following requires amendment in the registration certificate”. This question is standard in competitive examination syllabi for Gst.

Filing FORM GST REG-01 electronically in the common portal and uploading the required documents along with the application. is the correct answer to “How a person can apply for registration”. This question is standard in competitive examination syllabi for Gst.

Physical verification of business premises is a discretionary power of proper officer. is the correct answer to “Under what circumstances physical verification of business premises is mandatory”. This question is standard in competitive examination syllabi for Gst.

Shall obtain separate registration in each state from where it is making taxable supplies. is the correct answer to “Business which has centralized registration under existing Acts”. This question is standard in competitive examination syllabi for Gst.

No is the correct answer to “Can a registered person opt for composition scheme only for one out of his 5 business different units having same Permanent Account Number”. This question is standard in competitive examination syllabi for Gst.

Earliest of any of above is the correct answer to “When does liability to pay GST arise in case of supply of goods”. This question is standard in competitive examination syllabi for Gst.

Earlier of (a) and (b) is the correct answer to “What is date of receipt of payment”. This question is standard in competitive examination syllabi for Gst.

Transaction value is the correct answer to “The value of supply of goods and services shall be the”. This question is standard in competitive examination syllabi for Gst.

When the buyer and seller are related or price is not the sole consideration is the correct answer to “When can the transaction value be rejected for computation of value of supply”. This question is standard in competitive examination syllabi for Gst.

No is the correct answer to “Is definition of Inputs includes capital goods”. This question is standard in competitive examination syllabi for Gst.

Yes is the correct answer to “Whether credit on capital goods can be taken immediately on receipt of the goods”. This question is standard in competitive examination syllabi for Gst.

Both is the correct answer to “When can a registered person avail credit on inputs”. This question is standard in competitive examination syllabi for Gst.

No, as one of the conditions of section 16(2) is not fulfilled. is the correct answer to “In case supplier has deposited the taxes but the receiver has not received the goods, is receiver entitled to avail credit”. This question is standard in competitive examination syllabi for Gst.

In one installment is the correct answer to “Input tax credit on capital goods and Inputs can be availed in”. This question is standard in competitive examination syllabi for Gst.

180 days is the correct answer to “The time limit to pay the value of supply with taxes”. This question is standard in competitive examination syllabi for Gst.

Yes, in specific instances is the correct answer to “Whether credit can be availed without actual receipt of goods where goods are transferred through transfer of document of title before or during the movement of goods”. This question is standard in competitive examination syllabi for Gst.

Input tax credit is eligible if depreciation on tax component is not availed is the correct answer to “Whether depreciation on tax component of capital goods and Plant and Machinery and whether input tax credit (ITC) is Permissible”. This question is standard in competitive examination syllabi for Gst.

for business and non-business purpose is the correct answer to “For capital goods, proportionate credit is allowed”. This question is standard in competitive examination syllabi for Gst.

Yes, on the services notified which are obligatory for an employer to provide to its employees under any law for the time being in force is the correct answer to “Any input tax paid on purchase of goods or services by an assessee for employees is eligible for ITC”. This question is standard in competitive examination syllabi for Gst.

1 year from the date of invoice is the correct answer to “Mr. A obtains new registration, voluntary registration, change of scheme from composition to regular scheme and from exempted goods/services to taxable goods/services. He can avail credit on inputs lying in stock. What is the time limit for taking said credit”. This question is standard in competitive examination syllabi for Gst.

No is the correct answer to “Can Mr. A avail credit on Input services or capital goods held in stock, in case of new registration/voluntary Registration”. This question is standard in competitive examination syllabi for Gst.

Yes, to extent of credit taken as reduced by prescribed percentage or tax on transaction value whichever is higher is the correct answer to “Is Input tax to be reversed in case of supply of capital goods”. This question is standard in competitive examination syllabi for Gst.

One year is the correct answer to “The time limit beyond which if goods are not returned, the input sent for job work shall be treated as supply”. This question is standard in competitive examination syllabi for Gst.

Three Years is the correct answer to “The time limit beyond which if goods are not returned, the capital goods sent for job work shall be treated as supply”. This question is standard in competitive examination syllabi for Gst.

Yes is the correct answer to “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”. This question is standard in competitive examination syllabi for Gst.

Provisional basis is the correct answer to “A person is entitled to take credit of input tax as self-assessed in the return and credited to Electronic credit ledger on”. This question is standard in competitive examination syllabi for Gst.

Self Assessed output Tax liability is the correct answer to “Provisional Input tax credit can be utilized against”. This question is standard in competitive examination syllabi for Gst.

Outward supply filed by the supplier is the correct answer to “Matching of Input Tax credit on inward supply by recipient is undertaken with”. This question is standard in competitive examination syllabi for Gst.

It shall be added as output tax liability in the hands of receiver. is the correct answer to “If there is Mis-match of supplier’s outward supply and recipient’s claim for Input Tax credit on the same transaction”. This question is standard in competitive examination syllabi for Gst.

Payment of Taxes is the correct answer to “Input Tax credit as credited in Electronic Credit ledger can be utilized for”. This question is standard in competitive examination syllabi for Gst.

Registered persons not paying tax under composition scheme is the correct answer to “Tax invoice must be issued by________”. This question is standard in competitive examination syllabi for Gst.

At the time of removal of goods. is the correct answer to “An invoice must be issued:”. This question is standard in competitive examination syllabi for Gst.

Yes, as a receipt voucher. is the correct answer to “An acknowledgement must be given on receipt of advance payment in respect of supply of goods or services:”. This question is standard in competitive examination syllabi for Gst.

Supplier invoices the recipient on a regular or periodic basis. is the correct answer to “A continuous supply of goods requires one of the following as a must:”. This question is standard in competitive examination syllabi for Gst.