Tag: introduction to gst

Questions Related to introduction to gst

For the purpose of accounting, GST is broadly categorised as _________ and __________.

civics introduction to gst fundamentals of gst tax journal

  1. GST paid, GST collected

  2. CGST collected, CGST paid

  3. GST charged, GST paid

  4. GST paid, GST set off

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Correct Option: A

Under GST, output GST(collected) is set-off against input GST(paid).

civics introduction to gst fundamentals of gst tax journal

  1. True

  2. False

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Correct Option: B

For accounting purposes, GST paid is termed as _________.

civics introduction to gst fundamentals of gst tax journal

  1. input GST

  2. output GST

  3. charge GST

  4. none of these

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Correct Option: A

Input CGST cannot be set-off against output __________.

civics introduction to gst fundamentals of gst tax journal

  1. CGST

  2. SGST

  3. IGST

  4. all of the above

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Correct Option: B

Input IGST has to be first set-off against output ___________.

civics introduction to gst fundamentals of gst tax journal

  1. CGST

  2. SGST

  3. IGST

  4. Both (A) & (B)

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Correct Option: C

If supplier of goods located in Mumbai sells goods to buyer located in Pune then, _________ will be levied.

civics introduction to gst fundamentals of gst tax journal

  1. CGST

  2. SGST

  3. IGST

  4. Both (A) & (B)

Show answer
Correct Option: C
Explanation:
  • CGST rate or Central GST rate is levied on the consumption and supply of goods and services, the proceeds of which will be attributable to the Centre, as per the CGST Act.
  • SGST rate or State GST rate is levied on the consumption and supply of goods and services, the proceeds of which will be attributable to the States, as per the SGST Act – which is passed and recognised by the assemblies of respective States.
  • IGST rate of Integrate State rate , also referred to as Inter-State GST is levied on the consumption and supply of goods and services, whenever such supplies are happening across state boundaries, and in terms of imports, as per the IGST Act.

Input SGST can be set-off first against output ___________.

civics introduction to gst fundamentals of gst tax journal

  1. CGST

  2. SGST

  3. IGST

  4. none of these

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Correct Option: B

For setting off the credit of the GST paid against the GST collected, no proper order of set off is to be followed.

civics introduction to gst fundamentals of gst tax journal

  1. True

  2. False

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Correct Option: B

For accounting purposes when GST is collected, it is termed as ___________.

civics introduction to gst fundamentals of gst tax journal

  1. input GST

  2. output GST

  3. collected GST

  4. none of these

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Correct Option: B

Input _________ can be set-off against any type of GST.

civics introduction to gst fundamentals of gst tax journal

  1. CGST

  2. SGST

  3. IGST

  4. none of these

Show answer
Correct Option: C
Explanation:

Wef 1.2.2019, the Government has changed the order in which ITC of IGST, CGST & SGST/UTGST can be adjusted from the liability payable of IGST, CGST & SGST/UTGST. Now IGST has to be fully exhausted before other taxes can be utilised.