Tag: fundamentals of gst

Questions Related to fundamentals of gst

Which of the following is true in respect of events after the applicability of GST? Transitional Provisions 271 Indirect Taxes Committee _____________.

civics introduction to gst fundamentals of gst tax journal

  1. Proceedings under earlier law will be disposed of under the earlier law

  2. Any default due to proceedings in the earlier law will be recovered in the earlier law

  3. Proceedings under the earlier law will be disposed of under the new law

  4. Any refund due to the proceedings will be admissible as input tax credit

Show answer
Correct Option: A

What are the non-appealable orders or decisions in GST?
(i) File Transfer from authority to another
(ii) Order related to seizure or retention of books of accounts and other documents
(iii) Prosecution sanctioning order
(iv) Installment Order Codes.

civics introduction to gst fundamentals of gst tax journal

  1. i only

  2. i & iv only

  3. ii, iii & iv only

  4. i, ii, iii & iv

Show answer
Correct Option: D
Explanation:

Goods and Services Tax is an indirect tax used in India on the provider of goods and services. It is an inclusive, multistage, reason-based tax inclusive because it has subsumed approximately all the indirect taxes apart from a few state taxes. 

Multi-staged as it is, the GST is compulsory at each step in the manufacturing process, but is supposed to be refund to all party in a variety of stage of manufacture other than the final customer and as a purpose base tax, it is together from point of utilization and not point of origin like preceding taxes. 

Goods and services are separated into five dissimilar tax slabs for collected works of tax - 0%, 5%, 12%, 18% and 28%.

Thus, the correct option is D.

Who of the following would be liable, when they disclose information collected from information return/ statistics u/s 150 and 151 respectively? (i) Departmental officer-when information disclosed while executing duties (ii) Agent of GST portal-when __________.

civics introduction to gst fundamentals of gst tax journal

  1. i, ii, iii & iv

  2. i, ii & iv

  3. iii & iv

  4. None of the above

Show answer
Correct Option: D

The date by which the GSTN will auto populate the statement of inward supplies based on GSTR-1 at the end of the recipient of the supplies?

civics introduction to gst fundamentals of gst tax journal

  1. On 11th of the Next Month

  2. On 15th of the Next Month

  3. On 17th of the Next Month

  4. On 20h of the Next Month

Show answer
Correct Option: A

What are the methods to serve notice/ order/ documents under GST Act? (i) Only by registered post acknowledgement due (ii) By speed post (acknowledgement due not necessary) (iii) By courier with acknowledgement due (iv) Common portal (v) E-mail provided.

civics introduction to gst fundamentals of gst tax journal

  1. All of the above except (iii)

  2. All of the above except (iv)

  3. All of the above except (vi)

  4. All of the above except (ii)

Show answer
Correct Option: D

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

civics introduction to gst fundamentals of gst tax journal

  1. On raising of invoice

  2. At the time of supply of goods

  3. On receipt of payment

  4. Earliest of a, b or c

Show answer
Correct Option: B

If the refund claim is fully or partially rejected the amount would be________.

civics introduction to gst fundamentals of gst tax journal

  1. lapsed

  2. carried forward

  3. be refunded

  4. none of the above

Show answer
Correct Option: A
Explanation:

Where any amount claimed as refund is rejected under rule 92, either fully or partly, the amount debited to the extent of rejection, shall be re-credited to the electronic credit ledger by an order made in FORM GST PMT-03.

Explanation: For the purposes of this rule, a refund shall be deemed to be rejected, if the appeal is finally rejected or if the claimant gives an undertaking in writing to the proper officer that he shall not file an appeal.

If any objection from either of the Registering Authority, the objection curing by the applicant in GST REG-04 and its subsequent Approval/Disapproval by GST Officials should be within ___________________________.

civics introduction to gst fundamentals of gst tax journal

  1. Within 3 common working days from the date of the receipt of the clarification

  2. Within 5 common working days from the date of the receipt of the clarification

  3. Within 7 common working days from the date of the receipt of the clarification

  4. Within 14 common working days from the date of the receipt of the clarification

Show answer
Correct Option: C

IGST is levied and collected is _________ ?

civics introduction to gst fundamentals of gst tax journal

  1. Allotted to center only

  2. Allotted to states only

  3. Allotted to UT's only

  4. Apportioned between center and states

Show answer
Correct Option: D

What is the maximum time limit to claim the Input tax credit?

civics introduction to gst fundamentals of gst tax journal

  1. Till the date of filing annual return

  2. Due date of September month which is following the financial year

  3. Earliest of (a) or (b)

  4. Later of (a) or (b)

Show answer
Correct Option: C
Explanation:

Time limit for taking ITC has been introduced to prevent people from taking back-dated invoices to reduce their current tax liabilities.

For all general purpose, the time limit for taking ITC in respect of any invoice is given u/s 16(4) to be earlier of:

  • Due date of filing return for the month of September in the year following the Financial Year to which such credit relates (20th October, unless extended)
  • Actual date of filing the annual return for the Financial Year to which such credit relates.