Goods and services tax (gst) - class-XI
goods and services tax (gst)
Questions
The first committee to design GST model was headed by _____.
- Vijay Kelkar
- Asim Das Gupta
- Dr. Chidambaram
- None of the above
With the introduction of GST, imports will be ______.
- more expensive
- cheaper
- neutral with no change
- None of the above
GST is applicable to all dealers with a turnover of over ______.
- Rs. 10 lakh
- Rs. 20 lakh
- Rs. 40 lakh
- Rs. 50 lakh
GST is ______________.
- a value added tax
- tax on goods and services
- tax on consumer goods and services
- none of the above
The advantages of GST to the Citizens are listed as:
- Reduction in prices of goods and services due to elimination of cascading.
- Uniform prices throughout the country.
- Transparency in taxation system.
- All of the above
The Service Tax which stood at 15% in the previous regime, has now been replaced with GST at 18%.
- True
- False
GST helps in _______.
- increasing productivity
- increasing Tax to GDP Ratio and revenue surplus
- increasing Compliance
- all of the above
After the implementation of GST, many services of ______ have become costlier.
- telecom
- airline
- banking
- all of the above
GST minimizes the the tax impact on inflation.
- True
- False
Identify the objective(s) of implementing GST.
- Reducing economic distortions
- Consumption based tax instead of Manufacturing
- Subsume all indirect taxes at Centre and State Level under
- All of the above
GST has the disadvantage(s) as follows:
- Complete lack of adaptation mechanisms and trained staff.
- Unclear estimate of the exact impact of GST.
- No clear mechanisms to control tax evasion.
- All of the above
The ________ is the key decision-making body that will take all important decisions regarding the GST.
- Union Government
- GST council
- State Government
- None of the above
The advantages of GST accruing to the Central/State Government are listed as:
- A unified common national market to boost Foreign Investment and Make in India campaign.
- Improving the overall investment climate in the country which will benefit the development of states.
- Uniform SGST and IGST rates to reduce the incentive for tax evasion.
- All of the above
The advantages of GST accruing to the Trade/ industry are listed as:
- Reduction in multiplicity of taxes.
- Mitigation of cascading/double taxation.
- More efficient neutralization of taxes especially for exports.
- All of the above
The Chairperson of GST Council is _____.
- the Union Finance Minister
- the Union Minister of State
- Minister nominated by a State
- all of the above
The GST Council dictates __________.
- tax rate
- tax exemption
- tax laws
- all of the above
MODVAT was introduced in the Union Budget of:
- 1986-87
- 1996-97
- 2006-07
- None of the above
Which among the following is an indirect tax?
- Income tax
- Wealth tax
- Custom duty
- Gift tax
Among the following types of taxes, find the one which is Indirect.
- Gift Tax
- Corporate Income Tax
- GST
- Wealth Tax
In India tax evasion is high at:
- 20 %
- 15%
- 30%
- 18%
A credit note is issued by ___________ and it is a document accepted for GST purposes.
- Recipient, for reducing the tax/ taxable value;
- Supplier, for reducing the tax/ taxable value;
- Supplier, for increasing the tax/ taxable value;
- Recipient, for increasing the tax/ taxable value.
Suppose tax exempted goods under earlier law dispatched within 6 months prior to the appointed day are returned back within 6 months from the appointed day. How, the tax element involved in the return supply will be treated under GST?
- Subject to tax at the appropriate rate of GST
- No GST
- At the half rate of the GST
- Only SGST is charged
Is there any time limit for issue of notice under section 76 in cases where tax collected but not paid?
- No time limit
- 1 year
- 3 years
- 5 years
What is/are the condition for availing ITC on the tax element involved in the stock held by a composition dealer under earlier law, if such dealer opts normal tax remittance in GST?
- Such stock should be taxable u
- i, ii & iii
- i, ii & iv
- ii, iii & iv
- i, ii, iii & iv
A person having a unit(s) in a Special Economic Zone or being a Special Economic Zone developer shall make a separate application for registration under GST.
- True
- False
Who cannot opt for Composition Scheme under GST?
- Taxpayer supplying exempt supplies.
- Supplier of services other than restaurant related services.
- Casual taxable person or a non-resident taxable person.
- All of the above
Exemptions of Goods under GST apply to which of the following?
- Animal feeds and supplements
- Fresh milk and pasteurized milk
- Khadi garments /goods and made-ups
- All of the above
In India, GST became effective from _______.
- 1st April, 2017
- 1st January, 2017
- 1st July, 2017
- 1st March, 2017
Disadvantages of GST include _______.
- increased costs due to software purchase
- smaller businesses, especially in the manufacturing sector will face difficulties under GST.
- GST came into effect in the middle of the financial year
- all of the above
Advantages of GST:
- It eliminates the cascading effect of tax.
- Under GST, small businesses (with a turnover of Rs 20 to 75 lakh) can benefit.
- The number of compliance is lesser
- All of the above