GST (Goods and Services Tax) - Class XI
Comprehensive quiz on GST covering its implementation, advantages, disadvantages, exemptions, composition scheme, and administrative procedures for Class XI Commerce students.
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