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GST Composition Scheme

This quiz will test your knowledge on the GST Composition Scheme in India.

15 Questions Published
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Questions

Question 1 Multiple Choice (Single Answer)

What is the maximum turnover limit for a taxpayer to be eligible for the GST Composition Scheme?

  1. 1.5 crores
  2. 2 crores
  3. 2.5 crores
  4. 3 crores
Question 2 Multiple Choice (Single Answer)

Which of the following is not a benefit of opting for the GST Composition Scheme?

  1. Lower tax rates
  2. Simplified compliance procedures
  3. Exemption from filing GST returns
  4. Input tax credit
Question 3 Multiple Choice (Single Answer)

What is the rate of GST applicable under the Composition Scheme?

  1. 1%
  2. 2%
  3. 3%
  4. 4%
Question 4 Multiple Choice (Single Answer)

Which of the following taxpayers is not eligible for the GST Composition Scheme?

  1. Manufacturers
  2. Traders
  3. Service providers
  4. Restaurants
Question 5 Multiple Choice (Single Answer)

What is the due date for filing the annual return under the GST Composition Scheme?

  1. 31st March
  2. 30th April
  3. 31st May
  4. 30th June
Question 6 Multiple Choice (Single Answer)

Can a taxpayer opt for the GST Composition Scheme during the middle of a financial year?

  1. Yes
  2. No
  3. Only if the turnover is below the threshold limit
  4. Only if the taxpayer has filed all GST returns
Question 7 Multiple Choice (Single Answer)

What happens if a taxpayer's turnover exceeds the limit prescribed for the GST Composition Scheme during a financial year?

  1. The taxpayer will be disqualified from the scheme and will have to pay GST at the regular rates
  2. The taxpayer will be allowed to continue in the scheme but will have to pay GST at the regular rates on the excess turnover
  3. The taxpayer will be allowed to continue in the scheme but will have to pay GST at a higher rate
  4. The taxpayer will be allowed to continue in the scheme without any additional tax liability
Question 8 Multiple Choice (Single Answer)

Which of the following documents is required to be submitted along with the application for opting into the GST Composition Scheme?

  1. GST registration certificate
  2. PAN card
  3. Aadhaar card
  4. Bank account statement
Question 9 Multiple Choice (Single Answer)

What is the penalty for not filing the annual return under the GST Composition Scheme?

  1. Late filing fee
  2. Interest on the tax liability
  3. Both late filing fee and interest on the tax liability
  4. None of the above
Question 10 Multiple Choice (Single Answer)

Can a taxpayer who has opted for the GST Composition Scheme issue tax invoices?

  1. Yes
  2. No
  3. Only if the turnover is below the threshold limit
  4. Only if the customer is registered under GST
Question 11 Multiple Choice (Single Answer)

What is the maximum turnover limit for a service provider to be eligible for the GST Composition Scheme?

  1. 50 lakhs
  2. 1 crore
  3. 1.5 crores
  4. 2 crores
Question 12 Multiple Choice (Single Answer)

Which of the following services is not eligible for the GST Composition Scheme?

  1. Transportation of goods
  2. Restaurants
  3. Tour operators
  4. Legal services
Question 13 Multiple Choice (Single Answer)

What is the rate of GST applicable for restaurants under the Composition Scheme?

  1. 1%
  2. 2%
  3. 3%
  4. 5%
Question 14 Multiple Choice (Single Answer)

Can a taxpayer who has opted for the GST Composition Scheme for services also provide goods?

  1. Yes
  2. No
  3. Only if the goods are related to the services provided
  4. Only if the turnover from goods is below the threshold limit
Question 15 Multiple Choice (Single Answer)

What is the due date for filing the quarterly return under the GST Composition Scheme?

  1. 15th July
  2. 15th October
  3. 15th January
  4. 15th April
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