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GST Capital Goods

This quiz will test your knowledge on GST Capital Goods.

15 Questions Published
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Questions

Question 1 Multiple Choice (Single Answer)

Which of the following is not considered a capital good under GST?

  1. Plant and machinery
  2. Office furniture
  3. Motor vehicles
  4. Raw materials
Question 2 Multiple Choice (Single Answer)

What is the rate of GST applicable on capital goods?

  1. 5%
  2. 12%
  3. 18%
  4. 28%
Question 3 Multiple Choice (Single Answer)

Can input tax credit (ITC) be claimed on capital goods?

  1. Yes
  2. No
  3. Only if the capital goods are used for manufacturing or processing
Question 4 Multiple Choice (Single Answer)

What is the time limit for claiming ITC on capital goods?

  1. 1 year
  2. 2 years
  3. 3 years
  4. 4 years
Question 5 Multiple Choice (Single Answer)

Which of the following documents is required to claim ITC on capital goods?

  1. Invoice
  2. Purchase order
  3. Delivery challan
  4. Payment receipt
Question 6 Multiple Choice (Single Answer)

What is the depreciation rate for capital goods under GST?

  1. 15%
  2. 20%
  3. 25%
  4. 30%
Question 7 Multiple Choice (Single Answer)

Which of the following is not a capital good eligible for accelerated depreciation under GST?

  1. Plant and machinery
  2. Office furniture
  3. Motor vehicles
  4. Computers
Question 8 Multiple Choice (Single Answer)

What is the rate of accelerated depreciation for capital goods under GST?

  1. 20%
  2. 25%
  3. 30%
  4. 35%
Question 9 Multiple Choice (Single Answer)

What is the time limit for claiming accelerated depreciation on capital goods under GST?

  1. 1 year
  2. 2 years
  3. 3 years
  4. 4 years
Question 10 Multiple Choice (Single Answer)

Which of the following is not a condition for claiming accelerated depreciation on capital goods under GST?

  1. The capital goods must be new
  2. The capital goods must be used for manufacturing or processing
  3. The capital goods must be acquired on or after 1st July 2017
  4. The capital goods must be acquired before 31st March 2020
Question 11 Multiple Choice (Single Answer)

What is the penalty for not paying GST on capital goods?

  1. 10% of the tax amount
  2. 20% of the tax amount
  3. 30% of the tax amount
  4. 40% of the tax amount
Question 12 Multiple Choice (Single Answer)

What is the interest rate applicable on the penalty for not paying GST on capital goods?

  1. 12%
  2. 18%
  3. 24%
  4. 30%
Question 13 Multiple Choice (Single Answer)

What is the time limit for filing a refund claim for GST paid on capital goods?

  1. 1 year
  2. 2 years
  3. 3 years
  4. 4 years
Question 14 Multiple Choice (Single Answer)

Which of the following documents is required to be submitted along with a refund claim for GST paid on capital goods?

  1. Invoice
  2. Purchase order
  3. Delivery challan
  4. Payment receipt
Question 15 Multiple Choice (Single Answer)

What is the penalty for filing a false refund claim for GST paid on capital goods?

  1. 10% of the refund amount
  2. 20% of the refund amount
  3. 30% of the refund amount
  4. 40% of the refund amount
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