Tag: tax

Quizzes (6) Questions (96)

Questions Related to tax

Multiple choice elements of accounts introduction to gst fundamentals of gst tax journal

The number of sections, chapters and Schedules involved in the Model GST Law _______________________.

  1. 162 Sections, 25 Chapters and 4 Schedules

  2. 126 Sections, 52 Chapters and 3 Schedules

  3. 101 Sections, 21 Chapters and 2 Schedules

  4. 102 Sections, 20 Chapters and 1 Schedule
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

The Model GST Law as originally drafted and presented contained 162 sections, 25 chapters, and 4 schedules.

Multiple choice civics introduction to gst fundamentals of gst tax journal

Whether a taxable person who has paid CGST& SGST or, as the case may be, CGST & UTGST on a transaction considered by him to be an intra-state supply, but which is subsequently held to be an inter-state supply is required to pay interest?

  1. Yes

  2. No

  3. At proper officer's discretion

  4. None of the above
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

According to the GST law, if a person pays tax under the wrong head (intra-state instead of inter-state or vice-versa), they are not required to pay interest on the correct tax payment, provided the original tax was paid.

Multiple choice elements of accounts introduction to gst fundamentals of gst tax journal

What happens if a taxable person has paid CGST & SGST or, as the case may be, CGST & UTGST (in SGST / UTGST Act) on a transaction considered by him to be an intra-state supply but which is subsequently held to be an inter-state supply?

  1. Seek refund

  2. Adjust against future liability

  3. Take re-credit

  4. File a suit for recovery
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

If a taxpayer pays tax under the wrong head, they must pay the correct tax and then claim a refund of the tax paid under the incorrect head.

Multiple choice civics introduction to gst fundamentals of gst tax journal

In GST, the registration application approval is to be intimated by the respective SGST/CGST Officials within _____________________.

  1. 10 Common Working days in form GST REG-06

  2. 7 Common Working days in form GST REG-06

  3. 5 Common Working days in form GST REG-06

  4. 3 Common Working days in form GST REG-06
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

Under the GST registration process, if no query is raised, the registration is deemed approved within 3 common working days.

Multiple choice elements of accounts introduction to gst fundamentals of gst tax journal

The power to issue order for arrest will be vested upon?

  1. Commissioner of CGST/SGST

  2. Joint Commissioner of CGST/SGST

  3. Deputy Commissioner/Assistant Commissioner of CGST/SGST

  4. Any of the Above
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

The power to issue an order for arrest under the GST Act is vested in the Commissioner of CGST or SGST.

Multiple choice elements of accounts introduction to gst fundamentals of gst tax journal

Who will notify the rate of tax to be levied under CGST?

  1. Central Government suo moto

  2. State Government suo moto

  3. GST Council suo moto

  4. Central Government as per the recommendations of the GST Council
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

The Central Government notifies the tax rates under the CGST Act, but it must do so based on the recommendations of the GST Council.

Multiple choice civics introduction to gst fundamentals of gst tax journal

Whether Alcoholic Liquor for industrial and other usages is taxable under GST?

  1. No

  2. Yes

  3. Exempted

  4. Non-Taxable
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

While alcoholic liquor for human consumption is kept outside the purview of GST, alcohol used for industrial purposes is taxable under GST.

Multiple choice elements of accounts introduction to gst fundamentals of gst tax journal

What should the taxable person do if he pay's tax under wrong GSTIN?

  1. Pay again under right GSTIN and claim refund

  2. Auto-adjustment

  3. Adjustment on application/request

  4. Raise ISD invoice and transfer
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

If tax is paid under the wrong GSTIN, the taxpayer must pay the tax again under the correct GSTIN and then apply for a refund of the amount paid under the incorrect GSTIN.

Multiple choice elements of accounts introduction to gst fundamentals of gst tax journal

A registered taxable person other than ISD, non-resident tax payer & a person paying tax under section 10, 51 or 52, shall file its periodical in ____________________________.

  1. Form GSTR 3 by 18th of the month succeeding the quarter

  2. Form GSTR 4 by 18th of the month succeeding the quarter

  3. Form GSTR 4 by 18th of the succeeding month

  4. Form GSTR 3 by 20th of the succeeding month
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

A standard registered taxable person is required to file GSTR-3 by the 20th of the month succeeding the tax period.

Multiple choice civics introduction to gst fundamentals of gst tax journal

In GST, a Taxable Event is reckoned based on ____________________.

  1. Based on Basic tax Point Only

  2. Based on Actual tax Point Only

  3. Basic tax Point or Actual Tax Point whichever is earlier

  4. None of the Above
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

The time of supply (taxable event) is determined by the earlier of the basic tax point (e.g., date of invoice) or the actual tax point (e.g., date of payment).