Tag: tax

Quizzes (6) Questions (96)

Questions Related to tax

Multiple choice civics introduction to gst fundamentals of gst tax journal

Revenue collected under IGST is divided between Central and State Governments as per the rates quoted by the party collecting taxes.

  1. True

  2. False
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

Under GST, IGST is a tax levied on all Inter-State supplies of goods and/or services and will be governed by the IGST Act. IGST will be applicable on any supply of goods and/or services in both cases of import into India and export from India.

Note: 

Under IGST,

  • Exports would be zero-rated.
  • Tax will go to the Central government.
Hence, the above statement is false.

Multiple choice civics introduction to gst fundamentals of gst tax journal

GST will replace a major part of __________ taxes.

  1. direct

  2. indirect

  3. foreign

  4. all of the above
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

GST will replace a major part of indirect taxes. This law has replaced many indirect taxes like VAT, Service tax etc. in country. GST is one indirect tax for the entire country.

Multiple choice civics introduction to gst fundamentals of gst tax journal

A collection of SGST is the revenue of the State Government.

  1. True

  2. False
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

Under GST, SGST is a tax levied on Intra State supplies of both goods and services by the State Government and will be governed by the SGST Act. 

Hence, the above statement is true.

Multiple choice civics introduction to gst fundamentals of gst tax journal

Taxes collected under CGST are the revenues of the State Government.

  1. True

  2. False
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

Taxes collected under CGST are the revenues of the Central Government and not State Government.

Hence, the above statement is false.

Multiple choice civics introduction to gst fundamentals of gst tax journal

Import of goods and services are covered under _____________.

  1. CGST

  2. SGST

  3. IGST

  4. All of the above
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

Import of goods and services into the country are covered under IGST. Other duties are also levied in addition to IGST.

CGST is for Intra state levied by Central Government and SGST is levied by State Government.
Hence, C is the correct option.

Multiple choice civics introduction to gst fundamentals of gst tax journal

GST is levied as per dual aspect with __________ and ___________ simultaneously. 

  1. Centre

  2. Union

  3. States

  4. both (A) and (C)
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

GST is levied as per dual aspect with Centre and States simultaneously as CGST and SGST.

Hence, D is the correct option.

Multiple choice civics introduction to gst fundamentals of gst tax journal

GST is implemented to accomplish the objective of one nation ________ tax.

  1. one

  2. many

  3. diverse

  4. integrated
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

GST is implemented to accomplish the objective of "one nation one tax". This is the idea behind implementing the GST which was taken into action.

Multiple choice civics introduction to gst fundamentals of gst tax journal

____________ is levied on supply of goods and/or services when both the parties to the transactions are located in the same state.

  1. CGST

  2. SGST

  3. IGST

  4. Both (A) & (B)
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

Intra-State supply of goods or services is when the location of the supplier and the place of supply i.e., location of the buyer are in the same state. 
In Intra-State transactions, a seller has to collect both CGST and SGST from the buyer. The CGST gets deposited with Central Government and SGST gets deposited with State Government.

    Hence, D is the correct option.

    Multiple choice civics introduction to gst fundamentals of gst tax journal

    Intra - state transactions refer to those where the buyer and the seller are located in different states.

    1. True

    2. False
    Reveal answer Fill a bubble to check yourself
    B Correct answer
    Explanation

    Intra-State supply of goods or services is when the location of the supplier and the place of supply i.e., location of the buyer are in the same state. In Intra-State transactions, a seller has to collect both CGST and SGST from the buyer.