Tag: tax

Questions Related to tax

For accounting purposes, GST paid is termed as _________.

civics introduction to gst fundamentals of gst tax journal

  1. input GST

  2. output GST

  3. charge GST

  4. none of these

Show answer
Correct Option: A

Input CGST cannot be set-off against output __________.

civics introduction to gst fundamentals of gst tax journal

  1. CGST

  2. SGST

  3. IGST

  4. all of the above

Show answer
Correct Option: B

Input IGST has to be first set-off against output ___________.

civics introduction to gst fundamentals of gst tax journal

  1. CGST

  2. SGST

  3. IGST

  4. Both (A) & (B)

Show answer
Correct Option: C

If supplier of goods located in Mumbai sells goods to buyer located in Pune then, _________ will be levied.

civics introduction to gst fundamentals of gst tax journal

  1. CGST

  2. SGST

  3. IGST

  4. Both (A) & (B)

Show answer
Correct Option: C
Explanation:
  • CGST rate or Central GST rate is levied on the consumption and supply of goods and services, the proceeds of which will be attributable to the Centre, as per the CGST Act.
  • SGST rate or State GST rate is levied on the consumption and supply of goods and services, the proceeds of which will be attributable to the States, as per the SGST Act – which is passed and recognised by the assemblies of respective States.
  • IGST rate of Integrate State rate , also referred to as Inter-State GST is levied on the consumption and supply of goods and services, whenever such supplies are happening across state boundaries, and in terms of imports, as per the IGST Act.

Input SGST can be set-off first against output ___________.

civics introduction to gst fundamentals of gst tax journal

  1. CGST

  2. SGST

  3. IGST

  4. none of these

Show answer
Correct Option: B

For setting off the credit of the GST paid against the GST collected, no proper order of set off is to be followed.

civics introduction to gst fundamentals of gst tax journal

  1. True

  2. False

Show answer
Correct Option: B

For accounting purposes when GST is collected, it is termed as ___________.

civics introduction to gst fundamentals of gst tax journal

  1. input GST

  2. output GST

  3. collected GST

  4. none of these

Show answer
Correct Option: B

Input _________ can be set-off against any type of GST.

civics introduction to gst fundamentals of gst tax journal

  1. CGST

  2. SGST

  3. IGST

  4. none of these

Show answer
Correct Option: C
Explanation:

Wef 1.2.2019, the Government has changed the order in which ITC of IGST, CGST & SGST/UTGST can be adjusted from the liability payable of IGST, CGST & SGST/UTGST. Now IGST has to be fully exhausted before other taxes can be utilised. 

Excess of input CGST after setting-off against output CGST, can be utilised for setting-off output ___________. 

civics introduction to gst fundamentals of gst tax journal

  1. CGST

  2. SGST

  3. IGST

  4. all of the above

Show answer
Correct Option: C

Give the order in which the input IGST can be set off against the following types of output GST:
1. CGST
2. SGST
3. IGST.

civics introduction to gst fundamentals of gst tax journal

  1. 1, 2, 3

  2. 3, 2, 1

  3. 1, 3, 2

  4. 3, 1, 2

Show answer
Correct Option: D