Tag: tax

Quizzes (6) Questions (96)

Questions Related to tax

Multiple choice civics introduction to gst fundamentals of gst tax journal

Who of the following would be liable, when they disclose information collected from information return/ statistics u/s 150 and 151 respectively? (i) Departmental officer-when information disclosed while executing duties (ii) Agent of GST portal-when __________.

  1. i, ii, iii & iv

  2. i, ii & iv

  3. iii & iv

  4. None of the above
Reveal answer Fill a bubble to check yourself
D Correct answer
Multiple choice civics introduction to gst fundamentals of gst tax journal

The date by which the GSTN will auto populate the statement of inward supplies based on GSTR-1 at the end of the recipient of the supplies?

  1. On 11th of the Next Month

  2. On 15th of the Next Month

  3. On 17th of the Next Month

  4. On 20h of the Next Month
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

Under the GST return filing process, GSTR-2A (the statement of inward supplies) is auto-populated for the recipient based on the supplier's GSTR-1 filing by the 11th of the following month.

Multiple choice civics introduction to gst fundamentals of gst tax journal

What are the methods to serve notice/ order/ documents under GST Act? (i) Only by registered post acknowledgement due (ii) By speed post (acknowledgement due not necessary) (iii) By courier with acknowledgement due (iv) Common portal (v) E-mail provided.

  1. All of the above except (iii)

  2. All of the above except (iv)

  3. All of the above except (vi)

  4. All of the above except (ii)
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

The GST Act specifies various modes for serving notices, but courier with acknowledgement due is generally not recognized as an official statutory mode under the Act.

Multiple choice civics introduction to gst fundamentals of gst tax journal

If the refund claim is fully or partially rejected the amount would be________.

  1. lapsed

  2. carried forward

  3. be refunded

  4. none of the above
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

Where any amount claimed as refund is rejected under rule 92, either fully or partly, the amount debited to the extent of rejection, shall be re-credited to the electronic credit ledger by an order made in FORM GST PMT-03.

Explanation: For the purposes of this rule, a refund shall be deemed to be rejected, if the appeal is finally rejected or if the claimant gives an undertaking in writing to the proper officer that he shall not file an appeal.
Multiple choice civics introduction to gst fundamentals of gst tax journal

If any objection from either of the Registering Authority, the objection curing by the applicant in GST REG-04 and its subsequent Approval/Disapproval by GST Officials should be within ___________________________.

  1. Within 3 common working days from the date of the receipt of the clarification

  2. Within 5 common working days from the date of the receipt of the clarification

  3. Within 7 common working days from the date of the receipt of the clarification

  4. Within 14 common working days from the date of the receipt of the clarification
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

According to GST registration rules, once a clarification is provided by the applicant in response to an objection, the officer must approve or reject it within 7 working days.

Multiple choice civics introduction to gst fundamentals of gst tax journal

IGST is levied and collected is _________ ?

  1. Allotted to center only

  2. Allotted to states only

  3. Allotted to UT's only

  4. Apportioned between center and states
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

IGST (Integrated Goods and Services Tax) is collected by the central government but is apportioned between the center and the states as per the destination-based principle.

Multiple choice civics introduction to gst fundamentals of gst tax journal

What is the maximum time limit to claim the Input tax credit?

  1. Till the date of filing annual return

  2. Due date of September month which is following the financial year

  3. Earliest of (a) or (b)

  4. Later of (a) or (b)
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

Time limit for taking ITC has been introduced to prevent people from taking back-dated invoices to reduce their current tax liabilities.

For all general purpose, the time limit for taking ITC in respect of any invoice is given u/s 16(4) to be earlier of:

  • Due date of filing return for the month of September in the year following the Financial Year to which such credit relates (20th October, unless extended)
  • Actual date of filing the annual return for the Financial Year to which such credit relates.

Multiple choice civics introduction to gst fundamentals of gst tax journal

ITC is allowed only on those goods and /or Services which are intended for making _______________.

  1. Taxable Supplies

  2. Zero Rated Supplies

  3. Both (A) and (B) above

  4. Even on Taxable Inward Supply and Non-Taxable Local or Interstate Supplies
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

Input Tax Credit (ITC) or Purchase Tax is one of the most significant aspects in any price added tax organization. This ensures that tax is paid on value-adding only, at each stage from production to final consumer. 

“Input Tax” in relative to a taxable person, means the Goods and Services Tax charge on him for any supply of goods and/or services to him, which are used or are future to be used, for the furtherance of his business. 

Input Tax Credit under GST – Conditions to Claim ITC must be fulfilled and forms one of the most critical activities for every business to resolve its tax liability.

Thus, the correct option is C.

Multiple choice civics introduction to gst fundamentals of gst tax journal

Where supply has been made before the date of implementation of GST, no tax shall be Payable ________________.

  1. If tax/duty has been paid under the earlier law

  2. If goods were exempted under the earlier law

  3. If the goods were non-taxable under the earlier law

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

No tax shall be payable on the supply of goods and /or services made before the introduction of GST where a part of consideration for the said supply is received on or after the introduction of GST, but the full duty or tax payable on such supply has already been paid under the earlier law.