Tag: tax

Questions Related to tax

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 __________.

civics introduction to gst fundamentals of gst tax journal

  1. i, ii, iii & iv

  2. i, ii & iv

  3. iii & iv

  4. None of the above

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Correct Option: D

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?

civics introduction to gst fundamentals of gst tax journal

  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

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Correct Option: A

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.

civics introduction to gst fundamentals of gst tax journal

  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)

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Correct Option: D

When does the liability to pay GST arise in case of supply of goods?

civics introduction to gst fundamentals of gst tax journal

  1. On raising of invoice

  2. At the time of supply of goods

  3. On receipt of payment

  4. Earliest of a, b or c

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Correct Option: B

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

civics introduction to gst fundamentals of gst tax journal

  1. lapsed

  2. carried forward

  3. be refunded

  4. none of the above

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Correct Option: A
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.

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 ___________________________.

civics introduction to gst fundamentals of gst tax journal

  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

Show answer
Correct Option: C

IGST is levied and collected is _________ ?

civics introduction to gst fundamentals of gst tax journal

  1. Allotted to center only

  2. Allotted to states only

  3. Allotted to UT's only

  4. Apportioned between center and states

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Correct Option: D

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

civics introduction to gst fundamentals of gst tax journal

  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)

Show answer
Correct Option: C
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.

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

civics introduction to gst fundamentals of gst tax journal

  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

Show answer
Correct Option: C
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.

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

civics introduction to gst fundamentals of gst tax journal

  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

Show answer
Correct Option: D
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.