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Multiple choice civics introduction to gst fundamentals of gst tax journal

More MCQs on Foreign Exchange Management 1. The subsumption of which taxes will make the GST-a pucca Destination based Consumption Tax _________________.

  1. CST and Central Excise

  2. VAT and Luxury Tax

  3. Service Tax and Purchase Tax

  4. Taxes on Lotteries and Entertainment Tax
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

GST is a destination-based tax that replaced various indirect taxes, most notably the Central Sales Tax (CST) and Central Excise Duty, to create a unified market.

Multiple choice civics introduction to gst fundamentals of gst tax journal

Which of the following is true in respect of events after the applicability of GST? Transitional Provisions 271 Indirect Taxes Committee _____________.

  1. Proceedings under earlier law will be disposed of under the earlier law

  2. Any default due to proceedings in the earlier law will be recovered in the earlier law

  3. Proceedings under the earlier law will be disposed of under the new law

  4. Any refund due to the proceedings will be admissible as input tax credit
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

Transitional provisions ensure that legal proceedings initiated under the previous tax regime continue to be governed by that regime until their conclusion.

Multiple choice civics introduction to gst fundamentals of gst tax journal

What are the non-appealable orders or decisions in GST?
(i) File Transfer from authority to another
(ii) Order related to seizure or retention of books of accounts and other documents
(iii) Prosecution sanctioning order
(iv) Installment Order Codes.

  1. i only

  2. i & iv only

  3. ii, iii & iv only

  4. i, ii, iii & iv
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

Goods and Services Tax is an indirect tax used in India on the provider of goods and services. It is an inclusive, multistage, reason-based tax inclusive because it has subsumed approximately all the indirect taxes apart from a few state taxes. 

Multi-staged as it is, the GST is compulsory at each step in the manufacturing process, but is supposed to be refund to all party in a variety of stage of manufacture other than the final customer and as a purpose base tax, it is together from point of utilization and not point of origin like preceding taxes. 

Goods and services are separated into five dissimilar tax slabs for collected works of tax - 0%, 5%, 12%, 18% and 28%.

Thus, the correct option is D.

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.