Tag: journal

Questions Related to journal

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.

Input tax credit on capital goods and Inputs can be availed in _____________.

civics introduction to gst fundamentals of gst tax journal

  1. In thirty six installments

  2. In twelve installments

  3. In one installment

  4. In six installments

Show answer
Correct Option: C

In India GST was first proposed in _____________.

civics introduction to gst fundamentals of gst tax journal

  1. 1993

  2. 1996

  3. 1999

  4. 2000

  5. 2002

Show answer
Correct Option: D

Who is the chairman of GST council?

civics introduction to gst fundamentals of gst tax journal

  1. President of India

  2. Prime Minister

  3. Finance Minister

  4. RBI Governor

  5. Finance secretary

Show answer
Correct Option: C

A registered taxable person is eligible to claim refund in respect of export of goods and services in the following cases _________________.

civics introduction to gst fundamentals of gst tax journal

  1. Under bond, without payment of IGST and claim refund of unutilized input tax credit.

  2. On payment of IGST and claim refund of IGST paid on such goods and services.

  3. None of the above

  4. Both (a) and (b)

Show answer
Correct Option: D

In GST, the eligible Refund amount otherwise ineligible due to some prescribed reasons are credited _______________.

civics introduction to gst fundamentals of gst tax journal

  1. To the declared bank account of the dealer automatically

  2. To the Cash Deposit Ledger of the dealer

  3. To the ITC Credit Ledger Account

  4. To the Consumer Welfare Fund

Show answer
Correct Option: D

When an e-commerce operator is required to register under GST?

civics introduction to gst fundamentals of gst tax journal

  1. When he is required to collect tax at source u/s 52

  2. When his aggregate turnover exceeds the threshold limit

  3. When he is required to discharge tax on the taxable supply or services made by the supplier through him u/s 9(5)

  4. It is mandatory to register irrespective of the threshold limit.

Show answer
Correct Option: D