Tag: fundamentals of gst

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Multiple choice elements of accounts introduction to gst fundamentals of gst tax journal

A registered taxable person other than ISD, non-resident tax payer & a person paying tax under section 10, 51 or 52, shall file its periodical in ____________________________.

  1. Form GSTR 3 by 18th of the month succeeding the quarter

  2. Form GSTR 4 by 18th of the month succeeding the quarter

  3. Form GSTR 4 by 18th of the succeeding month

  4. Form GSTR 3 by 20th of the succeeding month
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

A standard registered taxable person is required to file GSTR-3 by the 20th of the month succeeding the tax period.

Multiple choice civics introduction to gst fundamentals of gst tax journal

In GST, a Taxable Event is reckoned based on ____________________.

  1. Based on Basic tax Point Only

  2. Based on Actual tax Point Only

  3. Basic tax Point or Actual Tax Point whichever is earlier

  4. None of the Above
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

The time of supply (taxable event) is determined by the earlier of the basic tax point (e.g., date of invoice) or the actual tax point (e.g., date of payment).

Multiple choice civics introduction to gst fundamentals of gst tax journal

Suppose one dealer has Cen vat or Local VAT unadjusted ITC credit carried forward to the last return period in the subsumed taxation laws. How this balance unadjusted ITC will be treated in GST?

  1. Refunded under earlier laws

  2. Allowed as ITC in GST

  3. Refunded under GST law

  4. Any of the Above
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

Unadjusted input tax credit (ITC) from previous tax regimes (like VAT or CENVAT) is allowed to be carried forward as ITC in the GST regime, subject to certain conditions.

Multiple choice civics introduction to gst fundamentals of gst tax journal

Which of the following statements are correct?

    1. Revocation of cancellation of registration under CGST/SGST Act shall be deemed to be a revocation of cancellation of registration under SGST/CGST Act.
    2. Cancellation

    1. (i) & (ii)

    2. (iii) & (iv)

    3. (i), (ii) & (iii)

    4. (i), (ii), (iii) & (iv)
    Reveal answer Fill a bubble to check yourself
    A Correct answer
    Multiple choice civics introduction to gst fundamentals of gst tax journal

    If the proper officer needs any clarification in the REG-01 filed by a dealer, what will be the option available to him?

    1. Online issuance of GST REG-03 within 3 common working days from the receipt of the GST REG-01

    2. Make field visit

    3. Either (A) or (B)

    4. Provisional issuance of the registration certificate
    Reveal answer Fill a bubble to check yourself
    A Correct answer
    Explanation

    If a proper officer needs clarification, they must issue a notice in form GST REG-03 within 3 working days of receiving the application in REG-01.

    Multiple choice civics introduction to gst fundamentals of gst tax journal

    GST is a destination based tax on consumption of ______________.

    1. goods

    2. resources

    3. services

    4. both (A) & (C)
    Reveal answer Fill a bubble to check yourself
    D Correct answer
    Explanation

    GST is a consumption based tax which is levied on the basis of “Destination principle.” 

    The concept relates to taxing the supply of goods or services at the point of consumption. It is a comprehensive tax regime covering both goods and services, and is collected on value-added at each stage of the supply chain.

    Multiple choice civics introduction to gst fundamentals of gst tax journal

    Under GST, credit availed of all the taxes paid is termed as __________.

    1. Round off

    2. Net off

    3. Set off

    4. Cut off
    Reveal answer Fill a bubble to check yourself
    C Correct answer
    Explanation

    GST is a destination based tax on consumption of goods and services. It is proposed to be levied at all stages right from manufacture up to final consumption with credit of taxes paid at previous stages available as set off. 

    Multiple choice civics introduction to gst fundamentals of gst tax journal

    GST is proposed to be levied at all stages right from _____________ up to the final consumption.

    1. business

    2. trading

    3. manufacturing

    4. mining
    Reveal answer Fill a bubble to check yourself
    C Correct answer
    Explanation

    GST is a consumption based tax which is levied on the basis of “Destination principle.” 

    The concept relates to taxing the supply of goods or services at the point of consumption. It is a comprehensive tax regime covering both goods and services, and is collected on value-added at each stage of the supply chain. 
    The essence of GST is in removing the cascading effects i.e., tax on tax of both Central and State taxes by allowing setting-off of taxes throughout the value chain, right from the original producer and service provider’s point, up to the consumer level.

    Multiple choice civics introduction to gst fundamentals of gst tax journal

    Under GST, burden of tax is to be borne by the final consumer.

    1. True

    2. False
    Reveal answer Fill a bubble to check yourself
    A Correct answer
    Explanation

    GST is proposed to be levied at all stages right from manufacture up to final consumption, with the credit of taxes paid at previous stages available as set off. In a nutshell, only value addition will be taxed and the burden of tax is to be borne by the final consumer.

    Multiple choice civics introduction to gst fundamentals of gst tax journal

    Under the destination based Goods and Services Tax, tax would accrue to the taxing authority which has jurisdiction over the place of consumption which is also termed as place of supply.

    1. True

    2. False
    Reveal answer Fill a bubble to check yourself
    A Correct answer
    Explanation

    GST is a destination-based tax, meaning the tax revenue goes to the state where the goods or services are consumed, rather than where they are produced.