Mumbai Univesity ( IDOL )
Sub : Indirect Tax
Question Bank 2020
Part 3 Link Click Here
https://www.surajpateleducation.com/2020/10/indirect-tax-free-mock-test-mcom-tybcom.html
1. GST was introduced in India with effect from
a) 1.1.2017
b) 1.4.2017
c) 1.1.2018
d) 1.7.2017
2. GST was introduced in Jammu and Kashmir with effect from
a) 1.8.2017
b) 1.7.2017
c) 1.1.2018
d) 8.7.2017
3. Constitution Amendment Act, 2016 for GST was
a) 80th
b) 101st
c) 122nd
d) None of these
4. As a result of constitution amendment for GST a Separate List --- has been inserted in the constitution.
a) Article 246A
b) Article 146B
c) Article 122 C
d) Article 101B
5. The incidence of tax on tax is called
a) Tax Cascading
b) Tax Pyramidding
c) Tax evasion
d) Indiret tax
6. Under GST, ‘value addition’ refers to
a) Expenses ‘plus’ profit
b) Cost plus tax
c) Cost plus tax plus‘profit
d) Tax plus profit
7. UTGST is applicable when
a) Sold from Union territory
b) Goods are purchased by Central Government
c) Sold from one union territory to another union territory
d) There is interstate supply
8. Integrated Goods and Services Tax is applicable when -
a) Sold in Union territory
b) Sold from one GST dealer to another GST dealer
c) Sold within a state
d) There is interstate supply
9. SGST is applicable when
a) Goods are sold within a state
b) Goods are sold from one GST dealer to a customer
c) Goods are sold by a GST dealer to another GST dealer
d) Interstate supply
10. The tax which was not merged into GST
a) Countervailing Duty
b) Excise duty
c) Basic Customs Duty
d) Purchase tax
11. Goods and service tax is a – tax system
a) Single point tax
b) Multipoint tax
c) Regressive tax
d) None of these
12. Goods and service tax is --
a) Supply based
b) Consumption based
c) Both supply and consumption based
d) None of these
13. When a GST dealer in Kerala sells a product o a GST dealer or customer in Tamilnadu, the tax collected is
a) SGST
b) CGST
c) Integrated GST
d) UTGST
14. After introduction of GST import into India is –
a) Subject to IGST plus BCD
b) Subject to CGST plus SGST plus BCD
c) Zero rated
d) SGST plus CGST plus IGST plus BCD
15. After introduction of GST supplies to SEZ are
a) Subject to IGST
b) Subject to CGST plus SGST
c) Zero rated
d) SGST plus CGST plus IGST
16. GST is a matter of jurisdiction of
a) Union Government
b) State Government
c) Both centre and state government
d) None of these
17. Inter-state trade is presently subject to
a) SGST
b) CGST
c) Integrated GST
d) UTGST
18. Introduction of GST affects the revenue of
a) Consuming states
b) Manufacturing states
c) All the states
d) Central Government
19. The council can take a decision only if there is
a) Three- fourth majority
b) Two third Majority
c) 60% majority
d) Simple majority
20. GST dealers with annual turnover of --- are not required to use HSN code
a) Less than Rs. 1.5 crore
b) less than Rs. 20 lakh
c) less than Rs. 1 crore
d) less than Rs. 75 lakh
21. Dealers whose annual turnover between Rs. 1.5 crore and Rs. 5 crore need to use
a) Two-digit HSN code
b) Four digit HSN Codes
c) Four digit HSN Codes
d) Eight digit HSN codes
22. Dealers with annual turnover of Rs. 5 crore and above must use -- for their invoices.
a) Two-digit HSN code
b) Four digit HSN Codes
c) Four digit HSN Codes
d) Eight digit HSN codes
23. In the case of import or export of goods, using -- is compulsory
a) Two-digit HSN code
b) Four digit HSN Code
c) Four digit HSN Code
d) Eight digit HSN code
24. Under GST law SAC refers to --
a) Systematic Accounting Code
b) Service Accounting Code
c) System administration code
d) Scientific accounting code
25. Under GST law, tax rates are determined by
a) Central Government
b) State Government
c) GST Council
d) Central Government in consultation with state governments
26. The lowest tax rate under GST is --
a) 0.25%
b) 1%
c) .05%
d) 5%
27. Base metals, gold, silver, articles of jewellery are taxable in India at the rate of
a) 0.25%
b) 1%
c) 3%
d) 5%
28. The highest GST rate applicable now is ---
a) 100%
b) 18%
c) 28%
d) 50%
29. Tax Deducted at Source at the rate of 1% is applicable in the case of supplies received by
a) Any GST dealer
b) Government Departments
c) Ecommerce operators
d) Composite dealers
30. Tax Collected at Source at the rate of 2% is applicable in the case of
a) Any GST dealer
b) Government Departments
c) E-commerce operators
d) Composite dealers
31. Composite tax is applicable for dealer with turnover upto
a) Rs. 1 Crore
b) Rs. 20 lakh
c) Rs. 1.5 Crore
d) Rs. 10 Crore
32. Under GST law Compensation cess is applicable on
a) Luxury articles and demerit goods
b) All goods
c) Petroleum products and Alcohol
d) Consumer goods
33. Goods which get input tax credit without being liable to collect output tax is called
a) Exempt goods
b) White goods
c) Sin goods
d) Zero rated goods
34. GST can be collected by
a) Any registered dealer
b) Any GST dealer
c) Any service provider
d) Any dealer
35. -- confers powers to Government of India to collect tax on intra-state supply of goods or services or both.
a) UTGST Act
b) IGST Act
c) CGST Act
d) SGST Act
36. Under GST law “Aggregate turnover” of a dealer
a) Includes taxes paid
b) Excludes taxes paid
c) Includes exempt supplies
d) Turnover plus taxs plus profit
37. Under GST law “Aggregate turnover” of a dealer is determined
a) State-wise
b) All India basis
c) shop-wise
d) None of these
38. Under GST law “Agriculturist” means
a) Individual or Hindu Undivided Family only
b) Individual only
c) Any entity engaged in agricultural operations
d) Any one who sells agricultural produces
39. Business vertical refers to
a) Joint venture
b) Different busineses within a group
c) Competitors in business
d) None of these
40. Goods which are used or intended to be used in the course or furtherance of business are
a) Demerit goods
b) Business goods
c) Capital goods
d) None of these
41. A person who occasionally undertakes transactions involving supply of goods or services or both in the course or furtherance of business is
a) Business person
b) Casual taxable person
c) composite dealer
d) Non resident dealer
42. Supply of two or more taxable supplies naturally bundled and supplied is called
a) Mixed supply
b) Composite supply
c) Common supply
d) Continous supply
43. Goods are packed and transported with insurance, packing materials, transport and insurance. This is a case of
a) Mixed supply
b) Composite supply
c) Common supply
d) Continous supply
44. Supply of goods provided, or agreed to be provided, continuously or on recurrent basis, under a contract, is
a) Mixed supply
b) Composite supply
c) Common supply
d) Continous supply
45. Indian Oil Corporation Ltd. sends 10,000 litres of petrol every day to a petrol pump and invoices the same every week. This is a case of
a) Mixed supply
b) Composite supply
c) Common supply
d) Continous supply
46. Any goods other than capital goods used or intended to be used by a supplier in the course or furtherance of business is
a) Input
b) Output
c) Merit goods
d) White goods
47. --- refers to receipt of goods or services or both whether by purchase, acquisition or any other means with or without consideration.
a) Outward supply
b) Inward supply
c) Taxable supply
d) None of these
48. Two or more individual supplies of goods or services, or any combination thereof, made in conjunction with each other
a) Mixed supply
b) Composite supply
c) Common supply
d) Continous supply
49. A supply of a package consisting of canned foods, sweets, chocolates, cakes, dry fruits, aerated drinks and fruit juices when supplied for a single price is
a) Common supply
b) Composite supply
c) Mixed supply
d) Continous supply
50. Any person who occasionally undertakes transactions involving supply of goods or services or both, but who has no fixed place of business or residence in India is
a) Business person
b) Casual taxable person
c) composite dealer
d) Non resident dealer
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