M.Com & T.Y.B.Com INDIRECT TAX 20 Most Importance MCQ

M.Com & T.Y.B.Com 

20 Most Importance MCQ

Indirect Tax Mock Test Exam 2020

Part 1 Link Click Here

https://www.surajpateleducation.com/2020/09/indirect-tax-tybcom-and-mcom.html

1. GST was introduced in India on

A) 1-4-2017
B) 1-5-2017
C) 1-6-2017
D) 1-7-2017

... Answer is D)

2. Securities are excluded from the definition of____________

A) Goods
B) Services
C) Both (a) and (b)
D) Neither (a) nor (b)

... Answer is C)

3. Transfer of the title in goods shall be considered as____________

A) Supply of goods
B) Supply of services
C) Neither as a supply of goods nor a supply of services
D) Either as a supply of goods or a supply of services

... Answer is A)

4. What would be the tax rate applicable in case of composite supply?

A) Tax rate as applicable on principal supply
B) Tax rate as applicable on ancillary supply
C) Tax rate as applicable on respective supply
D) None of the above

... Answer is A)

5. What is the maximum rate prescribed under CGST Act?

A) 12%
B) 28%
C) 20%
D) 18%

... Answer is C)

 6. What is the threshold limit of turnover in the preceding financial year for opting to pay tax under composition scheme for special category states?

A) ₹ 25 lacs
B) ₹ 50 lacs
C) ₹ 75 lacs
D) ₹ 1 crore

... Answer is C)

7. Services to a single residential unit is, exempted if:

A) It is pure labour service only
B) It is works contract only
C) It is a part of residential complex only
D) It is on ground floor without further super structure

... Answer is A)

8. An invoice must be issued

A) At the time of removal of goods
B) On transfer of risks and rewards of the goods to the recipient
C) On receipt of payment for the supply
D) None of the above

... Answer is A)

9. Determine the TOS in accordance with provisions of CGST Act, 2017. Date of actual supply of service - 10th Nov. 2018 Date of Invoice - 30th Nov. 2018 Date on which payment received - 15th Dec. 2019

A) 10th Nov. 2018
B) 30th Nov. 2018
C) 15th Nov. 2018
D) 10th Dec. 2018

... Answer is B)

10. What is date of receipt of payment?

A) Date of entry in the books
B) Date of payment credited into bank account
C) Date of deposit of cheque into bank account
D) Earlier of (a) and (b)

... Answer is D)

11. Place of supply of a transaction in territorial waters is

A) Location of the supplier
B) Location of the recipient
C) Coastal state where the nearest point of the appropriate baseline is located
D) None of the above

... Show Answer

12. What is rate of tax of IGST?

A) CGST rate
B) SGST rate
C) CGST + SGST rate
D) VAT rate

... Answer is C)

13. Import/Export is treated as____________ in GST.

A) Intra-state supply
B) Inter-state supply
C) Non-taxable supply
D) Exempted supply

... Answer is B)

14. What is location of supply in case of importation of goods?

A) Customs port where the goods are cleared
B) Location of the importer
C) Place where the goods are delivered after clearance from customs port
D) Owner of the goods

... Answer is B)

15. The value of supply of goods and services shall be the

A) Transaction value
B) MRP
C) Market Value
D) None of above

... Answer is A)

16. Who is called a Deemed supplier of Services?

A) Input Service Distributor
B) Job Worker
C) Agent
D) Subsidiary Company

... Answer is A)

17. In the case of manufacturer who opts for composition scheme the rate of GST (including CGST and IGST) is

A) 1%
B) 2%
C) 3%
D) 5%

... Answer is B)

18. Whether definition of Inputs includes capital goods.

A) Yes
B) No
C) Ctain capital goods only
D) None of the above

... Answer is B)  

 

19. Which of the following forms are used for registration?

A) Form GSTR-1
B) Form GSTAPL-01
C) Form GST REG-01
D) Form GST RFD-01

... Answer is C)

20. What is the validity of the registration certificate?

A) One years
B) No validity
C) Valid till it is cancelled
D) Five years





T.Y.B.COM Other Subject MCQ

Financial Accounting

https://www.surajpateleducation.com/2021/03/tybcom-financial-accounting-mcq-with.html

 

Marketing Research

https://www.surajpateleducation.com/2021/01/marketing-research-tybcom-mcq-pdf.html




Human resource management

https://www.surajpateleducation.com/2020/12/human-resource-management-tybcom-mcq.html

 

Cost Accounting

https://www.surajpateleducation.com/2020/12/cost-accounting-tybcom-mcq-pdf.html

 

Business Economics

https://www.surajpateleducation.com/2020/12/business-economics-tybcom-mcq-pdf.html

 

commerce

https://www.surajpateleducation.com/2020/12/commerce-questions-and-answers-mcq-pdf.html




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... Answer is C)