Accounting of goods and services tax (GST) Quiz-1

Accounting of goods and services tax (GST) Quiz-1

Quiz

 

1. When did GST come into effect in India?
   1.   August 1, 2017
   2.   April 1, 2017
   3.   July 1, 2017
   4.   None of the above
2. What is the e-way bill under GST?
   1.   An electronic document that is required to be generated for the movement of goods across state borders
   2.   An electronic document that is required to be generated for the movement of goods within a state
   3.   An electronic document that is required to be generated for the movement of goods in the country
   4.   None of the above
3. What is the threshold limit for registration under GST?
   1.   20 lakh for goods and 10 lakh for services
   2.   40 lakh for goods and 20 lakh for services
   3.   60 lakh for goods and 30 lakh for services
   4.   None of the above
4. Which type of GST is charged on the intra-state supply of goods and services?
   1.   Central GST (CGST)
   2.   State GST (SGST)
   3.   Integrated GST (IGST)
   4.   Union GST (UGST)
5. What is the full form of GST?
   1.   Goods and Services Tax
   2.   Goods and Supply Tax
   3.   General Sales Tax
   4.   None of the above
6. Which committee recommended the introduction of GST in India?
   1.   Rajan Committee
   2.   Rangarajan Committee
   3.   Arvind Subramanian Committee
   4.   Kelkar Committee
7. Which type of GST is applicable on imported goods and services?
   1.   Central GST (CGST)
   2.   State GST (SGST)
   3.   Integrated GST (IGST)
   4.   Union GST (UGST)
8. What is the maximum rate of CGST prescribed by law for intrastate supply made?
   1.   14%
   2.   25%
   3.   30%
   4.   28%
9. In the GST structure, which authority is responsible for assessing and collecting GST on interstate supplies?
   1.   State Tax Authority
   2.   Central Tax Authority
   3.   Integrated Tax Authority
   4.   Union Tax Authority
10. GST is a __________ tax that replaced multiple indirect taxes.
    1.   Direct
    2.   Income
    3.   Indirect
    4.   Excise
11. What is the Integrated Goods and Services Tax (IGST)?
    1.   A tax levied on services that are exported from India
    2.   A tax levied on goods and services that are supplied across state borders
    3.   A tax levied on goods and services that are supplied within a state
    4.   A tax levied on goods that are imported into India
12. What is the purpose of the GST compensation cess?
    1.   To fund the development of infrastructure in India
    2.   To provide relief to taxpayers who are struggling to pay GST
    3.   To promote the growth of the manufacturing sector in India
    4.   To compensate states for the revenue loss they incurred due to the implementation of GST
13. What is the concept of reverse charge mechanism (RCM) under GST?
    1.   It is a mechanism where the recipient of goods or services is liable to pay GST instead of the supplier
    2.   It is a mechanism where the supplier of goods or services is liable to pay GST even if the recipient is not registered under GST
    3.   It is a mechanism where the government collects GST from the consumers directly
    4.   It is a mechanism where the government provides a refund to the consumers who have paid GST on goods or services
14. Under GST, how many tax slabs are there for goods and services in India?
    1.   2
    2.   3
    3.   4
    4.   5
15. Which goods and services are exempted from GST in India?
    1.   All goods and services
    2.   Only essential goods
    3.   Only luxury goods
    4.   Specific goods and services as notified
16. Which organization is responsible for the administration of GST in India?
    1.   Reserve Bank of India (RBI)
    2.   Ministry of Finance
    3.   Goods and Services Tax Council
    4.   Central Board of Direct Taxes (CBDT)
17. Which of the following taxes have been subsumed in GST?
    1.   Central Excise Duty
    2.   Service Tax
    3.   Value Added Tax
    4.   All of the above
18. What are the benefits of GST?
    1.   It simplifies the tax system and makes it more efficient
    2.   It reduces the cascading effect of taxes
    3.   It increases the tax base
    4.   All of the above
19. What is the composition scheme under GST?
    1.   A scheme that allows small businesses to pay a fixed percentage of their turnover as tax
    2.   A scheme that allows businesses to pay tax at a discounted rate
    3.   A scheme that allows businesses to pay tax only on their interstate supplies
    4.   None of the above
20. Which country's GST dual model has been adopted in India?
    1.   USA
    2.   Canada
    3.   Australia
    4.   Malaysia