Accounting of goods and services tax (GST) Quiz-1
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Accounting of goods and services tax (GST) Quiz-1
Quiz
- When did GST come into effect in India?
- August 1, 2017
- April 1, 2017
- July 1, 2017
- None of the above
- What is the e-way bill under GST?
- An electronic document that is required to be generated for the movement of goods across state borders
- An electronic document that is required to be generated for the movement of goods within a state
- An electronic document that is required to be generated for the movement of goods in the country
- None of the above
- What is the threshold limit for registration under GST?
- 20 lakh for goods and 10 lakh for services
- 40 lakh for goods and 20 lakh for services
- 60 lakh for goods and 30 lakh for services
- None of the above
- Which type of GST is charged on the intra-state supply of goods and services?
- Central GST (CGST)
- State GST (SGST)
- Integrated GST (IGST)
- Union GST (UGST)
- What is the full form of GST?
- Goods and Services Tax
- Goods and Supply Tax
- General Sales Tax
- None of the above
- Which committee recommended the introduction of GST in India?
- Rajan Committee
- Rangarajan Committee
- Arvind Subramanian Committee
- Kelkar Committee
- Which type of GST is applicable on imported goods and services?
- Central GST (CGST)
- State GST (SGST)
- Integrated GST (IGST)
- Union GST (UGST)
- What is the maximum rate of CGST prescribed by law for intrastate supply made?
- 14%
- 25%
- 30%
- 28%
- In the GST structure, which authority is responsible for assessing and collecting GST on interstate supplies?
- State Tax Authority
- Central Tax Authority
- Integrated Tax Authority
- Union Tax Authority
- GST is a __________ tax that replaced multiple indirect taxes.
- Direct
- Income
- Indirect
- Excise
- What is the Integrated Goods and Services Tax (IGST)?
- A tax levied on services that are exported from India
- A tax levied on goods and services that are supplied across state borders
- A tax levied on goods and services that are supplied within a state
- A tax levied on goods that are imported into India
- What is the purpose of the GST compensation cess?
- To fund the development of infrastructure in India
- To provide relief to taxpayers who are struggling to pay GST
- To promote the growth of the manufacturing sector in India
- To compensate states for the revenue loss they incurred due to the implementation of GST
- What is the concept of reverse charge mechanism (RCM) under GST?
- It is a mechanism where the recipient of goods or services is liable to pay GST instead of the supplier
- 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
- It is a mechanism where the government collects GST from the consumers directly
- It is a mechanism where the government provides a refund to the consumers who have paid GST on goods or services
- Under GST, how many tax slabs are there for goods and services in India?
- 2
- 3
- 4
- 5
- Which goods and services are exempted from GST in India?
- All goods and services
- Only essential goods
- Only luxury goods
- Specific goods and services as notified
- Which organization is responsible for the administration of GST in India?
- Reserve Bank of India (RBI)
- Ministry of Finance
- Goods and Services Tax Council
- Central Board of Direct Taxes (CBDT)
- Which of the following taxes have been subsumed in GST?
- Central Excise Duty
- Service Tax
- Value Added Tax
- All of the above
- What are the benefits of GST?
- It simplifies the tax system and makes it more efficient
- It reduces the cascading effect of taxes
- It increases the tax base
- All of the above
- What is the composition scheme under GST?
- A scheme that allows small businesses to pay a fixed percentage of their turnover as tax
- A scheme that allows businesses to pay tax at a discounted rate
- A scheme that allows businesses to pay tax only on their interstate supplies
- None of the above
- Which country's GST dual model has been adopted in India?
- USA
- Canada
- Australia
- Malaysia
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