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Accounting of goods and services tax (GST) Quiz-2
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Accounting of goods and services tax (GST) Quiz-2
Accounting of goods and services tax (GST) Quiz-2
Quiz
Reverse charge mechanism under GST means:
The buyer pays GST directly to the government instead of the seller.
The seller is exempted from paying GST.
Both the buyer and seller pay half of the GST amount.
GST is not applicable on reverse transactions.
Which sector of the economy was outside the purview of GST upon its implementation?
Manufacturing
Services
Agriculture
All sectors were brought under GST
What is the current rate of GST on essential commodities like rice, wheat, and other cereals?
0%
5%
12%
18%
What is the purpose of the GST Composition Scheme?
To simplify the GST return filing process
To exempt small businesses from paying GST
To allow businesses to pay GST at a reduced rate
To encourage businesses to increase their turnover
Which organization heads the GST Council in India?
President of India
Prime Minister of India
Finance Minister of India
Chief Justice of India
Which type of supply involves the transfer of business assets from one registered person to another?
Intra-state supply
Inter-state supply
Input supply
Transfer supply
What is the concept of 'Place of Supply' in GST?
It refers to the location where goods are produced.
It indicates the location where goods are stored.
It determines whether the supply is intra-state or inter-state.
It specifies the location of the nearest tax office.
Which body is responsible for resolving disputes arising from the implementation of GST?
Goods and Services Tax Council
Central Board of Direct Taxes
National Anti-Profiteering Authority
Goods and Services Tax Appellate Tribunal
Which of the following services is exempt from GST?
Healthcare services
Restaurant services
Financial services
Telecommunication services
Which type of GST is applicable on goods and services supplied within a union territory in India?
Central GST (CGST)
State GST (SGST)
Integrated GST (IGST)
Union Territory GST (UTGST)
Which category of goods and services is subject to the highest GST rate in India?
Essential commodities
Luxury goods and services
Agricultural products
Exports
What is the GSTIN?
A unique identification number that is assigned to all registered GST taxpayers
A tax that is levied on the import of goods into India
A tax that is levied on the export of services out of India
None of the above
What are the penalties for late filing of GST returns?
A penalty of Rs. 500 for every day of delay
A penalty of Rs. 1000 for every day of delay
A penalty of Rs. 2000 for every day of delay
None of the above
What is the GST Suvidha Kendra?
A one-stop shop for taxpayers to get help with GST-related matters
A training center for GST officers
A research center for GST-related issues
None of the above
What is the purpose of the Integrated Goods and Services Tax (IGST)?
To simplify the GST framework
To reduce the cascading effect of taxes
To increase the tax base
To promote trade and commerce
Which sector of the economy was the first to be brought under the GST regime in India?
Manufacturing
Services
Agriculture
Construction
What is the term used for the act of falsely claiming a higher Input Tax Credit (ITC) than what is actually eligible?
Tax Evasion
Input Tax Fraud
Tax Leakage
Tax Deferral
The input CGST is first set off against
output IGST
output CGST
output SGST
Any of these
If input IGST, after setting off against output IGST and output CGST, has balance it is set off against
output IGST
Output CGST
Output SGST
Any of these
Which tax was eliminated with the implementation of GST in India?
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