Accounting of goods and services tax (GST) Quiz-2

Accounting of goods and services tax (GST) Quiz-2

Quiz

 

1. Reverse charge mechanism under GST means:
   1.   The buyer pays GST directly to the government instead of the seller.
   2.   The seller is exempted from paying GST.
   3.   Both the buyer and seller pay half of the GST amount.
   4.   GST is not applicable on reverse transactions.
2. Which sector of the economy was outside the purview of GST upon its implementation?
   1.   Manufacturing
   2.   Services
   3.   Agriculture
   4.   All sectors were brought under GST
3. What is the current rate of GST on essential commodities like rice, wheat, and other cereals?
   1.   0%
   2.   5%
   3.   12%
   4.   18%
4. What is the purpose of the GST Composition Scheme?
   1.   To simplify the GST return filing process
   2.   To exempt small businesses from paying GST
   3.   To allow businesses to pay GST at a reduced rate
   4.   To encourage businesses to increase their turnover
5. Which organization heads the GST Council in India?
   1.   President of India
   2.   Prime Minister of India
   3.   Finance Minister of India
   4.   Chief Justice of India
6. Which type of supply involves the transfer of business assets from one registered person to another?
   1.   Intra-state supply
   2.   Inter-state supply
   3.   Input supply
   4.   Transfer supply
7. What is the concept of 'Place of Supply' in GST?
   1.   It refers to the location where goods are produced.
   2.   It indicates the location where goods are stored.
   3.   It determines whether the supply is intra-state or inter-state.
   4.   It specifies the location of the nearest tax office.
8. Which body is responsible for resolving disputes arising from the implementation of GST?
   1.   Goods and Services Tax Council
   2.   Central Board of Direct Taxes
   3.   National Anti-Profiteering Authority
   4.   Goods and Services Tax Appellate Tribunal
9. Which of the following services is exempt from GST?
   1.   Healthcare services
   2.   Restaurant services
   3.   Financial services
   4.   Telecommunication services
10. Which type of GST is applicable on goods and services supplied within a union territory in India?
    1.   Central GST (CGST)
    2.   State GST (SGST)
    3.   Integrated GST (IGST)
    4.   Union Territory GST (UTGST)
11. Which category of goods and services is subject to the highest GST rate in India?
    1.   Essential commodities
    2.   Luxury goods and services
    3.   Agricultural products
    4.   Exports
12. What is the GSTIN?
    1.   A unique identification number that is assigned to all registered GST taxpayers
    2.   A tax that is levied on the import of goods into India
    3.   A tax that is levied on the export of services out of India
    4.   None of the above
13. What are the penalties for late filing of GST returns?
    1.   A penalty of Rs. 500 for every day of delay
    2.   A penalty of Rs. 1000 for every day of delay
    3.   A penalty of Rs. 2000 for every day of delay
    4.   None of the above
14. What is the GST Suvidha Kendra?
    1.   A one-stop shop for taxpayers to get help with GST-related matters
    2.   A training center for GST officers
    3.   A research center for GST-related issues
    4.   None of the above
15. What is the purpose of the Integrated Goods and Services Tax (IGST)?
    1.   To simplify the GST framework
    2.   To reduce the cascading effect of taxes
    3.   To increase the tax base
    4.   To promote trade and commerce
16. Which sector of the economy was the first to be brought under the GST regime in India?
    1.   Manufacturing
    2.   Services
    3.   Agriculture
    4.   Construction
17. What is the term used for the act of falsely claiming a higher Input Tax Credit (ITC) than what is actually eligible?
    1.   Tax Evasion
    2.   Input Tax Fraud
    3.   Tax Leakage
    4.   Tax Deferral
18. The input CGST is first set off against
    1.   output IGST
    2.   output CGST
    3.   output SGST
    4.   Any of these
19. If input IGST, after setting off against output IGST and output CGST, has balance it is set off against
    1.   output IGST
    2.   Output CGST
    3.   Output SGST
    4.   Any of these
20. Which tax was eliminated with the implementation of GST in India?
    1.   Income Tax
    2.   Corporate Tax
    3.   Central Excise Duty
    4.   Wealth Tax