Diploma in Indirect Taxation /60 0 Your Examination is Complete!Kindly Email your 10th Marksheet and Aadhaar card Copy on iisdtindia@gmail.comYou will get your result on email id within 10 days. Diploma in Indirect Taxation 1 / 60What if an e-commerce operator having no physical presence in the taxable territory, does not have a representative in the taxable territory? His will have to discharge his tax liability in foreign currency. He will not be liable to tax. He has to appoint a person in the taxable territory for the purpose of paying tax on his behalf. None of the above 2 / 60In Jammu & Kashmir, GST was introduced with effect from 1.8.2018 1.7.2017 8.7.2018 8.7.2017 3 / 60Consideration excludes: Payment in money or otherwise for supply Monetary value of an act or forbearance Subsidy by the Central and State Government All of the above 4 / 60When can a voluntarily registration be cancelled? If the person does not start business within six months from the date of registration. Business has been discontinued or transferred for any reason. Non-filing of returns for a continuous period of six months or for three consecutive tax period in case of composite dealer. All of the above 5 / 60What are the consequences of obtaining registration by misrepresentation? Liable to cancellation of registration by proper officer. Liable to a fine not exceeding ` 10,00,000/- Imprisonment for a period of 6 months to 3 years. Both (b) and (c) 6 / 60Who can submit application for registration in Form GST REG-09? Non- Resident taxable person Input service distributor Person deducting tax at source Person collecting tax at source 7 / 60When was the 1st EXIM policy defined? 1962 1991 1974 Can’t say 8 / 60An E-commerce operator should get registered? Yes, irrespective of threshold limit No, required to register only if his aggregate turnover exceeds the threshold limit. Yes, if he is located in North-western states. He is required to register if he is liable to collect tax at source and /or his aggregate turnover 9 / 60What does EXIM policy controls? Only Exports Only Imports Both Can’t say 10 / 60What are the supplies on which reverse charge mechanism would apply at present? Notified categories of goods or services or both under section 9(3). Inward supply of goods or services or both from an unregistered dealer under section 9(4). Both the above None of the above 11 / 60Fulfilment of Export obligation for licenses with duty saved of Rs.100 Corers or more is valid only if - It is 8 times the duty saved on capital goods,it is fulfilled within 12 years for issuance of license, Initial 5% custom duty has been paid. It is 4 times the duty saved on capital goods,it is fulfilled within 24 years for issuance of license, Initial 5% custom duty has been paid. None of the above Can’t say 12 / 60Input Tax Credit cannot be availed against: CGST SGST IGST Composition tax paid by supplier 13 / 60Input Tax Credit should be reversed if The relevant invoice is not paid within 180 days The relevant goods are destroyed by fire The relevant goods are destroyed by natural calamity All of the above 14 / 60.______ refers to the policy measures adopted by a country with reference to its exports and imports. EXIM policy Economic policy Fiscal policy Monetary policy 15 / 60Who heads the department of import export in India? GOI DGFT WTO None of the above 16 / 60Which of the following taxes will be levied on imports? CGST CGST IGST CGST and SGST 17 / 60Conservation of the foreign exchange resources is the main objective of Exchange control Regulations EXIM policy Economic policy Fiscal Policy 18 / 60PAN issued under the Income Tax Act is mandatory for grant of registration. It is one of the documents listed. Yes, but non-resident taxable person may be granted registration on the basis of any other document. No Yes, even for non-resident taxable persons 19 / 60The major functions of Export Promotion Council (EPC) are to- Provide commercial information, organize trade fairs, exhibitions, Promote interaction between trade and Government. Provide commercial information, Organize trade fairs, exhibitions, Bail out exporters in case of losses None of the above Can’t say 20 / 60GST is a _______ tax Service based Supply based Consumption based Supply & Consumption based 21 / 60Market Development Assistance is given to Exporters having annual Export turnover uptoRs________. 5 Crs 6 Crs 8 Crs 7Crs 22 / 60Who will notify the rate of tax to be levied under CGST Act? Central Government Suo moto State Government Suo moto GST Council Suo moto Central Government as per the recommendations of the GST Council 23 / 60Within how many days a person should apply for registration? Within 60 days from the date, he becomes liable for registration. Within 30 days from the date, he becomes liable for registration. No Time Limit Within 90 days from the date, he becomes liable for registration. 24 / 60Deemed export benefits are sanctioned by DGFT without claims. False true Can’t say none 25 / 60Where the application for grant of registration has been approved, a certificate of registration in shall be made available to the applicant on the FORM GST REG-06, Common Portal FORM GST CER-06, Common Portal FORM GST CER-06, Jurisdictional office FORM GST REG-10, Company portal 26 / 60What is the validity of the registration certificate? One year No validity Valid till it is cancelled Five years 27 / 60Value of supply is considered to exclude: Taxes, duties, cesses and fees levied under anyother Act. SGSTand UTGST Compensation Cess Both (b) and (c) 28 / 60GST was introduced in India with effect from 1.7.2017 1.4.2017 1.4.2017 29 / 60A person having business verticals in a State obtain a separate registration for each business vertical. Single, shall Multiple, shall Multiple, may Single, May 30 / 60Within how many days an application for revocation of cancellation of registration can be made? Within 7 days from the date of service of the cancellation order. Within 15 days from the date of issue of the cancellation order. Within 45 days from the date of issue of the cancellation order. Within 30 days from the date of service of the cancellation order. 31 / 60Input tax credit is not available on ___________? Trading goods Goods used for personal use Capital goods Fixed capital 32 / 60As per the 101st Constitution Amendment Act, the power to levy GST rests on _____ State Govt. Union Govt. State & Union Govt. Union Territory, State & Union Govt. 33 / 60What is the validity of the registration certificate issued to casual taxable person and non-resident taxable person? 90 days from the effective date of registration. Period specified in the application for registration. Earliest of (a) or (b) above 180 days from the effective date of registration 34 / 60Which of the following forms are used for registration? Form GSTR-1 Form GSTAPL-01 Form GST REG-01 Form GST RFD-01 35 / 60Value of supply shall be construed to include: Any taxes, duties, cess, fees and charges levied underany Act, except GST. Any amount that the supplier is liable to pay which hasbeen incurred by therecipient and is not included inthe price. All the incidental expenses, subsidies linked to supplyand other interest, late fee and penalty. All of the above 36 / 60Input Tax Credit with respect to these items is not available. Personal purchases Food & Beverages purchases LIC premium All of the above 37 / 60Supply shall attract IGST? Intra-State Inter-State Both none 38 / 60Which of the following is included while computingthe value of supply of goods under GST? Price of the goods Packing charges of the goods Tax levied by Municipal Authority on sale of the goods All of the above 39 / 60What are the taxes levied on an intra-State supply? CGST SGST CGST and SGST IGST 40 / 60Subsidies not directly linked to the price -----------subsidies provided by the Central andStateGovernments are includible in value for charge ofGST. Including Excluding Either (a) or (b) None of the above 41 / 60What is the maximum rate prescribed under CGST Act? 12% 28% 20% 18% 42 / 60Input Tax Credit is to be availed only if ____________________. The person is a registered supplier There is a proper tax invoice Both (a) & (b) None of the above 43 / 60Value of supply shall be the transaction value,if __________________ Transaction is between unrelated parties Price is the sole consideration Both (a) and (b) None of the above 44 / 60Maximum time limit to claim input tax credit is Till the date of filing annual return 30th September following the relevant financial year Earlier of a) and b) Later of a) and b) 45 / 60Does cancellation of registration under CGST affect the liability under SGST/IGST for period prior to cancellation of registration? Cancellation of registration will immune his liability under CGST only. Cancellation of registration will immune his liability under IGST only. Cancellation of registration will immune his liability under SGST and CGST but not under IGST. Cancellation does not affect the liability of taxable person to pay tax and other dues under CGST/SGST/IGST Act. 46 / 60As per 101st Constitution Amendment Act, Article _____ was inserted in the constitution 101B 256A 246A 156B 47 / 60Business which has centralized registration under erstwhile Act Shall obtain a centralized registration under GST Law Shall obtain separate registration in each state from where it is making taxable supplies. Shall obtain registration on temporary basis No need to apply for registration under GST 48 / 60GST is a ______ Multipoint Tax Single point Tax Regressive Tax None of the above 49 / 60Unless and until notified, IGST shall not be levied on the inter-State supply of which of the following: Industrial alcohol Works contract Petroleum None of the above 50 / 60Which one of following statements is correct? Voluntary registration is not possible under GST. Voluntarily registered person not liable to comply with all the provisions of the GST. A person may get himself registered voluntarily and shall comply with all the provisions of GST. None of the above 51 / 60The value of supply of goods and services shall bethe Transaction value Retail sale price Wholesale price None of above 52 / 60What shall be the treatment of subsidies received from BAC Private limited whilederivingtransaction value? Shall be included in the transaction value, even ifnot directly linked with supply. Shall be included only when such subsidy is directly. linked with supply (a) or (b) None of the above 53 / 60GST is charged on _______ Sale Value Transaction Value Value Addition Manufacturing Cost 54 / 60Input Tax Credit is the credit available of taxes paid on____________ Inward supply Outward supply Export of Goods & Services None of the above 55 / 60Constitution Amendment Act for implementation of GST was _______ 101st 100th 121st 122nd 56 / 60Constitution Amendment Bill for implementation of GST was_______ 101st 100th 121st 122nd 57 / 60Is there any ceiling limit prescribed on the rate under IGST? 14% 40% 26% 30% 58 / 60UTGST Act is enacted by _____ Union Govt. Union Territory State Govts. GST Council 59 / 60What is the maximum rate prescribed under SGST Act? 14% 28% 20% 30% 60 / 60Discount given after the supply is deducted fromthe value of taxable supply, if ÂÂÂ__ such discount is given as per the agreemententered into an/or before thesupply. such discount is linked to the relevant invoices. proportionate input tax credit is reversed by therecipient of supply. all of the above Exit
