This quiz works best with JavaScript enabled. Home > General Knowledge > Indian Polity > Finance > Gst > Gst Council – Quiz 2 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Gst Council Quiz 2 (60 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. GST is calculated on A) Net duty payable. B) Tax payable after deducting input credit. C) Taxable value. D) Transaction value. Show Answer Correct Answer: C) Taxable value. 2. Maximum Rate of CGST is A) 20%. B) 40%. C) 10%. D) 5%. Show Answer Correct Answer: A) 20%. 3. Who is the present Chairperson of GST Council instituted for making recommendations to Government of India on important issues related to GST? A) Minister of finance and Corporate Affairs-Arun Jaitley. B) Rajiv kumar, Vice Chairman Niti Aayog. C) Ministry of commerce and Industry-Suresh Prabhu. D) PM Narender Modi. Show Answer Correct Answer: A) Minister of finance and Corporate Affairs-Arun Jaitley. 4. What is the time of supply of service for the supply of taxable services up to '1000 in excess of the amount indicated in the taxable invoice? A) At the option of the supplier-Invoice date or Date of receipt of consideration. B) Date of entry in books of account. C) Date of receipt of consideration. D) Date of issue of invoice. Show Answer Correct Answer: A) At the option of the supplier-Invoice date or Date of receipt of consideration. 5. Input tax credit is available only when the purchase made is used in ..... A) The course or furtherance of business. B) Other than business expenses. C) Both (a) and (b). D) None of the above. Show Answer Correct Answer: A) The course or furtherance of business. 6. Mr.Ram supplied goods to Mr.Laxman. The invoice is dated 30.07.2018. Payment was received for supply on 30.10.2018. The goods were dispatched on 05.08.2018. What is the time of supply under CGST Act? A) 05.08.2018. B) 30.07.2018. C) 30.10.2018. D) None of the above. Show Answer Correct Answer: B) 30.07.2018. 7. For the following transaction within Delhi, find the value of the following:CGST =? , SGST=? , IGST=? Given that, MRP = Rs.12000, Discount%= 30%, GST= 18% A) Rs 0, Rs 0, Rs 1512. B) Rs 0, Rs 0, Rs 756. C) Rs 756, Rs 756, Rs 0. D) Rs 1512, Rs 1512, Rs 0. Show Answer Correct Answer: C) Rs 756, Rs 756, Rs 0. 8. What was the original cost of a bed frame that has a GST-included price of $ 1900? The rate of GST is 10%. Answer correct to the nearest cent. A) $ 1710. B) $ 2090. C) $ 1727.27. D) $ 17.27. Show Answer Correct Answer: C) $ 1727.27. 9. Complete GSTR 2A can be download from GSTN Portal every month from the date of A) 1st of every month. B) 10th of every month. C) 12th of Every month. D) 15th of Every month. Show Answer Correct Answer: C) 12th of Every month. 10. GST is a ..... Tax. A) Direct. B) Indirect. C) Both. D) None of above. Show Answer Correct Answer: B) Indirect. 11. If I go to Bhopal in MP, stay in Hotel Fern for Company meetings and provide my Mumbai GSTIN to Hotel, he will charge me ..... A) CGST. B) SGST. C) IGST. D) CGST and SGST. Show Answer Correct Answer: D) CGST and SGST. 12. When was VAT introduced in UAE? A) 1st January 2018. B) 31st December 2017. C) 31st December 2018. D) 1st January 2017. Show Answer Correct Answer: A) 1st January 2018. 13. In which release latest GSTR-3B offline tool version 4.3 supported? A) Tally.ERP 9 Release 6.6.1. B) Tally.ERP 9 Release 6.0.3. C) Tally.ERP 9 Release 6.2. D) Tally.ERP 9 Release 6.3. Show Answer Correct Answer: A) Tally.ERP 9 Release 6.6.1. 14. Type of rate of GST in India are- A) 2. B) Many. C) 5. D) 7. Show Answer Correct Answer: D) 7. 15. GST is a dual model of A) USA. B) UK. C) Canada. D) France. Show Answer Correct Answer: C) Canada. 16. A Bill of Supply can be issued in case of Inter-State and Intra-State? A) Exempted Supplies. B) Supplies by Composition scheme. C) Supplies to unregistered person. D) None of these. Show Answer Correct Answer: A) Exempted Supplies. 17. On which day independence day of India was celebrated before the indepndence? A) 15 august. B) 26 jan. C) 20 jan. D) 8 august. Show Answer Correct Answer: B) 26 jan. 18. In GSTR-3B we are getting Purchase taxable under Outward supplies, why? A) If the Purchases are passed by Negative Values. B) If there is a Purchase return in the same month. C) Need to check the GST Configuration in the ledger whether in the Tax rate history he has initially configured any 'Purchase' Nature of transaction. D) None of the above. Show Answer Correct Answer: C) Need to check the GST Configuration in the ledger whether in the Tax rate history he has initially configured any 'Purchase' Nature of transaction. 19. Another name for GST collected is: A) GST tax credits. B) GST credits. C) GST outlay. D) GST payables. Show Answer Correct Answer: D) GST payables. 20. Excise and Service Tax got subsumed in ..... A) CGST. B) SGST. C) IGST. D) Cess. Show Answer Correct Answer: A) CGST. 21. Another name for GST payables is: A) GST collected. B) GST credits. C) GST outlay. D) GST tax credits. Show Answer Correct Answer: A) GST collected. 22. You purchase a phone for $ 220 inclusive of GST. How much GST are you paying? A) 200. B) 22. C) 20. D) 21. Show Answer Correct Answer: C) 20. 23. Which is an Incorrect GSTIN? Its tricky A) 27AACFF9468K1ZU. B) 27 I am harvesting 1 z 4. C) 97 ASO 1598 A1 BD. D) 27Azbkha43Z0. Show Answer Correct Answer: D) 27Azbkha43Z0. 24. The main cause of demonetisation A) Fake currency. B) Black money. C) Corruption. D) All of these. Show Answer Correct Answer: D) All of these. 25. Which of the following taxes will be levied on Import of goods and services? A) Exempt. B) SGST. C) IGST. D) CGST. Show Answer Correct Answer: C) IGST. 26. WHAT WAS THE SLOGAN GIVEN MAHATAMA GANDHI A) DO or DIE. B) TRUTH and NON VIOLENCE. C) QUIT INDIA. D) ALL OF THE ABOVE.. Show Answer Correct Answer: D) ALL OF THE ABOVE.. 27. Threshold limit for composition levy scheme A) 1 crore. B) 1.5 crore. C) Both. D) None of above. Show Answer Correct Answer: B) 1.5 crore. 28. What is the due date for filing GSTR-3B? A) 12th of subsequent month. B) End of the Same month. C) 15th of subsequent month. D) 20th of subsequent month. Show Answer Correct Answer: D) 20th of subsequent month. 29. Which GST is applicable when a good is sold in a different state? A) IGST. B) UGST. C) CGST. D) SGST. Show Answer Correct Answer: A) IGST. 30. India's GST is based on which country's model? A) Canada. B) UK. C) Italy. D) Japan. Show Answer Correct Answer: A) Canada. 31. Standard Rate of GST in India is/are ..... A) 12. B) 18. C) 12 and 18. D) None. Show Answer Correct Answer: C) 12 and 18. 32. GST Rate based on Product Rate is seen in ..... Industry A) Entertainment Industry. B) Construction Industry. C) Food Industry. D) Apparel Industry. Show Answer Correct Answer: D) Apparel Industry. 33. What is the year of first war of independence? A) 1947. B) 1922. C) 1857. D) 1875. Show Answer Correct Answer: C) 1857. 34. Maximum rate prescribed under UTGST/SGST? A) 28. B) 30. C) 20. D) 14. Show Answer Correct Answer: D) 14. 35. Which is the first country in the world to implement GST? A) Japan 1967. B) UK 1950. C) India 2017. D) France 1954. Show Answer Correct Answer: D) France 1954. 36. Mr.Pawan, an architect in New Delhi, enters into a contract with Mr.Rohan of New York to provide professional services in respect of immovable property of Mr.Rohan located in Pune and New York. What is the place of supply? A) New Delhi. B) New York. C) Pune. D) None of the above. Show Answer Correct Answer: C) Pune. 37. The error as "Could not Find an application to Open the File" while printing GSTR-3B, wt is the reason? A) Need to check whether MS word is installed and as Tally.ERP 9 was not supporting pre installed applications like MS excel and word, hence the same has been resolved in 6.5.5. B) Need to check with the capsules update. C) Need to check whether the Tally folder is added in Trusted Location. D) We cannot print GSTR-3B from Tally.ERP9. Show Answer Correct Answer: A) Need to check whether MS word is installed and as Tally.ERP 9 was not supporting pre installed applications like MS excel and word, hence the same has been resolved in 6.5.5. 38. What is the standard rate of VAT in UAE? A) 25%. B) 12%. C) 10%. D) 5%. Show Answer Correct Answer: D) 5%. 39. In India, the GST is based on the dual model GST adopted in ..... A) US. B) UK. C) Japan. D) Canada. Show Answer Correct Answer: D) Canada. 40. How many types of taxes will be in Indian GST? A) 2. B) 4. C) 3. D) 5. Show Answer Correct Answer: C) 3. 41. Which is the first state to pass GST in India? A) Tamilnadu. B) Delhi. C) Kolkata. D) Assam. Show Answer Correct Answer: D) Assam. 42. Date on which the supplier received the payment as per section 12 of the CGST Act shall be A) Date of credit in the bank account. B) Date on which receipt voucher is issued by the supplier. C) Date entered in the books of account. D) Date entered into the books of account or date of credit in bank account whichever is earlier. Show Answer Correct Answer: D) Date entered into the books of account or date of credit in bank account whichever is earlier. 43. What does "I" stands for in IGST? A) Internal. B) Integrated. C) International. D) INTRA. Show Answer Correct Answer: B) Integrated. 44. ..... is a statement showing assets and liabilities of the business concern. A) Day book. B) Trial balance. C) Profit & loss account. D) Balance sheet. Show Answer Correct Answer: D) Balance sheet. 45. What is the full from of EPCG A) Export Promotion credit Goods. B) Export Promotion Custom Goods. C) Export Promotion Capital Goods. D) Export Performance Capital Goods. Show Answer Correct Answer: C) Export Promotion Capital Goods. 46. Full Form of HSN code A) Harmonised System Nomenclature. B) Homonised system number. C) Harmonised Sequence Nomenclature. D) Harmony System Nomenclature. Show Answer Correct Answer: A) Harmonised System Nomenclature. 47. In which year 'Sepoy Movement' or 'The first war of independence' took place in which year? A) 1857. B) 1901. C) 1862. D) 1858. Show Answer Correct Answer: A) 1857. 48. Payment of Tax to the Government under GST is compulsory at the time of A) Submission of GSTR 1 quartely. B) Submission of GSTR 2 quartely. C) Submmission of GSTR 3B monthly. D) Submission of GSTR 3B quartely. Show Answer Correct Answer: C) Submmission of GSTR 3B monthly. 49. Invoice price of a TV including GST 12% is Rs.23, 520. Taxable value shall be- A) Rs.20425. B) Rs.22950. C) Rs.21000. D) Rs.17900. Show Answer Correct Answer: C) Rs.21000. 50. On 6th May a conventional hall was booked for Rs.15000 and advance payment of Rs.3000 was made, on 15th September function was held, Invoice was issued in 27th October and on 3rd September the balance payment of Rs.12000 was made. What is the time of supply to the extend of balance Rs.12000? A) 15th September. B) 27th October. C) 6th May. D) 3rd September. Show Answer Correct Answer: A) 15th September. 51. The GSTIN is ..... digit PAN based registration number. A) 16. B) 14. C) 17. D) 15. Show Answer Correct Answer: D) 15. 52. The first country to implement GST A) France. B) Mexico. C) India. D) China. Show Answer Correct Answer: A) France. 53. Which of the following is subsumed under State GST? A) VAT. B) Service tax. C) Additional exise duty. D) All of these. Show Answer Correct Answer: A) VAT. 54. Abhi hires a works contractor for repairing his factory building on a lump sum payment of 11, 80, 000. She debits half of the expenditure in the profit and loss account and the remaining half in the building account. Assuming the rate of GST to be 18%, Abhi can take input tax credit of: A) Rs.90, 000. B) Rs.2, 12, 400. C) Nil. D) Rs.1, 06, 200. Show Answer Correct Answer: A) Rs.90, 000. 55. In India GST became effective from A) 1st January, 2017. B) 1st April, 2017. C) 1st July, 2017. D) 1st March, 2017. Show Answer Correct Answer: C) 1st July, 2017. 56. The maximum rate for CGST is? A) 18. B) 20. C) 28. D) 12. Show Answer Correct Answer: B) 20. 57. The tax which was not merged into GST A) Purchase tax. B) Excise duty. C) Countervailing Duty. D) Basic Customs Duty. Show Answer Correct Answer: D) Basic Customs Duty. 58. When a GST dealer in Kerala sells a product o a GST dealer or customer in Tamilnadu, the tax collected is A) CGST. B) SGST. C) UTGST. D) Integrated GST. Show Answer Correct Answer: D) Integrated GST. 59. Which GST Return we are not filing as of Now? A) GSTR2. B) GSTR1. C) GSTR9. D) GSTR3B. Show Answer Correct Answer: A) GSTR2. 60. All input IGST will be first set of against A) Output CGST. B) Output IGST. C) Out SGST. D) All of the above. Show Answer Correct Answer: B) Output IGST. ← PreviousNext →Related QuizzesFinance QuizzesIndian Polity QuizzesGst Council Quiz 1Gst Council Quiz 3Gst Council Quiz 4Gst Council Quiz 5Gst Council Quiz 6 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books