This quiz works best with JavaScript enabled. Home > General Knowledge > Indian Polity > Finance > Gst > Gst Council – Quiz 5 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Gst Council Quiz 5 (60 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Real estate agent in Delhi charges brokerage fee to Company A located in Chandigarh for assistance in getting a commercial property in Kolkata. Which is the place of supply in this case? A) Delhi. B) Chandigarh. C) Kolkata. D) None of the above. Show Answer Correct Answer: C) Kolkata. 2. Positive impact of demonetisation A) Check on food inflation. B) Dent in GDP growth. C) Large scale lay off in Informal sector. D) Slump in real estate. Show Answer Correct Answer: A) Check on food inflation. 3. Deduction allowed against transaction value- A) Trade discount. B) Special discount for advance payment. C) In guarantee period after sales service charges. D) All of above. Show Answer Correct Answer: A) Trade discount. 4. GST rate applicable on Gold and Silver is- A) 1%. B) 5%. C) 0.25%. D) 3%. Show Answer Correct Answer: D) 3%. 5. GST number based on ..... ? A) VOTER ID. B) PAN CARD. C) CREDIT/DEBIT CARD. D) AADDHAR CARD. Show Answer Correct Answer: B) PAN CARD. 6. When was the first GST proposal introduced in India? A) 1999. B) 2005. C) 2000. D) 2005. Show Answer Correct Answer: C) 2000. 7. Increase $ 90 by 12% A) $ 102. B) $ 10.80. C) $ 90.12. D) $ 100.80. Show Answer Correct Answer: D) $ 100.80. 8. GST CAME IN FORCE FROM A) 1.7.2017. B) 1.7.2015. C) 1.7.2020. D) 1.7.2016. Show Answer Correct Answer: A) 1.7.2017. 9. What type of GST applies for:restaurant food? A) Taxable supply. B) GST-free supply. C) Input taxed supply. D) None of above. Show Answer Correct Answer: A) Taxable supply. 10. GST is charged on: A) Goods Supplied. B) Services Supplied. C) Goods & /or Services Supplied. D) None of above. Show Answer Correct Answer: C) Goods & /or Services Supplied. 11. Input tax credit shall not be available in respect of: A) Goods used for personal consumption. B) Membership of a club. C) Travel benefits extended to employees on vacation such as leave or home travel concession. D) All of the Above. Show Answer Correct Answer: D) All of the Above. 12. Credit note is issued on: A) Value & /or GST overcharged in Invoice. B) Sale Return. C) All. D) None of above. Show Answer Correct Answer: C) All. 13. HSN code stands for A) Harmonised system network. B) Harmonised system of Nomenclature. C) Home state number. D) House shopping network. Show Answer Correct Answer: B) Harmonised system of Nomenclature. 14. GST is added on in Australia at a rate of what percentage? A) 12.5%. B) 7.5%. C) 5%. D) 10%. Show Answer Correct Answer: D) 10%. 15. GST is defined in A) CGST ACT. B) UTGST. C) SGST ACT. D) IGST ACT. Show Answer Correct Answer: A) CGST ACT. 16. The ..... report prints a summary of the GST received and paid by you. A) Sales. B) GST. C) Receipt. D) Payment. Show Answer Correct Answer: B) GST. 17. The GSTIN consists of A) 14 digits. B) 16 digits. C) 13 digits. D) 15 digits. Show Answer Correct Answer: D) 15 digits. 18. What is the standard rate of GST in India? A) 5%. B) 18%. C) 10%. D) 12%. Show Answer Correct Answer: B) 18%. 19. $ I\ =\ P\ r\ n$ Is the formula for: A) Simple Interest. B) Percentage increase. C) GST. D) Compound interest. Show Answer Correct Answer: A) Simple Interest. 20. All financial entries are made using ..... or account heads. A) Sales. B) Voucher. C) Ledger. D) Group. Show Answer Correct Answer: C) Ledger. 21. Composition scheme is available only for A) E-commerce operators. B) B2B supplies. C) Inter state supplies. D) Intra-state supplies. Show Answer Correct Answer: D) Intra-state supplies. 22. Presently which currency notes have curbed due to demonetisation? A) 500, 1000. B) 500, 2000. C) 1000, 2000, 500, 100. D) None of these. Show Answer Correct Answer: A) 500, 1000. 23. What is the maximum rate prescribed under CGST? A) 18. B) 28. C) 12. D) 20. Show Answer Correct Answer: B) 28. 24. GST was introduced in India with effect from A) 1.1.2017. B) 1.7.2017. C) 1.4.2017. D) 1.1.2018. Show Answer Correct Answer: B) 1.7.2017. 25. Retail Price of a T.V. including GST @12% is 22400/-taxable value shall be: A) 25000. B) 22500. C) 20000. D) None of above. Show Answer Correct Answer: C) 20000. 26. What is the full form of SAC in GST? A) Services Accounting Code. B) Supple Accounting Code. C) State Accounting Code. D) None of these. Show Answer Correct Answer: A) Services Accounting Code. 27. The number of structures in India's GST model is? A) 5. B) 4. C) 6. D) 3. Show Answer Correct Answer: B) 4. 28. Full form of GST A) Goods and Service Tax. B) Goods or service Tax. C) Gold and Silver Tang. D) None of the above. Show Answer Correct Answer: A) Goods and Service Tax. 29. WHICH MOMENT IS CALLED AUGUST KRANTI A) QUIT INDIA MOVEMENT. B) NON COOPRATION MOVEMENT. C) NONE.. D) None of above. Show Answer Correct Answer: A) QUIT INDIA MOVEMENT. 30. GSTR-3B is the summary of? A) GSTR-3B is a summary of all taxable purchases and sales. B) GSTR-3B is a summary of all exempt and Nill rated purchase and sales. C) GSTR-3B is a summary of all Inwards and outwards supplies under GST. D) GSTR-3B is a summary of reverse charges transactions. Show Answer Correct Answer: A) GSTR-3B is a summary of all taxable purchases and sales. 31. The lowest tax rate under GST is A) 2%. B) .50%. C) 1%. D) .25%. Show Answer Correct Answer: D) .25%. 32. Decrease 500 by 30% A) 499.70. B) 150. C) 350. D) 470. Show Answer Correct Answer: C) 350. 33. Can a person apply for GST registration without PAN Card? A) No. B) Yes. C) Wrong Question. D) None of these. Show Answer Correct Answer: A) No. 34. In GST, HSN Stands for ..... A) Harmonized System Number. B) Harmonized System of Numbers. C) Haldi Shakar Namak. D) Harmonized System of Nomenclature. Show Answer Correct Answer: D) Harmonized System of Nomenclature. 35. Mr.A (New Delhi) has leased his machine cost Rs.8, 00, 000 to Mr.B Noida (Uttar Pradesh) for production of goods on a monthly rent of Rs.40, 000. After 13 months Mr.B requested Mr.A to sell the machine to him for Rs.4, 00, 000, which is agreed to by Mr.A. What is the place of supply? A) Noida. B) New Delhi. C) None of the above. D) None of above. Show Answer Correct Answer: A) Noida. 36. Computerised Accounting System is based on the concept of ..... A) Design. B) Software. C) Hardware. D) Database. Show Answer Correct Answer: D) Database. 37. Which of the following tax rate is not applicable under the GST? A) 12. B) 18. C) 25. D) 5. Show Answer Correct Answer: C) 25. 38. Constitution Amendment Act, 2016 for GST was A) 1.1.2017. B) 1.4.2017. C) 1.7.2017. D) 1.1.2018. Show Answer Correct Answer: C) 1.7.2017. 39. The 'I' in IGST stands for A) Intra. B) Intellectual. C) Integrated. D) Internal. Show Answer Correct Answer: C) Integrated. 40. What is the Full Form of LUT in Export Sales with LUT/Bond? A) Letter of Undertaking. B) Letter of Exemption. C) Letter of Understanding. D) Letter of Export Sales. Show Answer Correct Answer: A) Letter of Undertaking. 41. Tax Invoice must be issued by ..... ? A) Registered perons not paying tax undar composition scheme. B) Every Suppliers. C) Every Taxable persons. D) All of the above. Show Answer Correct Answer: A) Registered perons not paying tax undar composition scheme. 42. Input tax credit shall be allowed only if it is separately written in: A) Credit note. B) Payment slip. C) Delivery note. D) Tax invoice. Show Answer Correct Answer: D) Tax invoice. 43. Tax rate on goods under GST are determined by A) GST council. B) State budget. C) Union budget. D) Central Govt in consultation with state Govt. Show Answer Correct Answer: A) GST council. 44. What is the total number of marks in GST registration? A) 14. B) 16. C) 15. D) 17. Show Answer Correct Answer: C) 15. 45. GST is a destination based Tax? A) True.Only if it is a Tourist Destination. B) False. C) True. D) False.Depend on the person collecting it. Show Answer Correct Answer: C) True. 46. RATE OF GST ON BUTTERMILK A) 6%. B) 5 %. C) NIL. D) 7%. Show Answer Correct Answer: C) NIL. 47. First announcement to introduce GST by 2010 is made in year ..... A) 2004. B) 2008. C) 2000. D) 2006. Show Answer Correct Answer: D) 2006. 48. Diesel and petrol are taxable under GST A) 13% and 23%. B) 23% and 27%. C) 28.75 and 23%. D) GST not applicable. Show Answer Correct Answer: D) GST not applicable. 49. A registered person making zero rated supply shall be A) Eligible to claim refund. B) Not eligible for refund. C) Subject to reverse charge. D) None of these. Show Answer Correct Answer: A) Eligible to claim refund. 50. While uploading GSTR3B getting Error as 'Could not upload download latest offline utility tool'? A) Need to check whether the returns are generated from the latest release of Tally.ERP9. B) Need to check whether there is any negative sum of amount in the returns. C) Need to file manually. D) Need to file it through the excel utility. Show Answer Correct Answer: A) Need to check whether the returns are generated from the latest release of Tally.ERP9. 51. (a)A travel agent registered in New Delhi books a tour of famous Indian cities for a Dubai resident. (b)Mr.D an unregistered person based in New Delhi hires a yacht from the company based in London, UK for 20 days. Determine the place of supply in both the cases. A) Dubai (b)New Delhi. B) New Delhi (b)New Delhi. C) New Delhi (b) London. D) Dubai (b)London. Show Answer Correct Answer: C) New Delhi (b) London. 52. GST is ..... constitutional Amendment Act, 2016 A) 100. B) 101. C) 103. D) 102. Show Answer Correct Answer: B) 101. 53. Sales or Purchase values are not getting matched with GSTR-1 and GSTR-3B? A) Sales and Purchase Values will not match in GSTR-3B. B) Sales and Purchase Values will match if there are only Taxable items. C) 1.Check Any Incomplete/Mismatch in information (to be resolved2.Check if any Not relevant for returns . Check those transactions and include them if relevant. D) Sales and Purchase Values will match if there are only Exempt items. Show Answer Correct Answer: C) 1.Check Any Incomplete/Mismatch in information (to be resolved2.Check if any Not relevant for returns . Check those transactions and include them if relevant. 54. Which of the following item is under 5%slab of GST A) Coffee. B) Sugar. C) Kerosene. D) All of these. Show Answer Correct Answer: D) All of these. 55. What is the time of supply of vouchers when the supply with respect to the voucher is not identifiable A) Date of entry into books of account. B) Date of redemption of voucher. C) Earlier of A or B or C. D) Date of issue of voucher. Show Answer Correct Answer: B) Date of redemption of voucher. 56. Refund Voucher is issued: A) Refund of Tax. B) Sales Return. C) Refund of Advance. D) None of these. Show Answer Correct Answer: C) Refund of Advance. 57. Supply of goods in the course of import into the territory of India is A) Export. B) Neither Export nor Import. C) Inter-State supply. D) Intrastate supply. Show Answer Correct Answer: C) Inter-State supply. 58. The interest shall be payable @ ..... for withholding the refund amount A) 5% p.a. B) 7%p.a. C) 9%p.a. D) 6%p.a. Show Answer Correct Answer: D) 6%p.a. 59. The concept of demonetisation was launched for the first time in India in A) 1948. B) 1955. C) 1946. D) 1954. Show Answer Correct Answer: C) 1946. 60. The marked price of a smartphone is Rs. 24, 500. If the rate of GST is 28%, find the selling price of the smartphone. A) Rs. 31, 250. B) Rs. 31, 360. C) Rs. 30, 250. D) Rs. 32, 360. 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