This quiz works best with JavaScript enabled. Home > General Knowledge > Indian Polity > Finance > Gst > Gst Council – Quiz 6 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Gst Council Quiz 6 (11 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. ITC is eligible only when it is A) Credited to the electronic cash ledger. B) Credited to the electronic credit ledger. C) Booked in the books of account. D) All of the above. Show Answer Correct Answer: B) Credited to the electronic credit ledger. 2. Jagadale Pvt. Ltd. is engaged in making Chocolates. The company on Diwali, distributed the same chocolates to its employees. Can the company claim ITC in respect to the inputs used in making such gifts? A) Yes. B) No. C) Maybe. D) Company's discretion. Show Answer Correct Answer: B) No. 3. The Central Board of Excise and Customs (CBEC) announced that every year ..... will be considered as GST Day. A) JUNE 1. B) JULY 1. C) MARCH 1. D) APRIL 1. Show Answer Correct Answer: B) JULY 1. 4. Reverse charge entries are not displaying in 'View Summary" under GSTR-3B, why? A) Reverse charge entries will not display under View summary. B) When both RCM Purchase and Stat adjustment transactions are made in the same period, then in GSTR-3B report stat adjustment transactions count will be considered under participating in returns and Purchase transaction under "No direct implication in returns" bucket due to which purchase transaction will not display in view summary and it is a noted issue. C) No view Summary is prvided under GSTR-3B. D) None of the above. Show Answer Correct Answer: B) When both RCM Purchase and Stat adjustment transactions are made in the same period, then in GSTR-3B report stat adjustment transactions count will be considered under participating in returns and Purchase transaction under "No direct implication in returns" bucket due to which purchase transaction will not display in view summary and it is a noted issue. 5. CGST is based on A) Regional. B) Local. C) State. D) Central. Show Answer Correct Answer: D) Central. 6. Article ..... framed GST council A) 277. B) 278. C) 279A. D) 279. Show Answer Correct Answer: C) 279A. 7. ..... is the first state to ratify GST bill. A) Andhra Pradesh. B) ASSAM. C) ARUNACHAL PRADESH. D) SIKKIM. Show Answer Correct Answer: B) ASSAM. 8. In 2016, total amount of currency withdrawn during demonetisation was A) 86%. B) 25%. C) 45%. D) 56%. Show Answer Correct Answer: A) 86%. 9. Composite tax is applicable for dealer with turnover upto A) Rs.1.5 cr. B) Rs. 1 crore. C) Rs. 20 lakh. D) Rs.10 cr. Show Answer Correct Answer: A) Rs.1.5 cr. 10. Direct tax are borne by the person ..... A) Company only. B) By the consumer. C) Individual only. D) Liable to pay tax. Show Answer Correct Answer: D) Liable to pay tax. 11. Supply of goods to SEZ unit is treated as ..... in the hands of supplier A) Exempt supply-Reveral of credit. B) Deemed taxable supply-No reversal of credit. C) Zero rated supply. D) Non-taxable supply-Outside the scope of GST. Show Answer Correct Answer: C) Zero rated supply. ← PreviousRelated QuizzesFinance QuizzesIndian Polity QuizzesGst Council Quiz 1Gst Council Quiz 2Gst Council Quiz 3Gst Council Quiz 4Gst Council Quiz 5 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books