This quiz works best with JavaScript enabled. Home > Indian Polity > Finance > Gst > Gst Council – Quiz 7 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Gst Council Quiz 7 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. 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. 2. 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.1, 06, 200. C) Rs.2, 12, 400. D) Nil. Show Answer Correct Answer: A) Rs.90, 000. 3. In India GST became effective from A) 1st April, 2017. B) 1st January, 2017. C) 1st July, 2017. D) 1st March, 2017. Show Answer Correct Answer: C) 1st July, 2017. 4. The maximum rate for CGST is? A) 28. B) 12. C) 18. D) 20. Show Answer Correct Answer: D) 20. 5. The tax which was not merged into GST A) Countervailing Duty. B) Excise duty. C) Basic Customs Duty. D) Purchase tax. Show Answer Correct Answer: C) Basic Customs Duty. 6. When a GST dealer in Kerala sells a product o a GST dealer or customer in Tamilnadu, the tax collected is A) SGST. B) CGST. C) Integrated GST. D) UTGST. Show Answer Correct Answer: C) Integrated GST. 7. Which GST Return we are not filing as of Now? A) GSTR1. B) GSTR2. C) GSTR3B. D) GSTR9. Show Answer Correct Answer: B) GSTR2. 8. 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. 9. A book's cost price is $ 45. If 10% GST is to be added, what is the selling price? A) $ 55. B) $ 54. C) $ 49.50. D) $ 48.50. Show Answer Correct Answer: C) $ 49.50. 10. Which of the following are covered in the definition of input tax? i. Tax paid under RCM ii. IGST on importsiii. Taxes on composition levy iv. CGSTMark the correct option: A) (i) & (ii). B) (i), (ii) & (iv). C) (i), (ii) & (iii). D) All of the above. Show Answer Correct Answer: B) (i), (ii) & (iv). 11. Not included in transaction value- A) Packing cost. B) Design expenses. C) After sales service charges. D) Unloading charges paid by recipient. Show Answer Correct Answer: D) Unloading charges paid by recipient. 12. A situation where rate of tax on input is more than rate of tax on output is A) Inverted duty structure. B) Excess input tax credit. C) Compensation cess. D) Refund. Show Answer Correct Answer: A) Inverted duty structure. 13. How will the goods and services be classified under GST regime? A) SAC/HSN code. B) HSN code. C) SAC code. D) GST code. Show Answer Correct Answer: A) SAC/HSN code. 14. Which of the following is the first country in the world to implement GST in 1954? A) France. B) Russia. C) South Africa. D) Germany. Show Answer Correct Answer: A) France. 15. What Is the latest version of utility tool of GSTR-3B report supporting in Tally ERP9? A) GSTR3B Excel Utility V4.3. B) GSTR3B Excel Utility V4.2. C) GSTR3B Excel Utility V4.31. D) GSTR3B Excel Utility V4.13. Show Answer Correct Answer: A) GSTR3B Excel Utility V4.3. 16. Bill of Supply Issued by A) Composition dealer. B) Unregistered dealer. C) Supplier of exempted goods. D) All. Show Answer Correct Answer: D) All. 17. IGST IS A) INDIAN GST. B) INTERNATIONAL GST. C) INTEGRATED GST. D) NONE OF THE ABOVE. Show Answer Correct Answer: C) INTEGRATED GST. 18. At which session of the Indian National Congress was Vande Mataram sung for the first time? A) 1845 session. B) 1896 session. C) 1850 session. D) 1895 session. Show Answer Correct Answer: B) 1896 session. 19. Which code is used to classify goods and services under GST? A) HSN Code. B) SAC/HSN Code. C) GST Code. D) SAC Code. Show Answer Correct Answer: B) SAC/HSN Code. 20. Calculate the GST owed to the ATO:GST credits $ 150, GST payables $ 200 A) $ 50. B) $ 150. C) $ 200. D) $ 350. Show Answer Correct Answer: B) $ 150. ← PreviousNext →Related QuizzesFinance QuizzesIndian Polity QuizzesGst Council Quiz 1Gst Council Quiz 2Gst Council Quiz 3Gst Council Quiz 4Gst Council Quiz 5Gst Council Quiz 6Gst Council Quiz 8Gst Council Quiz 9 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books