Topicwise Banking Awareness Quiz – Set 7 – Goods and Services Tax(GST) – Part 3

Hello and welcome to exampundit. Here is a set of Topicwise Banking Awareness Quiz on Goods and Services Tax(GST). This is the Part 3. Goods and Services Tax (GST)

 

  1. Which of the following can be regarded as one of the advantages of GST?
    (I) Lesser compliances
    (II) Removal of Cascading Tax Effect
    (III) Regulating the unorganised sector
    1) Only I
    2) Only II
    3) Both I and II
    4) Both II and III
    5) All I, II and III
Answer

Option: 5

2. Company A from Kolkata sells ₹100,000 worth goods to Company B in Gandhinagar. Which type of GST will be applicable here?
1) CGST
2) SGST
3) IGST
4) Both 1 and 3
5) All 1, 2 and 3

Answer

Option: 3

3. What does I stands for in IGST?
1) Intra
2) Inter
3) Integrated
4) Input
5) Integral

Answer

Option: 3

4. At the time of paying tax on output, you can reduce the tax you have already paid on inputs. This is known as _______.
1) IGST
2) Tax Ememption
3) TDS
4) Input Tax Credit
5) Tax Refund

Answer

Option: 4

5. Which of the following tax is/are subsumed under GST?
1) State VAT
2) Octroi and Entry Tax
3) Luxury Tax
4) Both 1 and 2
5) All of them

Answer

Option: 5

6. What is the maximum turnover limit for a business entity to opt for GST Composition Scheme?
1) ₹1 crore
2) ₹50 lakhs
3) ₹1.5 crore
4) ₹75 lakhs
5) ₹2 crore

Answer

Option: 3

Additional Info:

For special category States (except J&K and Uttarakhand) enumerated in article 279A of the Constitution, threshold exemption limit has been fixed at Rs. 75 lakh.

7. Every business carrying out a taxable supply of goods or services and whose turnover exceeds the threshold limit of _____________.
1) ₹10 lakhs
2) ₹20 lakhs
3) ₹25 lakhs
4) ₹50 lakhs
5) ₹5 lakhs

Answer

Option: 2

Additional Info:

For special category States (except J&K) enumerated in article 279A of the Constitution, threshold exemption limit has been fixed at Rs. 10 lakh.

8. The central government had assured states of compensation for any revenue loss incurred by them from the date of GST for a period of ________.
1) 5 years
2) 10 years
3) 2 years
4) 3 years
5) 7 years

Answer

Option: 1

9. How many laws have been passed by the GST Council?
1) 2
2) 3
3) 4
4) 5
5) 6

Answer

Option: 4

Additional Info:

The five laws namely CGST Law, UTGST Law, IGST Law, SGST Law and GST Compensation Law have been recommended.

10. Who can apply for Unique Identification Number (UIN) under GST?
1) A specialized agency of the United Nations Organization
2) A Multilateral Financial Institution and Organization notified under the United Nations (Privileges and Immunities) Act, 1947
3) Consulate or Embassy of foreign countries
4) Only 1 and 2
5) All 1, 2 and 3

Answer

Option: 5

11. The concept of GST applies on _______ of goods or services.
1) Manufacture
2) Sale
3) Supply
4) Demand
5) Consumption

Answer

Option: 3

Additional Info: GST would be applicable on “supply” of goods or services as against the present concept of tax on manufacture of goods or on sale of goods or on provision of services.

12. What is the total GST rate for Manufacturers and Traders under GST Composition Scheme?
1) .5%
2) 1%
3) 2%
4) 5%
5) 2.5%

Answer

Option: 2

Additional Info: 0.5% CGST and 0.5% SGST

 

Click here for SET 1

Click here for Set 2

 

Regards

Team EP

 

 

 

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