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.

 

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

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

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

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

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

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

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

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

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

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

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

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%

 

Click here for SET 1

Click here for Set 2

 

Regards

Team EP