Financial
Accounting – I Course Code 112 (Semester – I)
1. GST was introduced in India with effect
from
·
1.1.2017
·
1.4.2017
·
1.1.2018
·
1.7.2017
2. GST was introduced in Jammu and Kashmir
with effect from
·
1.8.2017
·
1.7.2017
·
1.1.2018
·
8.7.2017
3. Constitution Amendment Act, 2016 for
GST was
·
80th
·
101st
·
122nd
·
None of these
4. As a result of constitution amendment
for GST a Separate List --- has been inserted in the constitution.
·
Article 246A
·
Article 146B
·
Article 122 C
·
Article 101B
5. The incidence of tax on tax is called
·
Tax Cascading
·
Tax Pyramiding
·
Tax evasion
·
Indirect tax
6. Under GST, ‘value addition’ refers to
·
Expenses ‘plus’ profit
·
Cost plus tax
·
Cost plus tax plus
‘profit
·
Tax plus profit
7. UTGST is applicable when
·
Sold from Union territory
·
Goods are purchased by
Central Government
·
Sold from one union
territory to another union territory
·
There is interstate
supply
8. Integrated Goods and Services Tax is
applicable when -
·
Sold in Union territory
·
Sold from one GST dealer
to another GST dealer
·
Sold within a state
·
There is interstate supply
9. SGST is applicable when
·
Goods are sold within a state
·
Goods are sold from one
GST dealer to a customer
·
Goods are sold by a GST
dealer to another GST dealer
·
Interstate supply
10. The tax which was not merged into GST
·
Countervailing Duty
·
Excise duty
·
Basic Customs Duty
·
Purchase tax
11. Goods and service tax is a – tax
system
·
Single point tax
·
Multipoint tax
·
Regressive tax
·
None of these
12. Goods and service tax is --
·
Supply based
·
Consumption based
·
Both supply and
consumption based
·
None of these
13. When a GST dealer in Kerala sells a
product of a GST dealer or customer in Tamil Nadu, the tax collected is
·
SGST
·
CGST
·
Integrated GST
·
UTGST
14. After introduction of GST import into
India is –
·
Subject to IGST plus BCD
·
Subject to CGST plus SGST
plus BCD
·
Zero rated
·
SGST plus CGST plus IGST
plus BCD
15. After introduction of GST supplies to
SEZ are
·
Subject to IGST
·
Subject to CGST plus SGST
·
Zero rated
·
SGST plus CGST plus IGST
16. GST is a matter of jurisdiction of
·
Union Government
·
State Government
·
Both center and state government
·
None of these
17. Inter-state trade is presently subject
to
·
SGST
·
CGST
·
Integrated GST
·
UTGST
18. Introduction of GST affects the
revenue of
·
Consuming states
·
Manufacturing states
·
All the states
·
Central Government
19. The council can take a decision only
if there is
·
Three- fourth majority
·
Two third Majority
·
60% majority
·
Simple majority
20. GST dealers with annual turnover of
--- are not required to use HSN code
·
Less than Rs. 1.5 core
·
Less than Rs. 20 lakh
·
Less than Rs. 1 core
·
Less than Rs. 75 lakh
21. Dealers whose annual turnover between
Rs. 1.5 core and Rs. 5 core need to use
·
Two-digit HSN code
·
Four digit HSN Codes
·
Four digit HSN Codes
·
Eight digit HSN codes
22. Dealers with annual turnover of Rs. 5 core
and above must use -- for their invoices.
·
Two-digit HSN code
·
Four digit HSN Codes
·
Four digit HSN Codes
·
Eight digit HSN codes
23. In the case of import or export of
goods, using -- is compulsory
·
Two-digit HSN code
·
Four digit HSN Code
·
Four digit HSN Code
·
Eight digit HSN code
24. Under GST law SAC refers to --
·
Systematic Accounting
Code
·
Service Accounting Code
·
System administration
code
·
Scientific accounting
code
·
Central Government
·
State Government
·
GST Council
·
Central Government in
consultation with state governments
26. The lowest tax rate under GST is --
·
0.25%
·
1%
·
0.05%
·
5%
27. Base metals, gold, silver, articles of
jewelry are taxable in India at the rate of
·
0.25%
·
1%
·
3%
·
5%
28. The highest GST rate applicable now is
---
·
100%
·
18%
·
28%
·
50%
29. Tax Deducted at Source at the rate of
1% is applicable in the case of supplies received by
·
Any GST dealer
·
Government Departments
·
Ecommerce operators
·
Composite dealers
30. Tax Collected at Source at the rate of
2% is applicable in the case of
·
Any GST dealer
·
Government Departments
·
E-commerce operators
·
Composite dealers
31. Composite tax is applicable for dealer
with turnover upto
·
Rs. 1 Crore
·
Rs. 20 lakh
·
Rs. 1.5 Crore
·
Rs. 10 Crore
32. Under GST law Compensation cess is
applicable on
·
Luxury articles and demerit goods
·
All goods
·
Petroleum products and
Alcohol
·
Consumer goods
33. Goods which get input tax credit
without being liable to collect output tax is called
·
Exempt goods
·
White goods
·
Sin goods
·
Zero rated goods
34. GST can be collected by
·
Any registered dealer
·
Any GST dealer
·
Any service provider
·
Any dealer
35.______confers powers to Government of
India to collect tax on intra-state supply of goods or services or both.
·
UTGST Act
·
IGST Act
·
CGST Act
·
SGST Act
36. Under GST law “Aggregate turnover” of
a dealer
·
Includes taxes paid
·
Excludes taxes paid
·
Includes exempt supplies
·
Turnover plus taxes plus
profit
37. Under GST law “Aggregate turnover” of
a dealer is determined
·
State-wise
·
All India basis
·
shop-wise
·
None of these
38. Under GST law “Agriculturist” means
·
Individual or Hindu Undivided Family only
·
Individual only
·
Any entity engaged in
agricultural operations
·
Anyone who sells
agricultural produces
39. Business vertical refers to
·
Joint venture
·
Different business within a group
·
Competitors in business
·
None of these
40. Goods which are used or intended to be
used in the course or furtherance of business are
·
Demerit goods
·
Business goods
·
Capital goods
·
None of these
41. A person who
occasionally undertakes transactions involving supply of goods or services or both
in the course or furtherance of business is
·
Business person
·
Casual taxable person
·
Composite dealer
·
Nonresident dealer
42. Supply of two
or more taxable supplies naturally bundled and supplied is called
·
Mixed supply
·
Composite supply
·
Common supply
·
Continuous supply
43. Goods are
packed and transported with insurance, packing materials, transport and
insurance. This is a case of
·
Mixed supply
·
Composite supply
·
Common supply
·
Continuous supply
44. Supply of
goods provided, or agreed to be provided, continuously or on recurrent basis, under
a contract, is
·
Mixed supply
·
Composite supply
·
Common supply
·
Continuous supply
·
45. Indian Oil
Corporation Ltd. sends 10,000 liters of petrol every day to a petrol pump and invoices
the same every week. This is a case of
·
Mixed supply
·
Composite supply
·
Common supply
·
Continous supply
46. Any goods
other than capital goods used or intended to be used by a supplier in the
course or furtherance of business is
·
Input
·
Output
·
Merit goods
·
White goods
47. --- refers to
receipt of goods or services or both whether by purchase, acquisition or any other
means with or without consideration.
·
Outward supply
·
Inward supply
·
Taxable supply
·
None of these
48. Two or more
individual supplies of goods or services, or any combination thereof, made in conjunction
with each other
·
Mixed supply
·
Composite supply
·
Common supply
·
Continuous supply
49. A supply of a package consisting of
canned foods, sweets, chocolates, cakes, dry fruits, aerated drinks and fruit
juices when supplied for a single price is
·
Common supply
·
Composite supply
·
Mixed supply
·
Continuous supply
50. Any person who occasionally undertakes
transactions involving supply of goods or services or both, but who has no
fixed place of business or residence in India is
·
Business person
·
Casual taxable person
·
Composite dealer
·
Nonresident dealer
51. Output tax of a taxable person,
·
Includes reverse charge
·
Excludes reverse charge
·
Includes composite tax
·
Includes all the taxes
paid
52. Supply of goods or services which
constitutes the predominant element of a composite supply is called
·
Common supply
·
Principal supply
·
Mixed supply
·
Continuous supply
53. Liability to pay tax by the recipient
of supply of goods or services is called
·
Output tax
·
Reverse charge
·
Input tax
·
None of these
54. The chair of GST Council
·
Nominated by the Gov.
·
Nominated by the GST
Council
·
Union Finance Minister
·
Elected by the GST
council
55. In the GST council meetings, the vote
of the Central Government shall have a weightage of
·
1/3 of votes cast
·
1/2 of votes cast
·
2/3 of votes cast
·
None of these
56. In the GST council meetings votes of
all the State Governments taken together shall have a weightage of
·
1/3 of votes cast
·
1/2 of votes cast
·
2/3 of votes cast
·
None of these
57. Tax rate on goods under GST are
determined by
·
Union budget
·
State budget
·
GST council
·
Central Gov. in
consultation with state Govt.
58. Integrated Goods and Services Tax Act
is applicable to
·
All the States
·
All the Union territories
·
The whole of India
·
All the states except
Jammu and Kashmir
59. Integrated GST is applicable on goods
or services
·
Imports
·
Interstate Sale
·
Exported from India
·
Imports and interstate sales
60. The rate of IGST is equal to the rate
of
·
CGST
·
SGST
·
CGST plus the rate of SGST
·
SGST plus UTGST