Top 350+ Solved Indirect Taxes- GST MCQ Questions Answer
Q. From the following information determine the value of taxable supply as per provisions of Section 15 of the CGST Act, 2017?Contracted value of supply of goods (including GST @ 18%) 11,80,000 The contracted value of supply includes the following: (1) Cost of primary packing 25,000 (2) Cost of protective packing at recipient’s request for safe transportation 15,000
a. 10,00,000
b. 11,80,000
c. 11,55,000
d. 11,40,000
Q. From the following information determine the value of taxable supply as per provisions of Section 15 of the CGST Act, 2017? Price (including GST @18%) 11,00,000 Other information :(i) Commission paid to agent by recipient on instruction of supplier not included in Price 5,000 (ii) Freight and insurance charges paid by recipient on behalf of supplier not included in Price 75,000
a. 11,00,000
b. 11,80,000
c. 10,00,000
d. 11,75,000
Q. What deductions are allowed from the transaction value
a. Discounts offered to customers, subject to conditions
b. Packing Charges, subject to conditions
c. Amount paid by customer on behalf of the supplier, subject to conditions
d. Freight charges incurred by the supplier for CIF terms of supply, subject to conditions
Q. Discount given after the supply is deducted from the value of taxable supply, if –
a. such discount is given as per the agreement entered into at/or before the supply
b. such discount is linked to the relevant invoices
c. proportionate input tax credit is reversed by the recipient of supply
d. all of the above
Q. When deductions are allowed from the Transaction Value?
a. Discount offered to customers subject to conditions
b. Freight charges
c. Incidental expenses
d. Amount paid by customer on behalf of the supplier.
Q. Whether definition of Inputs includes capital goods.
a. Ye
b. No
c. Certain capital goods only
d. None of the above
Q. Is it mandatory to capitalize the capital goods in books of Accounts?
a. Ye
b. No
c. Optional
d. None of the above
Q. Whether credit on capital goods can be taken immediately on receipt of the goods?
a. Ye
b. No
c. After usage of such capital goods
d. After capitalizing in books of Accounts
Q. The term “used in the course or furtherance of business” means?
a. It should be directly co-related to output supply
b. It is planned to use in the course of business
c. It is used or intended to be used in the course of business
d. It is used in the course of business for making outward supply
Q. Under section 16(2) of CGST Act how many conditions are to be fulfilled for the entitlement ofcredit?
a. All four condition
b. Any two conditions
c. Conditions not specified
d. None of the above
Q. Whether credit on inputs should be availed based on receipt of documents or receipt of goods
a. Receipt of good
b. Receipt of Documents
c. Both
d. Either receipt of documents or Receipt of goods
Q. In case supplier has deposited the taxes but the receiver has not received the documents, isreceiver entitled to avail credit?
a. Yes, it will be auto populated in recipient monthly returns
b. No as one of the conditions of 16(2) is not fulfilled
c. Yes, if the receiver can prove later that documents are received subsequently
d. None of the above
Q. Input tax credit on capital goods and Inputs can be availed in one installment or in multipleinstallments?
a. In thirty-six installment
b. In twelve installments
c. In one installment
d. In six installments
Q. The tax paying documents in section 16(2) is
a. Bill of entry, Invoice raised on RCM supplies, etc.
b. Acknowledged copy of tax paid to department
c. Supply invoice by the recipient
d. Any of the above