Top 350+ Solved Indirect Taxes- GST MCQ Questions Answer
Q. The time limit to pay the value of supply with taxes to avail the input tax credit?
a. Three month
b. Six Months
c. One hundred and eighty days
d. Till the date of filing of Annual Return
Q. What is the time limit for taking input tax credit by a registered taxable person?
a. No time limit
b. 1 year from the date of invoice
c. Due date of furnishing of the return under section 39 for the month of September following the end of financial year to which such invoice or invoice relating to such debit note pertains
d. Due date of furnishing of the return under section 39 for the month of September following the end of financial year to which such invoice or invoice relating to such debit note pertains or furnishing of the relevant annual return, whichever is earlier Manan Prakashan 35
Q. Can the recipient avail the Input tax credit for the part payment of the amount to the supplier within one hundred and eighty days?
a. Yes, on full tax amount and partly value amount
b. No, he can’t until full amount is paid to supplier
c. Yes, but proportionately to the extent of value and tax paid
d. None of the above
Q. Whether credit can be availed without actual receipt of goods where goods are transferredthrough transfer of document of title before or during the movement of goods?
a. Yes
b. No
c. Yes, in specific instances
d. Can be availed only after transfer of document of title after movement of goods
Q. Whether depreciation on tax component of capital goods and Plant and Machinery and whetherinput tax credit is Permissible?
a. Yes
b. No
c. Input tax credit is eligible if depreciation on tax component is not availed
d. None of the above
Q. What is the maximum time limit to claim the Input tax credit?
a. Till the date of filing annual return
b. Due date of September month which is following the financial year
c. Earliest of (a) or (b)
d. Later of (a) or (b)
Q. An assessee obtains new registration, voluntary registration, change of scheme from composition to regular scheme and from exempted goods/ services to taxable goods/services. It can avail credit on inputs lying in stock. What is the time limit for taking said credit?
a. 1 year from the date of invoice
b. 3 years from the date of invoice
c. 5 years from the date of invoice
d. None of the above
Q. Credit on Input services or capital goods held in stock can be availed in case of new Registration/ Voluntary Registration
a. Ye
b. No
c. Yes, on Input services only
d. Yes, on capital goods only
Q. In case of Compulsory registration, input tax credit can be availed on
a. stocks held on the day immediately preceding the date from which he becomes liable to pay tax under the provisions of this Act, provided application for registration is filed within 30 days from the due date
b. stocks held on the day immediately preceding the date of grant of registration under the provisions of this Act
c. stocks held on the day immediately preceding the date of application of registration under the provisions of this Act
d. None of the above
Q. In case of Voluntary registration input tax credit can be availed
a. on stocks held on the day immediately preceding the date from which he becomes liable to pay tax under the provisions of this Act
b. on stocks held on the day immediately preceding the date of grant of registration under the provisions of this Act
c. on stocks held on the day immediately preceding the date of application of registration under the provisions of this Act
d. None of the above
Q. Eligibility of credit on capital goods in case of change of scheme from Composition scheme toRegular scheme
a. Eligible during application for Regular scheme
b. Not eligible
c. Yes, immediately before the date from which he becomes liable to pay tax under the Regular scheme
d. None of the above
Q. Can the unutilized input tax credit be transferred in case of change in constitution of business?
a. Not possible
b. No, it will be exhausted
c. Yes, it will be transferred only if there is provision for transfer of liabilities
d. It will be transferred only if it is shown in books of Accounts of transferror
Q. Is Input tax fully restricted in case of switchover from taxable to exempt supplies
a. Ye
b. No
c. Proportionately restricted
d. Not restricted
Q. Is Input tax to be paid in case of switchover from taxable to exempt supplies
a. Yes, equivalent to the credit in respect of inputs held in stock (including semi- finished and finished goods) and on capital goods held in stock
b. No
c. Yes, full credit
d. No, should be debited to electronic credit ledger
Q. Is Input tax to be reversed in case of supply of capital goods
a. Yes fully
b. No
c. Yes, to extent of credit taken as reduced by prescribed percentage or tax on transaction value whichever is higher
d. Yes, to the extent of transaction value of such goods