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Question on Goods and Services Tax (GST)

Set - 1
1. Which of the following can be regarded as one of the advantages of GST?

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(I) Lesser compliances
(II) Removal of Cascading Tax Effect
(III) Regulating the unorganised sector

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1) Only I
2) Only II
3) Both I and II m
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4) Both II and III
5) All I, II and III
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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?
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1) CGST
2) SGST
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3) IGST
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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

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2) Tax Ememption
3) TDS
4) Input Tax Credit

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5) Tax Refund
Answer - Option: 4

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5. Which of the following tax is/are subsumed under GST?
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1) State VAT
2) Octroi and Entry Tax
3) Luxury Tax
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4) Both 1 and 2
5) All of them
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Answer - Option: 5
6. What is the maximum turnover limit for a business entity to opt for GST
Composition
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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

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3) ₹25 lakhs
4) ₹50 lakhs
5) ₹5 lakhs

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Answer - Option: 2

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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.
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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 ________.
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1) 5 years
2) 10 years
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3) 2 years
4) 3 years
5) 7 years
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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

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2) A Multilateral Financial Institution and Organization notified under the United
Nations
(Privileges and Immunities) Act, 1947

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3) Consulate or Embassy of foreign countries
4) Only 1 and 2
5) All 1, 2 and 3
Answer - Option: 5
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11. The concept of GST applies on _______ of goods or services.
1) Manufacture
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2) Sale
3) Supply
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4) Demand
5) Consumption
Answer - Option: 3
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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

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