GST Quiz- 2024

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Which form is used for claiming refund of excess IPT credit ?

• GSTR2A

• GSTR3B

• RFD-01

• GSTR 1

What is the time limit to make Payment to the supplier if one avails ITC under GST ACT ?

• 60 days

• 190 days

• 180 days

• 365 days

What is the purpose of the GST composition scheme ?

• Simplified Compliance for small business

• exemption from GST

• Reduced tax rates for specific sectors

• Rebut on Input tax credit

What is the maximum limit for the Composition Scheme for Service providers ?

• 75 crore

• 1 crore

• 50 lakh

• 120 crore

In GST, what does 'LUT' stands for ?

• Letter of Underutilized tax

• Letter of Undertaking

• Legal understanding for Taxation

• Letter of uninterrupted Trade