GST - New 120 Quiz

"Principal supply" under Section 2(90) refers to:

• The first supply made in a financial year

• The main supply in a composite supply to which other supplies are ancillary

• Supply made by the principal manufacturer

• Supply of principal raw material

Under Section 2(93), who is considered the "recipient" of supply of goods or services?

• The supplier

• The person who pays for the supply

• The person who receives the goods/services and is liable to pay the consideration

• Only registered dealers

In the case of direct taxes, the payer and the sufferer of the tax are:

• Different persons

• The same person

• Only businesses

• Only government entities

Which of the following is an example of a direct tax?

• Goods and Services Tax (GST)

• Income Tax

• Value Added Tax (VAT)

• Customs Duty

Indirect taxes are primarily based on:

• Income

• Wealth

• Supply of goods and services

• Capital gains

Who is responsible for collecting and managing direct taxes in India?

• Central Board of Indirect Taxes and Customs (CBIC)

• Central Board of Direct Taxes (CBDT)

• Reserve Bank of India (RBI)

• Securities and Exchange Board of India (SEBI)

Which of the following statements about indirect taxes is true?

• The tax burden is on the individual paying the tax

• The payer of the tax is not the ultimate bearer

• The entire revenue goes to the Central Government only

• Indirect taxes are based on income

What is a key characteristic of direct taxes?

• They are paid voluntarily

• They are supply-based taxes

• They have different rates for different persons

• They are collected at the point of sale

Which organization manages indirect taxes in India?

• Central Board of Direct Taxes (CBDT)

• Central Board of Indirect Taxes and Customs (CBIC)

• Securities and Exchange Board of India (SEBI)

• National Stock Exchange (NSE)

The revenue from indirect taxes is shared between:

• Only the State Governments

• Only the Central Government

• Both the Central and State Governments

• Private companies