WorksheetsGoods & Services Tax / Indirect Tax Law
Total questions: 26
Worksheet time: 9mins
The supreme law of India is....
Income Tax Act.
Central GST Act.
Constitution.
All of this.
Tax is not a compulsory financial charge imposed upon a taxpayer by a governmental organization....
True
False
The tax system in India is categorized into...
4
3
2
1
.....is a tax charged on manufacturer or sale of goods and on providing of services.
Direct Tax
Indirect Tax
Both Direct & Indirect Tax
None
'Value addition' simply means....
Expenses x Profit
Sales + Purchase
Expenses + Profit
sales x Purchase
.....is the credit an individual receives for the tax paid on the inputs used in manufacturing the product
Output Tax Credit
Input Tax
Output Tax
Input Tax Credit
GST is not a destination based tax or consumption based tax.
True
False
The entire loss of any state due to implementation of GST will be compensated by the Centre government for a period of ..... years.
10
8
6
5
The power to determine the rate of tax on goods and services has been delegated to....
GST Council
Indirect Tax Department
Finance Ministry
Commissioner of GST
'Cascading Tax Effect' means....
Tax in Tax
Tax on Tax
Tax of Tax
Tax by Tax
At present alcohol for human consumption has not been kept outside the preview of GST in India.
True
False
.....is a tax that levied by the government to raise funds for a specific purpose
Surcharge
Cess
GST
Income Tax
Tax which is not subsumed in to GST
Central Excise Duty.
Service Tax.
Purchase Tax.
Stamp Duty.
IGST is collected by....
Central Government
State Government
Union Territory Government
Central and State Government
For Inter-State Supply..... is applicable.
SGST
CGST
UTGST
IGST
Import from other countries is subject to....
SGST
CGST
IGST
UTGST
Which among the following is the standard rates that have been finalized by the GST Council ?
12% & 18%
0% & 5%
18% & 28%
5% & 12%
The composition tax for hotels shall be....
2%
3%
2.5%
5%
Sin Tax is taxed at a rate of.....
5%
18%
28%
12%
The receiver becomes liable to pay tax to the government, it is called...
Direct Charge.
Indirect charge.
Reverse Charge
Reverse Charge or Indirect Charge
.....means a supply made by a taxable person to a recipient consisting of two or more taxable supplies of goods or services or both, or any combination thereof, which are naturally bundled and supplied in conjunction with each other in the ordinary course of business, one of which is a principal supply.
Composite Supply
Mixed Supply.
Normal Supply.
Direct Supply
......refers to the receipt of goods and / or services, whether by purchase, acquisition, or any other means, and with or without any consideration.
Zero rated Supply.
Exempted Supply.
Inward Supply.
Outward Supply.
..... is a non-profit, non-government organization which manage the entire IT system of the GST portal.
GSTN
GSTIN
GSTAIN
GSTBN
It is a 15-digit alpha numeric ID based on a taxpayers Permanent Account Number
GSTN
GSTIN
GSTAIN
GSTBN
Code used to classified goods under GST is...
HSSN
SAAC
HSN
SAC
One-half of the total number of Members of the Goods and Services Tax Council shall constitute the quorum at its meetings.
True
False
