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GST TIME OF SUPPLY & VALUE OF TAXABLE SUPPLY & INPUT TAX CREDIT

Total questions: 140

Worksheet time: 5hrs 40mins

Name
Class
Date
1.

EXPORTS ARE SHOWN IN THE REPORT OF

a)

GSTR-3

b)

GSTR-2

c)

GSTR-1

d)

GSTR-6

2.

SEZ STANDS FOR

a)

SECULAR ECONOMIC ZEBRA

b)

SOCIAL ENTERPRISING ZEBRA

c)

SIZE EQUAL ZEBRA

d)

SPECIAL ECONOMIC ZONE

3.

THE PURCHASES FROM COMPOSITION DEALER IS SHOWN IN GSTR-2 UNDER

a)

NIL RATED INVOICES

b)

EXEMPTED

c)

URD PURCHASES

d)

COMPOSITION DEALER PURCHASES

4.

IMPORTS ARE SUBJECTED TO

a)

INTEGRATED TAX

b)

STATE TAX

c)

CENTRAL TAX

d)

INCOME TAX

5.

GSTR-1 IS TO BE SUBMITTED

a)

MONTHLY

b)

QUARTERLY

c)

HALF YEARLY

d)

YEARLY

6.

CHALLAN RECONCILIATION USED FOR THE FOLLOWING DETAILS

a)

PAYMENT DETAILS

b)

RECEIPT DETAILS

c)

PURCHASE DETAILS

d)

SALES DETAILS

7.

A COMPOSITION DEALER IS ONE WHOSE TURNOVER IS LESS THAN

a)

1 CRORE

b)

1 LAKH

c)

2 CRORE

d)

1.5 CRORE

8.

IN MIXED SUPPLY, THE TAX RATE APPLICABLE ON GOODS ATTRACTING (a)   IS CONSIDERED

9.
As per section 12(2) of CGST Act, 2017, where the supplier is liable to pay tax under forward charge , the time of supply will be
a)
Date of issue of invoice or the last date on which the supplier is required to issue invoice
b)
Date on which supplier receives the payment with respect to the supplies.
c)
Earlier of A and B
d)
Later of A and B
10.

Which price is usually the highest?

a)

selling price

b)

cost price

c)

advertised price

11.

Which account has the account number 4102.2A

a)

GST Collected

b)

GST Credits Received

c)

GST Clearing

d)

Accounts Payable

12.

Bank charges are an example of........

a)

taxable supply

b)

input tax supply

c)

gst free

d)

acquisition

13.

How much GST is applicable:

Purchased inventories worth $2530

(a)  

14.

How much GST is applicable:

Sold goods worth 9240

(a)  

15.

How much GST is applicable:

Cost price of inventories sold $550

(a)  

16.

How much GST is applicable:

Bought motor vehicle worth $19 580

(a)  

17.

How much GST is applicable:

Paid interest owing $66

(a)  

18.

Identify the accounts involved in this transaction:

July 14- Sold good on credit to S Hawko $5500, cost price $3500.

a)

GST Credits Received, Sales, Acc Rec- S Hawko,

b)

Sales, Acc Pay-S Hawko, GST Collected, Inventories, COGS

c)

Sales, Acc Rec-S Hawko, GST Collected, Inventories, COGS

d)

GST Collected, Acc Rec- S Hawko,

19.

Name the preferred inventory system

a)

periodic

b)

perpetual

20.

Which of the following are GST free?

a)

education

b)

basic food

c)

health services

d)

Exports

21.

Identify the DR account/s in the following transaction:

Paid advertising expenses of $880

a)

Cash

b)

Advertising

c)

Advertising, GST Credits Received

d)

Advertising, GST Collected

e)

Advertising, Cash, GST Credits Received

22.

Identify the CR account/s in the following transaction:

Cash sales Returns of inventories

a)

COGS, Inventories, Sales, Cash, GST Collected

b)

Inventories, Cash

c)

GST Collected, Sales Returns, Inventories

d)

COGS, Cash

23.

Identify the DR account/s in the following transaction:

Purchased furniture on credit from OfficeWorks, paying a deposit

a)

Cash, GST Credits Received

b)

Furniture, GST Credits Received

c)

Furniture, GST Credits Received, Cash, Acc Pay- Officeworks

d)

Furniture, GST Credits Received, Cash

24.

If credit sales are returned, the COGS account is credited because......

a)

the cost involved in selling the inventories is increasing

b)

An expense is increasing

c)

A revenue decreasing

d)

the cost involved in selling the inventories is reduced

25.

Composition scheme is available only for

a)

a) Inter state supplies

b)

b) B2B supplies

c)

c) Intra-state supplies

d)

d) E-commerce operators

26.

Input tax credit shall be allowed only if it is separately written in:

a)

a) Delivery note

b)

b) Payment slip

c)

c) Credit note

d)

d) Tax invoice

27.

One tooth paste and tooth brush and a toilet soap sold in a packet for Rs. 50, is a type of

a)

a). Mixed supply

b)

b) Composite supply

c)

c) Joint Supply

d)

d) Not supply

28.

Liability to pay tax by the recipient of supply of goods or services is called

a)

a) Output tax

b)

b) Input tax

c)

c) Both of these

d)

d) Reverse charge

29.

The incidence of tax on tax is called

a)

a) Tax Pyramiding

b)

b) Indirect tax

c)

c) Tax evasion

d)

d) Tax Cascading

30.

Mr. Anuj an architect, agrees to design and construct a building for Ms. Ashi for a sum of Rs. 5 Crores. The construction completed and the amount received by Mr. Anuj. This is supply of..........

a)

a) Goods

b)

b) Services

c)

c) Both goods and services

d)

d) None

31.

Tax rate on goods under GST are determined by

a)

a) Union budget

b)

b) State budget

c)

c) Central Govt in consultation with state Govt.

d)

d) GST council

32.

Integrated GST is applicable on goods or services

a)

a) Imports

b)

b) Interstate Sale

c)

c) Imports and interstate sales

d)

d) Exported from India

33.

Full Form of HSN code

a)

a) Harmony System Nomenclature

b)

b) Harmonised Sequence Nomenclature

c)

c) Homonised system number

d)

d) Harmonised System Nomenclature

34.

GST was introduced in India with effect from

a)

a) 1.1.2017

b)

b) 1.4.2017

c)

b) 1.7.2017

d)

d) 1.1.2018

35.

What is the GST rate applicable for Sanchay Par Advantage for the First year premium?

a)

12%

b)

18%

c)

10%

d)

4.50%

36.

What kind of Tax is GST?

a)

Direct Tax

b)

Indirect Tax

c)

Depends on the type of goods and services

d)

None of the above

37.

GST is levied on………………..

a)

Manufacturers

b)

Retailers

c)

Consumers

d)

All of the above

38.

CGST & SGST will be applicable under which scenario?

a)

Goods sold within the state i.e Intra State

b)

Goods sold outside the state i.e Inter state

c)

Goods sold outside the country

d)

All of the above

39.

Life Insurance Premiums paid by a HUF are eligible for deductions under which section of Income tax Act 1961?

(a)  

40.

What is the current Rate of TDS on policy payouts, due to Pandemic conditions?

a)

3.75%

b)

7.5%

c)

11.25%

d)

1.5%

41.

Under which section of Income tax Act, is the Premium paid under Keyman Insurance eligible as business expense?

a)

Section 194DA

b)

Section 10(10D)

c)

Sec 37(1)

d)

section 17(2)

42.

What is the rate of TDS, in case of Non PAN cases at the time of policy payout?

a)

20%

b)

10%

c)

12%

d)

3.75%

43.

What is full form of DTAA?

a)

Double Taxation Avoidance Agreement

b)

Double Taxation Acceptance Agreement

44.

Under which section of Income tax Act,1961, deduction can be claimed for premium paid towards Critical Illness rider?

a)

80CCC

b)

80E

c)

80D

45.

What all should be considered as Annual Premium for ascertaining the applicability of Section 10(10D) of the Income tax Act, 1961?

a)

Base Premium + Rate up premium

b)

Base Premium+GST + Rate up Premium

c)

Base Premium

d)

Base Premium+ GST

46.

Who is eligible to claim deduction u/s 80D of the Income tax Act 1961?

a)

Individual & HUF

b)

Partnership Firm

c)

Trust

d)

All of the above

47.

It is madatory to submit FATCA & CRS form in case the the policy is taken by NRI.

a)

True

b)

False

48.

GST stands for ...........

a)

Goods and Supply Tax

b)

Goods and Sales Tax

c)

Goods and Services Tax

d)

General Sales Tax

49.

Grandfather can claim deduction u/s 80CCC of the Income tax Act, 1961 for premium paid by him for the policy wherein the Life Assured is Grandson.

a)

True

b)

False

50.

Section 10(10D) of the Income tax Act, 1961 is applicable to Pension policies.

a)

True

b)

False

51.

Death & surrender payouts are exempt u/s10(10D) of the Income tax Act, 1961 under MWPA policies.

a)

True

b)

False

52.

The payee will not get the DTAA benefit if TRC is not submitted or Validity of TRC is expired at the time of payout.

a)

True

b)

False

53.

GST paid on life insurance premium can be claimed as input tax credit.

a)

True

b)

False

54.

When a dealer registered under GST in Mumbai sells goods to a customer in Delhi, which tax will be collected?

a)

SGST

b)

CGST

c)

IGST

55.

EXPAND ITC

a)

INDIRECT TAX CREDIT

b)

INPUT TAX CREDIT

c)

IN TAX CREDIT

d)

INN TAX CREDIT

56.

INPUT TAX ALSO KNOWN AS

a)

TAX ON PURCHASES

b)

TAX ON SALES

c)

TAX ON GOODS

d)

TAX ON SERVICES

57.

IS TAX INVOICE COMPULSORY FOR ITC

a)

NO

b)

YES

c)

SOME TIMES REQUIRED

d)

OCCASIONALLY REQUIRED

58.

CAN WE ADJUST SGST/UTGST CREDIT TO CGST

a)

SOME TIMES

b)

REGULARLY

c)

YES

d)

NO

59.

A DOCUMENT IN WHICH INFORMATION SUBMITTED BY REGISTERED PERSON TO APPROPRIATE AUTHORITY IS .......

a)

RETURN

b)

TAX DETAILS

c)

TAX PAYMENT

d)

PURCHASES

60.

HOW TO FILE GST RETURNS

a)

OFFLINE

b)

ONLINE

c)

BOTH

d)

INDIVIDUALLY

61.

OUTWARD SUPPLIES FILLED IN (EXCEPT ISD AND NR)

a)

GSTR-2

b)

GSTR-3

c)

GSTR-4

d)

GSTR-1

62.

GSTR-2 IS USED FOR

a)

OUTWARD SUPPLIES

b)

INWARD SUPPLIES

c)

EXPORTS

d)

IMPORTS

63.

REGULAR TAX PAYER HAS TO FILE RETURNS

a)

QUARTERLY

b)

BI-ANNUALLY

c)

MONTHLY

d)

YEARLY

64.

WHAT IS OTC?

a)

OVER THE COUNTER

b)

ONE TIME CREDIT

c)

ON THE CITE

d)

OPEN TO CITIZEN

65.

What is debt?

a)

Another word for death

b)

Something, typically money, that is owed or due

c)

A loan on which you do not have to pay interest

d)

That which is incurred during childhood and consummated in college

66.

What is a credit card?

a)

The ace of diamonds

b)

A large plastic card designed to ruin consumer's finances

c)

A small plastic card issued by the government attached to a line of credit

d)

A small plastic card issued by a bank and attached to a line of credit

67.

Revolving credit is...

a)

a type of credit that can be used repeatedly up to a certain limit as long as the account is open and payments are made on time.

b)

a type of credit that can be used only once up to a certain limit and must be closed immediately after all payments are due

c)

a spinning door with money in it

d)

a round device that holds credit cards and spins, making it easy to shuffle through all your credit cards quickly

68.

Which of the following is not a characteristic of an installment loan?

a)

repaid over time

b)

scheduled payments

c)

accompanied by an interest rate

d)

also known as a revolving loan

69.

What is a credit report?

a)

A detailed report of an individual's credit history prepared by a credit bureau and used by a lender in determining a loan applicant's creditworthiness

b)

A detailed report of a bank's credit history prepared by a credit expert and used by consumers in determining a bank's creditworthiness

c)

A report which shows which credit cards are better than others

d)

A report invented by Allan Greenspan and credited to Al Gore

70.

The process of collecting funds that are owed and past due is called...

a)

gathering

b)

dollar collecting

c)

overdrafting

d)

collections

71.

What are the qualities of a charge-off account

a)

the declaration by a creditor (usually a credit card) that an amount of debt is unlikely to be collected

b)

the point at which a financial institution reports poor credit performance to a credit bureau

c)

the point at which an account that has not been paid has a negative impact on your credit score

d)

all of the above

72.
Under section 16(2) of CGST Act how many conditions are to be fulfilled for the entitlement of credit?
a)
All four conditions
b)
Any two conditions
c)
Conditions not specified
d)
None of the above
73.
Whether definition of Inputs includes capital goods.
a)
Yes
b)
No
c)
Certain capital goods only
d)
None of the above
74.
Banking Company or Financial Institution have an option of claiming:
a)
Eligible Credit or 50% credit
b)
Only 50% Credit
c)
Only Eligible credit
d)
Eligible credit and 50% credit
75.
Credit on Input services or capital goods held in stock can be availed in case of new Registration/Voluntary Registration
a)
Yes
b)
No
c)
Yes, on Input services only
d)
Yes, on capital goods only
76.
If there is Mis-match of supplier's outward supply and recipient's claim for Input Tax credit on the same transaction
a)
It shall be added as output tax liability in the hands of receiver.
b)
It shall be reduced as output tax liability in the hands of receiver
c)
It shall be increased as input tax credit in the hands of receiver
d)
It shall be deceased as input tax credit in the hands of supplier
77.
Which of the following is included for computation of taxable supplies for the purpose of availing credit?
a)
Zero-rated supplies
b)
Exempt supplies
c)
Both
d)
None of the above
78.
In case supplier has deposited the taxes but the receiver has not received the documents, is receiver entitled to avail credit?
a)
Yes, it will be auto populated in recipient monthly returns
b)
No as one of the conditions of 16(2) is not fulfilled
c)
Yes, if the receiver can prove later that documents are received subsequently
d)
None of the above
79.
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)
years from the date of invoice
d)
None of the above
80.
The ISD may distribute the CGST and IGST credit to recipient outside the State as
a)
IGST
b)
CGST
c)
SGST
81.
On sale, demerger, transfer, amalgamation, transferee is allowed to utilize ITC which is
a)
Unavailed in transferor books
b)
Unutilized in e-ledger of transferor
c)
Total ITC available to transferor
d)
None of above
82.
An unregistered person can avail ITC on stock if he applies for registration within
a)
60 days of becoming liable to register under GST
b)
Immediately after becoming liable to register under GST
c)
30 days of becoming liable to register under GST
d)
Cannot avail ITC on stock
83.
Principal entitled for input tax credit on capital goods sent for job work
a)
If goods sent are returned within one year
b)
If goods sent are returned within three years
c)
If goods sent are returned within six months
d)
If goods sent are returned within nine months
84.
In case of ISD whether distributor and recipient should have same PAN
a)
Yes
b)
No
c)
Yes, if in same state and different in other state
d)
None of the above
85.
Eligibility of credit on capital goods in case of change of scheme from Composition scheme to Regular 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
86.
ITC on motor vehicle can be claimed by
a)
Any registered person
b)
Registered person engaged in same line of business
c)
Any registered person engaged in exempted supply
d)
Any of above
87.
ITC cannot be availed by a person if
a)
ITC relates to tax paid on goods received by agent
b)
ITC relates to tax paid in pursuance of any demand
c)
ITC related to previous month inputs
d)
None of above
88.
Is it mandatory to capitalize the capital goods in books of Accounts?
a)
Yes
b)
No
c)
Optional
d)
None of the above
89.
Whether credit on capital goods can be taken immediately on receipt of the goods?
a)
Yes
b)
No
c)
After usage of such capital goods
d)
After capitalizing in books of Accounts
90.
When the goods are sent from one job worker to another, the challan may be issued by:
a)
Only by the Principal
b)
Only by Job worker sending goods to another job worker
c)
By any one of the above two
91.
If credit applicable to more than one recipient, then it shall be distributed
a)
Equally
b)
On Pro rata basis to the aggregate turnover of such recipients
c)
Proportionately
d)
As per Adhoc Ratio
92.
The principal can avail ITC on goods sent to job-worker which relates to
a)
Inputs
b)
Capital goods
c)
Inputs/capital goods directly sent to job-worker
d)
All of above.
93.
The time limit beyond which if goods are not returned, the capital goods sent for job work shall be treated as supply
a)
One year
b)
Five years
c)
Three Years
d)
Seven years
94.
Is the principal entitled for credit of goods though he has not received the goods and has been sent to job worker directly by vendor?
a)
Yes
b)
No
c)
Yes, vendor should be located in same place
d)
None of the above
95.
According to the condition laid down for distribution of credit, ISD can distribute
a)
Credit in excess of credit available
b)
Only certain percentage of total credit available
c)
Credit equal to the total credit available for distribution.
d)
All of the above.
96.
The details of challans in respect of goods dispatched to a job worker or received from a job worker or sent from one job worker to another during a quarter shall be included in FORM?
a)
Form GST ITC-03
b)
Form GST ITC-04
c)
Form GSTR-2
d)
None of Above
97.
The time limit to pay the value of supply with taxes to avail the input tax credit?
a)
Three months
b)
Six Months
c)
One hundred and eighty days
d)
Till the date of filing of Annual Return
98.
ITC can be claimed by a registered person for
a)
Taxable supplies for business purpose
b)
Taxable supplies for non-business purpose
c)
Exempted supplies
d)
All of above
99.
ITC can be claimed on goods/services for personal use if
a)
Payment to supplier has been made
b)
Return being filed
c)
All of above
d)
No ITC can be claimed
100.
Is Input tax fully restricted in case of switchover from taxable to exempt supplies
a)
Yes
b)
No
c)
Proportionately restricted
d)
Not restricted
101.
Provisional Input tax credit can be utilized against
a)
Any Tax liability
b)
Self-Assessed Output Tax liability
c)
Interest and Penalty
d)
Fine
102.
Whether credit can be availed without actual receipt of goods where goods are transferred through 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
103.
ITC can be availed on
a)
Possession of prescribed invoice/ debit note
b)
Receipt of goods/services
c)
Tax on such supply has been paid to government and return being furnished by the supplier
d)
Fulfilling all the above conditions
104.
ITC on works contract service can be availed only if
a)
Engaged in same line of business
b)
Service related to movable property
c)
Service related to immovable property
d)
All of above
105.
The term "used in the course or furtherance of business" means?
a)
It should be directly co-related to output supply
b)
It is planned to use in the course of business
c)
It is used or intended to be used in the course of business
d)
It is used in the course of business for making outward supply
106.
Person registered under composite scheme can avail ITC on
a)
Supply of taxable goods/services
b)
Receipt of goods/services on specified time period
c)
Payment to suppliers
d)
None of above
107.
The ISD may distribute the CGST credit within the State as
a)
IGST
b)
CGST
c)
SGST
d)
Any of the above.
108.
Whether depreciation on tax component of capital goods and Plant and Machinery and whether input 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
109.
Can the credit distributed by an ISD exceed the amount available for distribution?
a)
Yes
b)
No
c)
May be
d)
None of the above
110.
ITC can be taken on goods if goods not received by registered person but
a)
By his agent on his direction
b)
By the job worker on his instruction
c)
By any other person on his direction
d)
Any of above
111.
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
112.
Where a supplier of goods or services pays tax under sections 74,129 and 130 (fraud, willful misstatement etc.), then receiver of goods can avail its credit:
a)
Yes
b)
No
c)
Yes, after receipt of goo ds or services
d)
Yes, after receipt invoice for goods or services of
113.
Matching of Input Tax credit on inward supply by recipient is undertaken with
a)
Monthly return filed by the supplier
b)
Outward supply filed by the supplier
c)
Invoices maintained by the supplier
d)
None of the above
114.
The time limit beyond which if goods are not returned, the inputs sent for job work shall be treated as supply
a)
One year
b)
Five years
c)
Six months
d)
Seven years
115.
If the capital goods sent to job worker has not been received within 3 years from the date of being sent:
a)
Principal has to pay amount equal to credit taken on such capital goods
b)
No need to pay amount equal to credit taken on such capital goods
c)
It shall be treated as deemed supply of capital goods to the job worker
d)
None of the above
116.
Input Tax credit as credited in Electronic Credit ledger can be utilized for
a)
Payment of Interest
b)
Payment of penalty
c)
Payment of Fine
d)
Payment of Taxes
117.
The details of inward supply furnished by the registered taxable person shall be matched with
a)
Corresponding details of outward supply furnished by the corresponding taxable person.
b)
Additional duty of customs paid under section 3(5) of the Customs Tariff Act, 1975
c)
Tax payment made by Supplier
d)
All the above
118.
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)
Not applicable is eligible to claim refund in respect of exports of goods le
119.
Can Banking Company or Financial Institution withdraw the option of availing actual credit or 50% credit anytime in the financial year?
a)
Yes
b)
No
c)
Yes, with permission of Authorized officer
d)
Not applicable
120.
Proportionate credit for capital goods is allowed
a)
For business and non-business purpose
b)
For business or non- business purpose
c)
Both of the above
d)
None of the above
121.
Whether credit on inputs should be availed based on receipt of documents or receipt of goods
a)
Receipt of goods
b)
Receipt of Documents
c)
Both
d)
Either receipt of documents or Receipt of goods
122.
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
123.
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.
124.
Is it mandatory that the tax on the supply has to be paid by the supplier so that the recipient can claim credit?
a)
No
b)
Yes
c)
Optional
d)
Not Applicable
125.
When the goods are sent from one job worker to another, the challan issued by the principal:
a)
may be endorsed by the job worker sending goods to another job worker
b)
may be endorsed by the Job worker receiving the goods
c)
cannot be endorsed as such
126.
The tax paying documents in section 16(2) is
a)
Bill of entry, Invoice raised on RCM supplies, etc.
b)
Acknowledged copy of tax paid to department
c)
Supply invoice by the recipient
d)
Any of the above
127.
Input tax credit on capital goods and Inputs can be availed in one installment or in multiple installments?
a)
In thirty-six installments
b)
In twelve installments
c)
In one installment
d)
In six installments
128.
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)
129.
In case of supply of plant & machinery on which ITC is taken, tax to be paid on is
a)
Amount equal to ITC availed less 5% for every quarter or part thereof
b)
Tax on transaction value
c)
Higher of above two
d)
Lower of above two
130.
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
131.
The inputs sent to job work has to be received back within:
a)
1 year
b)
2 years
c)
180 days
132.
The credit of tax paid on input service used by more than one supplier is
a)
Distributed among the suppliers who used such input service on pro rata basis of turnover in such State.
b)
Distributed equally among all the suppliers
c)
Distributed only to one supplier.
d)
Cannot be distributed.
133.
A person is entitled to take credit of input tax as self-assessed in the return and credited to Electronic credit ledger on
a)
Final basis
b)
Provisional basis
c)
Partly Provisional and partly final basis
d)
None of the above
134.
The principal is entitled to avail the credit on capital goods sent to job worker directly:
a)
Yes
b)
No
c)
May be
135.
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
136.
Principal entitled for input tax credit on inputs sent for job work
a)
If goods sent are returned within one year
b)
If goods sent are returned within three years
c)
If goods sent are returned within six months
d)
If goods sent are returned within nine months
137.
Exempt supplies under Section 17 (apportionment of credit) includes
a)
Only exempted supplies
b)
Reverse charge supplies and sale of land
c)
Exempted supplies, reverse charge supplies, Transaction in securities, sale of land, sale of building
d)
None of the above
138.
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 transferor
139.
Maximum time limit for availing ITC is
a)
The date of filing of annual return
b)
Due date of filing return u/s 39 for the month of September
c)
Earliest of above two
d)
Later of above two.
140.
The credit attributable to a particular recipient shall be distributed to
a)
Only to that recipient
b)
To all the recipients
c)
To few recipients
d)
None of the recipients

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