A ______ is a mandatory financial charge or levy or burden imposed upon a taxpayer by the government in order to fund different public expenditures.
Subsidy
Tax
Income
Revenue
Correct Answer :
B. Tax
Related Questions
RK(Delhi) supplies goods to XY in Mumbai. Determine the kind of supply and the applicable tax.
Inter-State Supply, IGST
Intra-State Supply, CGST and SGST
Intra-State Supply, IGST
Inter-State Supply, CGST AND SGST
The final burden of paying taxes in case of income tax is on _____. While in the case of indirect taxes is on_____.
Producer, Consumer
Consumer, Producer
Final Consumer, Taxpayer
Taxpayer, Final Consumer
Which among the following is not the type of tax which is directly imposed on the taxpayer and he/she pays the same directly to the government?
Income Tax
Corporate Tax
Wealth Tax
Goods and Service Tax
Uniform rate of taxes are applicable in the case of _____.
Central Sales Tax
VAT
Excise Duty
GST
Schedule I of GST includes deemed supplies that is supply without consideration. Such supplies include all of the following except one. Mark the correct answer: -
Permanent transfer or disposal of assets
Supply between distinct or related persons
Supply between principal and agent and Supply involving Import of Services
Supply involving export of goods and services
6 ._____ supply means supply of goods or services within a single state or union-territory.
Zero-Rated
Continuous
Intra-State Supply
Inter-State Supply
In the case of reverse charge, tax is paid to the government by
Supplier
Buyer
Manufacturer
None
A supply of a package consisting of canned foods, sweets, chocolates, cakes, dry fruits, aerated drinks and fruit juices when supplied for a single price is
Exempt
Mixed
Intra-State Supply
Inter-State Supply
_____ supply means supply of goods or services between two different states or unionterritories.
Zero-Rated
Continuous
Intra-State Supply
Inter-State Supply
Any transaction or occurrence that results in a tax consequence is called a taxable event. In case of GST, the taxable event is_____..
Manufacture
Production
Supply of goods and services
Origin of Sales
RK (Delhi) supplies goods to AB in Delhi. Determine the kind of supply and the applicable tax.
Inter-State Supply, IGST
Intra-State Supply, CGST and SGST
Intra-State Supply, IGST
Inter-State Supply, CGST AND SGST
Article _____ grants power to centre to make laws with respect to GST in case of interstate supply of goods and services and state government to make laws with respect to GST in case of intra-state supply of goods and services.
100
246 A
245
145
_____ in relation to supply of goods or services or both include any payment made or agreed to be made whether in money or otherwise (in kind) in respect of or in response to supply of goods or services or both.
Consideration
Monetary payment
Manufacture
Sales
Goods which get input tax credit without being liable to collect output tax is called
Exempt goods
White goods
Sin goods
Zero rated goods
What kind of Tax is GST?
Direct Tax
Indirect Tax
Depends on the type of goods and services
None of the above
First announcement for introduction of GST arose in
2004
2005
2006
2007
Under GST, which is the point of collection of taxes?
Manufacture
Production
Destination of Supply
Origin of Sales
What are different types of supplies covered under the scope of Supply?
Supplies made with consideration
Supplies made without consideration
Both of the above
None of the above
Who is the chairperson of the GST Council?
Prime Minister
President
Union Finance Minister
State Revenue Minister
_____ means receivers of goods or services are liable to pay the GST instead of suppliers.
Forward Charge Mechanism
Ordinary Mechanism
Routine Mechanism
Reverse Charge Mechanism
Goods and services tax mean any tax on supply of goods or services or both except taxes on the supply of the _____...
Articles
Commodities
Any material in tangible form
Alcoholic Liquor for human consumption
The system of charging tax on tax (also called as incidence of tax) is called as_____.
Input Tax Credit
Tax Compliance
Cascading Effect
Sales Tax
Supply NOT include _____.
All forms of supply such as sale, transfer, barter, exchange, lease or rental
Importation of services for a consideration whether or not in the course of business
Activities covered in Schedule I or Schedule II
Export of goods and services
What is the nature of levy in the case of GST?
Only at supply point without input tax credit
All points of manufacture
Only at supply point/consumption of goods and services with input tax credit
At the time of transfer and rent
What is applicability of GST?
Applicable all over India except Sikkim
Applicable all over India except Jammu and Kashmir
Applicable all over India
Applicable all over India except Nagaland
_____ supply means a supply of goods or services or Both which is leviable to tax under this act.
Zero-Rated
Taxable
Continuous
Exempt
Can Composition scheme be availed if the registered person effects interstate supplies?
Yes
No
Yes, subject to prior approval of the Central Government Levy and Collection of Tax 11 Indirect Taxes Committee
Yes, subject to prior approval of the concerned State Government
Article _____ states that no tax shall be levied or collected except by authority of law.
100
250
265
300
Related persons include all but not one of the following. Mark the correct answer.
Directors of each others business
Legally recognised partners
Employer and Employee
Any third person holding 10% shares of both the companies
Who will notify the rate of tax to be levied under CGST?
Central Government suo moto
State Government suo moto
GST Council suo moto
Central Government as per the recommendations of the GST Council