First discussion paper (FDP) which formed the basis for GST in 2009 was released by
Union Finance Ministry
Dr. Manmohan Singh
GST Council
Empowered Committee
Correct Answer :
D. Empowered Committee
Related Questions
Goods which get input tax credit without being liable to collect output tax is called
Exempt goods
White goods
Sin goods
Zero rated goods
Under GST, which is the point of collection of taxes?
Manufacture
Production
Destination of Supply
Origin of Sales
Which among the following is not the function of Goods and service tax councils:
Establish a mechanism for dispute resolution
Make recommendations related to GST
Make any suggestions related to GST
Collect tax
First discussion paper (FDP) which formed the basis for GST in 2009 was released by
Union Finance Ministry
Dr. Manmohan Singh
GST Council
Empowered Committee
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
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
6 ._____ supply means supply of goods or services within a single state or union-territory.
Zero-Rated
Continuous
Intra-State Supply
Inter-State Supply
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
_____ 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
_____ supply means supply of goods or services or both which attract nil rate of tax and which are not chargeable to tax.
Exempt
Continuous
Intra-State Supply
Inter-State Supply
The imposition of direct taxes is on_____. while in the case of indirect taxes it is on __.
Gifts, Income
Income, Goods or Services
Goods or Services, Income
Income, Gifts
_____ persons under GST means persons who are under influence of one-another like members of the same family.
Related
Distinct
Influential
Persuasive
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
_____ Supply means two or more individual supplies of goods or services or any combination thereof made in conjunction with each other by a taxable person for a single price where such supply does not constitute a composite supply.
Exempt
Mixed
Intra-State Supply
Inter-State Supply
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
Article _____ states that no tax shall be levied or collected except by authority of law.
100
250
265
300
Who is the chairperson of the GST Council?
Prime Minister
President
Union Finance Minister
State Revenue Minister
What kind of Tax is GST?
Direct Tax
Indirect Tax
Depends on the type of goods and services
None of the above
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
_____ ssupply means supply of goods or services or both on which no tax is payable and such supplies include export of goods and supply of goods to special economic zones.
Zero-Rated
Continuous
Intra-State Supply
Inter-State Supply
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
Both are friends with each other however they do not control each others actions
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
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
__________ in relation to supply of goods or services under GST shall be in money or in kind or partly in money and partly in kind or monetary value of any act or forbearance of the supply.
Consideration
Monetary payment
Manufacture
Sales
_____ includes all forms of supply such as sale, transfer, barter, exchange, license, rental, lease or disposal made or agreed to be made for a consideration by a person in the course or furtherance of business.
Supply
Production
Manufacture
Sales
Goods are packed and transported with insurance, packing materials, transport and insurance. This is a case of
Exempt
Continuous
Composite
Inter-State Supply
Uniform rate of taxes are applicable in the case of _____.
Central Sales Tax
VAT
Excise Duty
GST
_____ 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
Transactions between headquarters and branches of an establishment and stock transfers and branch transfers are known as transactions between _____... persons.
Related
Distinct
Influential
Persuasive
GST is a _____ based tax.
Consumption/Destination
Production
Manufacture
Sales