_____ 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
Correct Answer :
A. Supply
Related Questions
What are the factors differentiating Composite Supply & Mixed Supply?
Nature of bundling i.e., artificial or natural
Existence of Principal Supply
Both of the above
None of the above
Goods are packed and transported with insurance, packing materials, transport and insurance. This is a case of
Exempt
Continuous
Composite
Inter-State Supply
What kind of Tax is GST?
Direct Tax
Indirect Tax
Depends on the type of goods and services
None of the above
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
_____ is a constitutional body created by the President to make recommendations or give any suggestions to the union and state government on issues related to goods and service tax.
GST Court
GST Apex Body
GST Board of Directors
GST Council
_____ 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
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
GST is a ____________ based tax on consumption of goods and services.
Destination
Duration
Destiny
Development
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
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
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
In the case of reverse charge, tax is paid to the government by
Supplier
Buyer
Manufacturer
None
_____ Supply means a supply made by a taxable person to a recipient which comprises of two or more taxable supplies of goods or services or both, or any combination thereof that are naturally bundled and supplied in conjunction with each other in the ordinary course of business, one of which is a principal supply.
Exempt
Continuous
Composite
Inter-State Supply
_____ of services, mean the supply of any service where the supplier of service is located outside India, the recipient/receiver of service is in India and the place of service is in India.
Export
Import
Domestic Produce
Domestic Sales
Who is the chairperson of the GST Council?
Prime Minister
President
Union Finance Minister
State Revenue Minister
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
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
_____ supply means supply of goods or services between two different states or unionterritories.
Zero-Rated
Continuous
Intra-State Supply
Inter-State Supply
_____ 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
_____ 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
Article _____ states that no tax shall be levied or collected except by authority of law.
100
250
265
300
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
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
Goods which get input tax credit without being liable to collect output tax is called
Exempt goods
White goods
Sin goods
Zero rated goods
_____ 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
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
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
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
Which of the following tax rate is not applicable under the GST?
5
12
18
25
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