It is possible to shift the burden of taxation in the case of_____.
Income Tax
Wealth Tax
Gift Tax
Indirect Tax such as GST
Correct Answer :
D. Indirect Tax such as GST
Related Questions
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
Under GST, which is the point of collection of taxes?
Manufacture
Production
Destination of Supply
Origin of Sales
_____ 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
_____ 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
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
_____ 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
_____ is a simple and easy scheme under GST which can be opted by the small taxpayers whose aggregate turnover of the preceding year is less than Rs.1.5 Crore which helps them to get rid of tedious GST formalities and pay GST at a fixed rate of turnover.
Payment Scheme
Turnover Scheme
Aggregate Scheme
Composition Scheme
Under which type of tax is the taxation amount collected shared between the centre and the states?
CGST
SGST
UTGST
IGST
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
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
GST is a ____________ based tax on consumption of goods and services.
Destination
Duration
Destiny
Development
_____ supply means supply of goods or services which is provided or agreed to be provided on continuous or recurring basis.
Exempt
Continuous
Intra-State Supply
Inter-State Supply
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
Transactions between headquarters and branches of an establishment and stock transfers and branch transfers are known as transactions between _____... persons.
Related
Distinct
Influential
Persuasive
_____ 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
6 ._____ supply means supply of goods or services within a single state or union-territory.
Zero-Rated
Continuous
Intra-State Supply
Inter-State Supply
It is possible to shift the burden of taxation in the case of_____.
Income Tax
Wealth Tax
Gift Tax
Indirect Tax such as GST
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
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
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
Activities or transactions which are neither supply of goods nor supply of services that are covered under negative list are covered under Schedule _____ of the GST act.
I
II
III
IV
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
_____ 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
Goods are packed and transported with insurance, packing materials, transport and insurance. This is a case of
Exempt
Continuous
Composite
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
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
_____ 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
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
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