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
Correct Answer :
C. Cascading Effect
Related Questions
Transactions between headquarters and branches of an establishment and stock transfers and branch transfers are known as transactions between _____... persons.
Related
Distinct
Influential
Persuasive
First announcement for introduction of GST arose in
2004
2005
2006
2007
_____ supply means a supply of goods or services or Both which is leviable to tax under this act.
Zero-Rated
Taxable
Continuous
Exempt
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
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
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
_____ 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
_____ persons under GST means persons who are under influence of one-another like members of the same family.
Related
Distinct
Influential
Persuasive
Article _____ states that no tax shall be levied or collected except by authority of law.
100
250
265
300
_____ 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
In the case of reverse charge, tax is paid to the government by
Supplier
Buyer
Manufacturer
None
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
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
_____ 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
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
GST is a ____________ based tax on consumption of goods and services.
Destination
Duration
Destiny
Development
Under GST, which is the point of collection of taxes?
Manufacture
Production
Destination of Supply
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
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
What kind of Tax is GST?
Direct Tax
Indirect Tax
Depends on the type of goods and services
None of the above
_____ 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
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 of goods or services which constitutes the predominant element of a composite supply is called
Common Supply
Principal Supply
Continuous Supply
Mixed 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
Any third person holding 10% shares of both the companies
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
Which of the following tax rate is not applicable under the GST?
5
12
18
25
__________ 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
6 ._____ supply means supply of goods or services within a single state or union-territory.
Zero-Rated
Continuous
Intra-State Supply
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 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