Who is the chairperson of the GST Council?
Prime Minister
President
Union Finance Minister
State Revenue Minister
Correct Answer :
C. Union Finance Minister
Related Questions
_____ 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
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
GST is a ____________ based tax on consumption of goods and services.
Destination
Duration
Destiny
Development
_____ 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
In the case of reverse charge, tax is paid to the government by
Supplier
Buyer
Manufacturer
None
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
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
Transactions between headquarters and branches of an establishment and stock transfers and branch transfers are known as transactions between _____... persons.
Related
Distinct
Influential
Persuasive
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
First announcement for introduction of GST arose in
2004
2005
2006
2007
__________ 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
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
Goods are packed and transported with insurance, packing materials, transport and insurance. This is a case of
Exempt
Continuous
Composite
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
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
Which of the following tax rate is not applicable under the GST?
5
12
18
25
GST is a _____ based tax.
Consumption/Destination
Production
Manufacture
Sales
_____ 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
Uniform rate of taxes are applicable in the case of _____.
Central Sales Tax
VAT
Excise Duty
GST
_____ 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
_____ 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
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
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
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
_____ 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
Goods which get input tax credit without being liable to collect output tax is called
Exempt goods
White goods
Sin goods
Zero rated goods
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
_____ persons under GST means persons who are under influence of one-another like members of the same family.
Related
Distinct
Influential
Persuasive
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