CA Final Idt MCQ Test

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Quizzes Created: 1 | Total Attempts: 1,120

Questions: 50 | Attempts: 1,120 | Updated: May 26, 2024

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Get ICAI Level Mock Test Papers. Papers Designed In A Way To Get You Prepared For Final Challenge. By Solving These Papers Improve Your Weaker Section. What You Get In Mock Test Paper Result Is Nearly What You Will Get In ICAI Exam.

Questions and Answers

1.

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2.

Which Article of the Indian constitution empowers the government of India to levy IGST in case of inter-state supply?
- A.
  
  Article 246A
- B.
  
  Article 279
- C.
  
  Article 269A(1)
- D.
  
  Article 296A
Correct Answer
C. Article 269A(1)

Explanation
Article 269A(1) of the Indian constitution empowers the government of India to levy IGST (Integrated Goods and Services Tax) in case of inter-state supply. This article specifically deals with the power of the Union and State governments to levy and collect GST (Goods and Services Tax) on supplies in the course of inter-state trade or commerce. It provides a framework for the collection of IGST and ensures that both the Union and State governments have the authority to levy and collect taxes on such supplies.

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3.

Any gift made by an employer to an employee shall we considered as supply. What is the limit prescribed for the same?
- A.
  
  Less than or equal to 50000
- B.
  
  More than 50000
- C.
  
  Exactly 50000
- D.
  
  50000 and above
Correct Answer
B. More than 50000

Explanation
An employer giving a gift to an employee is considered a supply. The correct answer is "More than 50000" because if the value of the gift exceeds 50000, it is considered a taxable supply and may be subject to certain tax regulations.

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4.

Mr. A purchase redeemable vouchers worth rs. 8000 on 1^st January. The vouchers are redeemable against purchase of any goods. The vouchers are valid till 30^th June. What will be time of supply in case of such vouchers?
- A.
  
  1^st January
- B.
  
  30^th June
- C.
  
  The date of redemption of vouchers
- D.
  
  None of the above
Correct Answer
C. The date of redemption of vouchers

Explanation
The time of supply for redeemable vouchers is determined by the date of redemption, which is when the vouchers are actually used to purchase goods. In this case, the vouchers are valid until 30th June, so the time of supply will be on the date when Mr. A redeems the vouchers to make a purchase.

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5.

Determine the amount of GST in case of supply of service of Rs. 50000 on 05.06.2019 and the invoice has been issued on the same date. The Date of payment is 29.06.2019 the CGST rate has been increased from 5% to 12% W.e.f. 01.06.2019?
- A.
  
  Rs.2500
- B.
  
  Rs.5000
- C.
  
  Rs.6240
- D.
  
  Rs.6000
Correct Answer
D. Rs.6000

Explanation
The GST rate applicable for the supply of service on 05.06.2019 is 5%. Therefore, the GST amount would be 5% of Rs. 50000, which is Rs. 2500. However, since the CGST rate has been increased to 12% from 01.06.2019, the GST amount would be 12% of Rs. 50000, which is Rs. 6000. Therefore, the correct answer is Rs. 6000.

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6.

What is the transaction value under GST ?
- A.
  
  Price actually paid or payable for supply of goods
- B.
  
  Price actually paid for supply of service
- C.
  
  Price as such paid between related parties
- D.
  
  All of the above
Correct Answer
D. All of the above

Explanation
The transaction value under GST refers to the price actually paid or payable for the supply of goods, as well as the price actually paid for the supply of services. Additionally, it includes the price as such paid between related parties. Therefore, the correct answer is "All of the above" as it encompasses all the mentioned scenarios.

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7.

Mr. Kunal is an air travel agent. He collected Rs. 100000 (basic fare for domestic booking ) and Rs.200000(basic fare for international booking) what shall be the value of supply under this case ?
- A.
  
  5,00,00
- B.
  
  200,000
- C.
  
  300,000
- D.
  
  None of the above
Correct Answer
C. 300,000

Explanation
In this case, Mr. Kunal collected Rs. 100,000 for domestic bookings and Rs. 200,000 for international bookings. To find the total value of supply, we need to add these two amounts together.Value of supply = Domestic bookings + International bookingsValue of supply = Rs. 100,000 + Rs. 200,000Value of supply = Rs. 300,000So, the value of supply under this case is Rs. 300,000.

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8.

What shall be the value of supply in case of lottery tickets ?
- A.
  
  100/112 of the face value of ticket
- B.
  
  100/128 of the face value of ticket
- C.
  
  100/128 of the face value of ticket or the price as notified in the official gazette by the organising state, whichever is lower
- D.
  
  100/128 of the face value of ticket or the price as notified in the official gazette by the organising state, whichever is higher
Correct Answer
D. 100/128 of the face value of ticket or the price as notified in the official gazette by the organising state, whichever is higher

Explanation
The value of supply in case of lottery tickets shall be 100/128 of the face value of the ticket or the price as notified in the official gazette by the organizing state, whichever is higher. This means that the value of the supply will be determined by either 100/128 of the face value of the ticket or the price set by the organizing state in the official gazette. Whichever amount is higher will be considered as the value of supply for the lottery tickets.

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9.

Which article of the Indian constitution defines the GST?
- A.
  
  Article 279A
- B.
  
  Article 366(12A)
- C.
  
  Article 265
- D.
  
  Article 27
Correct Answer
B. Article 366(12A)

Explanation
Article 366(12A) of the Indian constitution defines the GST. This article specifically states the meaning of "goods and services tax" for the purpose of the constitution. It provides a clear definition and understanding of the GST within the legal framework of the country. It is important to note that while Article 366(12A) defines the GST, other articles may also be relevant in terms of its implementation and regulation.

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10.

______ means a person including a factor, broker, commission agent, arhatia, del-credere agent , an auctioneer or any other mercantile agent , by whatever name called , who carries on the business of supply or receipt of goods or services or both on behalf of another.
- A.
  
  Broker
- B.
  
  Arhatia
- C.
  
  Job worker
- D.
  
  Agent
Correct Answer
D. Agent

Explanation
An agent is a person who carries out the business of supplying or receiving goods or services on behalf of another. This can include factors, brokers, commission agents, arhatias, del-credere agents, auctioneers, or any other mercantile agent. They act as intermediaries between the buyer and the seller, facilitating the transaction and representing the interests of the principal.

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11.

Is ITC available to the supplier, supplying goods / services under reverse charge mechanism?
- A.
  
  Yes
- B.
  
  No
- C.
  
  Not applicable
- D.
  
  Yes if permitted by the authority
Correct Answer
B. No

Explanation
The correct answer is "No" because under the reverse charge mechanism, the recipient of the goods or services is liable to pay the tax instead of the supplier. Therefore, the supplier is not eligible to claim Input Tax Credit (ITC) for the tax paid on such supplies.

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12.

Which is the exception for not bringing back of goods send for job work?
- A.
  
  Tools
- B.
  
  Moulds and dies
- C.
  
  Jigs and fixtures
- D.
  
  All of the above
Correct Answer
D. All of the above

Explanation
The exception for not bringing back goods sent for job work is "All of the above". This means that tools, moulds and dies, and jigs and fixtures are not exceptions and should be brought back after the job work is completed.

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13.

Mr. Rohit supplied goods worth of Rs 200000 for which he received a payment in UK pound. Does the consideration as received falls within the ambit of money.
- A.
  
  Yes
- B.
  
  No
- C.
  
  As per the opinion of appropriate authority
- D.
  
  None of the above
Correct Answer
A. Yes

Explanation
The consideration received by Mr. Rohit in the form of payment in UK pounds falls within the ambit of money. Money is not limited to a specific currency, and as long as the payment is a medium of exchange that is widely accepted and recognized as a form of payment, it can be considered as money. In this case, the UK pound is a widely accepted currency, and therefore, the consideration received by Mr. Rohit can be considered as money.

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14.

Mr . Ajay, a registered person omitted to take the ITC of the Jan 2019 Month. He filled the GST annual return on 15 July 2019, by when he could have availed the ITC?
- A.
  
  15 July 2019
- B.
  
  20 Oct 2019
- C.
  
  30 Sep 2019
- D.
  
  31 July 2019
Correct Answer
A. 15 July 2019

Explanation
Mr. Ajay could have availed the Input Tax Credit (ITC) until the due date for filing the GST annual return, which is 15 July 2019. After this date, he would not be able to claim the ITC for the Jan 2019 Month.

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15.

Mr. Rohit , a practicing chartered accountant purchased 3 laptop each having the tax element of Rs.12000 in his firm name. 2laptop he utilized in his office where as on one laptop he gifted this sister. What is the amount of ineligible ITC?
- A.
  
  RS. 12000
- B.
  
  Rs. 24000
- C.
  
  Rs. 36000
- D.
  
  None of the above
Correct Answer
A. RS. 12000

Explanation
When Mr. Rohit gifted one laptop to his sister, he utilized it for personal purposes instead of using it for business purposes in his firm. Therefore, the tax element of Rs. 12000 on that laptop becomes ineligible for Input Tax Credit (ITC).

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16.

Section 16 provides for the condition to claim credit. One such condition is that the receiver has received the goods. Is there any provision for deemed receipt of goods in case of transfer of document of title before or during the movement of goods?
- A.
  
  Yes
- B.
  
  No
- C.
  
  Maybe
- D.
  
  None of the above
Correct Answer
A. Yes

Explanation
Section 16 of the given context provides for the condition to claim credit, and one of these conditions is that the receiver has received the goods. The question asks if there is any provision for deemed receipt of goods in the case of transfer of the document of title before or during the movement of goods. The correct answer "Yes" implies that there is indeed a provision for deemed receipt of goods in such cases.

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17.

Mr. A, a registered trader has opted for composition scheme . What rate of tax is applicable under CGST law?
- A.
  
  0.5%
- B.
  
  1.0%
- C.
  
  2.5%
- D.
  
  Composition scheme is not available for traders
Correct Answer
A. 0.5%

Explanation
The applicable rate of tax under CGST law for Mr. A, a registered trader who has opted for the composition scheme, is 0.5%.

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18.

Mr. Khan , engaged in trading of ice-cream (not containing cocoa) in Jammu & Kashmir within the same state itself. Turnover of this firm in preceding financial year is Rs. 8000000. State the composition turnover limit for the state of Jammu & Kashmir weather he is eligible to opt composition scheme or not, under GST?
- A.
  
  Rs.750000/- Yes
- B.
  
  Rs. 750000/- No
- C.
  
  Rs.15000000/- Yes
- D.
  
  Rs.8000000/- Yes
Correct Answer
C. Rs.15000000/- Yes

Explanation
The composition turnover limit for the state of Jammu & Kashmir is Rs. 15000000. Since the turnover of Mr. Khan's firm in the preceding financial year is Rs. 8000000, which is below the composition turnover limit, he is eligible to opt for the composition scheme under GST.

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19.

Mr. X, a registered supplier of Meghalaya, want to opt for composition levy. The turnover limit for composition levy is -
- A.
  
  Rs. 40 lakhs
- B.
  
  Rs. 75 lakhs
- C.
  
  Rs. 1 crore
- D.
  
  None of the above
Correct Answer
B. Rs. 75 lakhs

Explanation
The turnover limit for composition levy is Rs. 75 lakhs. This means that if Mr. X's turnover is equal to or less than Rs. 75 lakhs, he can opt for composition levy. Composition levy is a simplified scheme under the Goods and Services Tax (GST) where taxpayers can pay a fixed percentage of their turnover as tax instead of the regular GST rates.

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20.

A person registered in composition scheming FY 18-19. Now, he again want to operate in this scheme in FY 19-20.does he need to file a fresh declaration for the same?
- A.
  
  Yes
- B.
  
  No
- C.
  
  Maybe
- D.
  
  None of the above
Correct Answer
B. No

Explanation
The person does not need to file a fresh declaration for the composition scheme in FY 19-20. Once registered in the composition scheme in FY 18-19, the person can continue to operate in the scheme in the following financial year without needing to file a new declaration.

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21.
MNO Pvt. Ltd. Is having the place of business in 3 state namely Maharashtra, Punjab, Rajasthan each having the turnover of Rs. 20lakh, Rs. 60lakh, Rs.80lakh respectively. In which state it is eligible to opt for composition scheme?
- A.
  
  Maharashtra
- B.
  
  Punjab
- C.
  
  Rajasthan
- D.
  
  None of the above
Correct Answer
D. None of the above
22.

PQR Pvt. Ltd. a Mumbai based pan masala, has started Manufacturing garment within the same PAN . His threshold of Rs. 20 LAKH is crossed but is expected to be below Rs.80 lakh in the current financial year. Can he opt for composition scheme?
- A.
  
  Yes
- B.
  
  No
- C.
  
  Maybe
- D.
  
  None of the above
Correct Answer
B. No

Explanation
The correct answer is No because the composition scheme is only available for businesses with a turnover of up to Rs. 1.5 crore. Since PQR Pvt. Ltd.'s threshold is crossed and expected to be below Rs. 80 lakh, it does not meet the eligibility criteria for the composition scheme.

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23.

If any unregistered GTA gives service to an unregistered person .who shall pay tax ?
- A.
  
  Unregistered GTA
- B.
  
  Unregistered person under RCM
- C.
  
  None of them
- D.
  
  Both of them
Correct Answer
C. None of them

Explanation
In this scenario, neither the unregistered GTA (Goods and Services Tax Agent) nor the unregistered person is liable to pay taxes. Since both parties are unregistered, they are not obligated to pay taxes under the current tax regulations. Therefore, the correct answer is "none of them."

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24.

Uber being an E-commerce operator provides cab service to the passengers through various local service providers. The liability to pay tax on such services shall be applicable to:
- A.
  
  Uber
- B.
  
  Passengers
- C.
  
  Local cab services providers
- D.
  
  None
Correct Answer
A. Uber

Explanation
Uber is liable to pay tax on the cab services it provides through local service providers. As an e-commerce operator, Uber facilitates the booking and payment process for passengers, but the actual service is provided by local cab services. Therefore, the responsibility to pay tax on these services falls on Uber, not the passengers or the local cab service providers.

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25.

Imports of goods in territory of India shall be deemed to be,
- A.
  
  Intra – state supply
- B.
  
  Inter – state supply
- C.
  
  Inter – country supply
- D.
  
  Inter – territory supply
Correct Answer
B. Inter – state supply

Explanation
Imports of goods in the territory of India are considered as inter-state supply because they involve the movement of goods from a place outside the state to a place within the state. This classification is important for determining the applicable GST (Goods and Services Tax) and any other taxes or duties related to inter-state transactions.

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26.

What is the place of supply where supply is made before or during the movement of goods by the transfer of document?
- A.
  
  Supplies place
- B.
  
  Place where packing is done
- C.
  
  Final recipient place
- D.
  
  Place where document has been signed
Correct Answer
C. Final recipient place

Explanation
The correct answer is "final recipient place." This refers to the location where the goods are ultimately delivered or received by the customer. It is the place where the supply is considered to have been made, regardless of whether it was made before or during the movement of goods by the transfer of a document. This is an important concept in determining the applicable taxes and regulations for the supply of goods.

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27.

Mr. P of Delhi provides services to SEZ located in Delhi . What type of tax shall be charged?
- A.
  
  CGST
- B.
  
  SGST + UTGST
- C.
  
  ICST
- D.
  
  CGST+SGST\ UTGST
Correct Answer
C. ICST

Explanation
The correct answer is ICST because SEZ (Special Economic Zone) is considered as a territory outside the customs territory of India. Therefore, Integrated Goods and Services Tax (IGST) is charged on the services provided to SEZ.

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28.

If American bank of USA charged loan process charges to Mangal Pvt. Ltd located in Mumbai , the place of supply of services will be __________.
- A.
  
  USA
- B.
  
  Mumbai
- C.
  
  India
- D.
  
  None of the above
Correct Answer
A. USA

Explanation
The place of supply of services in this scenario will be USA because the American bank is the one providing the service of charging loan process charges. Even though the recipient of the service, Mangal Pvt. Ltd, is located in Mumbai, the place of supply is determined by the location of the supplier. Therefore, the correct answer is USA.

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29.

If the person makes export supplies to supplies to SEZ , will he be eligible to avail the ITC ?
- A.
  
  Yes , if he supply under bond \ LUT
- B.
  
  Yes, if he doesn’t supply under bond \ LUT
- C.
  
  Yes , he can avail ITC in any situation
Correct Answer
C. Yes , he can avail ITC in any situation

Explanation
The correct answer is "Yes, he can avail ITC in any situation." This means that regardless of whether the person makes export supplies to SEZ under bond or LUT, they will still be eligible to avail Input Tax Credit (ITC). This implies that the person can claim a credit for the taxes paid on inputs used in the supply of goods or services, regardless of the specific circumstances of the supply.

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30.

Tourist means a person not normally resident of India , who enters India for a stay of not more than ________ for legitimate non – immigrant purpose .
- A.
  
  185 days
- B.
  
  6 month
- C.
  
  90 days
- D.
  
  183 days
Correct Answer
B. 6 month

Explanation
The correct answer is "6 months." This is because a tourist is defined as a person who is not normally a resident of India and enters the country for a stay of up to 6 months for a legitimate non-immigrant purpose.

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31.

Which of the following conditions needs to be complied with in case of export of services?
- A.
  
  Supplies must be located in India
- B.
  
  Recipient must be located outside India
- C.
  
  Place of supply outside India
- D.
  
  All of the above
Correct Answer
D. All of the above

Explanation
In order to comply with the conditions for the export of services, all of the mentioned criteria must be met. The supplies must be located in India, meaning that the services being exported must originate from India. The recipient of the services must be located outside India, indicating that the services are being provided to a foreign entity. Additionally, the place of supply must be outside India, further emphasizing that the services are being provided to a foreign location. Therefore, all of these conditions need to be complied with for the export of services.

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32.

Open area in the precincts of a temple has been for a marriage for a day . in which of the following cases , such renting is exempt from GST?
- A.
  
  Temple is owned by sanatan charitable trust( registred under section 12AA of the income tax Act ,1961)and consideration charged is Rs.9000
- B.
  
  Temple is owned by sanatan charitable trust( registred under section 12AA of the income tax Act,1961)and consideration charged is Rs.11000
- C.
  
  Both (a) and (b)
- D.
  
  None of the above
Correct Answer
A. Temple is owned by sanatan charitable trust( registred under section 12AA of the income tax Act ,1961)and consideration charged is Rs.9000

Explanation
The correct answer is "Temple is owned by sanatan charitable trust (registered under section 12AA of the income tax Act, 1961) and consideration charged is Rs.9000." This is because under GST, services provided by an entity registered under section 12AA of the income tax Act, 1961 are exempt from GST. In this case, the temple is owned by a registered charitable trust and the consideration charged is within the exemption limit of Rs.9000. Therefore, the renting of the open area in the precincts of the temple for a day for a marriage event would be exempt from GST.

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33.

Mr. Happy singh is resident of chandigarh the marriage of his daughter khushi kaur ,ha been finalized with Mr. lovely singh NRI settled in Canada. The marriage is scheduled on 14 feb 2019 in Chandigarh. Mr. Happy singh wants to send 5000 marriage invitation card to all hid relative and friends to attend the marriage. He has to send the invitation by speed post. He is not sure about the taxability of spend post services under GST regime. He seeks your help in ditermining the applicability of GST on speed post .
- A.
  
  GST payable
- B.
  
  Non taxable
- C.
  
  Exempted
- D.
  
  None of the above
Correct Answer
A. GST payable

Explanation
The correct answer is "GST payable" because speed post services are not exempted or non-taxable under the GST regime. Therefore, Mr. Happy Singh will have to pay GST on the speed post services he avails to send the marriage invitations to his relatives and friends.

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34.

Mr X resident of Punjab goes to a doctor Mr y of Uttar Pradesh for plastic surgery who took him to a hospital in Chennai and got a surgery done over there. The place of supply will be.
- A.
  
  Uttar Pradesh
- B.
  
  Punjab
- C.
  
  Chennai
- D.
  
  All of the above can be the place of supply
Correct Answer
C. Chennai

Explanation
The place of supply in this scenario would be Chennai because that is where the surgery was actually performed. The fact that Mr. X is a resident of Punjab and went to a doctor in Uttar Pradesh is irrelevant in determining the place of supply. The location where the service was actually provided is what matters in this case.

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35.

Can a registered person opting for composition scheme collected GST on his outward supply
- A.
  
  Yes , in all cases
- B.
  
  Yes ,only in such goods as may be notified by the central government
- C.
  
  Yes ,only in such services as may be notified by the central government
- D.
  
  No
Correct Answer
D. No

Explanation
A registered person opting for the composition scheme cannot collect GST on his outward supply. The composition scheme is designed for small businesses with a turnover of up to Rs 1.5 crore and aims to simplify their tax compliance. Under this scheme, the taxpayer pays a fixed percentage of his turnover as tax and is not allowed to collect GST from his customers. Therefore, the correct answer is "no".

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36.

Input tax credit shall not be available in respect of
- A.
  
  Good used for personal conjunctions
- B.
  
  Membership of a club
- C.
  
  Travel benefits extended to employees on vacations such as leave your home travel concession
- D.
  
  All of the above
Correct Answer
D. All of the above

Explanation
The correct answer is "all of the above." This means that input tax credit shall not be available in respect of goods used for personal consumption, membership of a club, and travel benefits extended to employees on vacations such as leave your home travel concession. In other words, these expenses do not qualify for input tax credit under the given circumstances.

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37.

Mr X become liable to pay tax on 1st August 2018 and has obtained registration on 15th August 2018 such person is eligible for input tax credit on input held in the stock as on
- A.
  
  1st August 2018
- B.
  
  31st July 2018
- C.
  
  15th August 2018
- D.
  
  I cannot take credit for the past periods
Correct Answer
B. 31st July 2018

Explanation
According to the given information, Mr X became liable to pay tax on 1st August 2018 and obtained registration on 15th August 2018. In such cases, a person is eligible for input tax credit on input held in the stock as on the day before the date of registration. Therefore, Mr X would be eligible for input tax credit on inputs held in the stock as on 31st July 2018.

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38.

Sham & company is receiving legal services from a lawyer mr Gyan the information regarding date of payment ,invoice etc is as follows; 1- Invoice issued by Mr Jayan on 15th April 20xx 2- Payment received by Mr Gyan on 5th May 20xx 3- date of payment entered in the books of accounts of sham and company 1st May 20xx. What is the time of supply of services.
- A.
  
  1st May 20XX
- B.
  
  5th May 20XX
- C.
  
  14th july 20XX
- D.
  
  15th April 20XX
Correct Answer
A. 1st May 20XX

Explanation
The time of supply of services is the date when the services are considered to be provided. In this case, the payment was received on 5th May 20XX and entered in the books of accounts on 1st May 20XX. According to the information provided, the date of payment entered in the books of accounts is considered as the time of supply of services. Therefore, the correct answer is 1st May 20XX.

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39.

Determine the amount of GST in the case of supply of service of rupees 10 laks on 15^th.01. 2020 and invoice has been issued on 25-12-2019 payment received on 20-01- 2020 the CGST rate has been increased from 5 % to 12% w.e.f 01.01.2020
- A.
  
  Rs.180000
- B.
  
  Rs. 50000
- C.
  
  Rs. 75000
- D.
  
  Rs 120000
Correct Answer
D. Rs 120000

Explanation
The correct answer is Rs 120000 because the GST amount is calculated based on the date of supply, which is 15th January 2020 in this case. Since the invoice was issued on 25th December 2019 and the payment was received on 20th January 2020, the CGST rate applicable is the one in effect on the date of supply. Therefore, the increased rate of 12% is applicable and the GST amount would be Rs 120000.

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40.

In case of supply of goods for RS. 5 lakh following ; information is provided 1- advance received on 1st April 20xx 2- invoice issued on 15th April 20xx 3- good removed on 25 April20xx What is the time of supply of goods
- A.
  
  1st April 20xx
- B.
  
  15 April 20xx
- C.
  
  25 April 20xx
- D.
  
  30 April 20xx
Correct Answer
B. 15 April 20xx

Explanation
The time of supply of goods is 15 April 20xx because it is the date when the invoice was issued. According to the information provided, the advance was received on 1st April 20xx, but the actual supply of goods occurred on 25 April 20xx. However, the time of supply is determined based on the earliest of the following events: issuance of invoice, receipt of payment, or removal of goods. Since the invoice was issued on 15 April 20xx, it becomes the relevant date for determining the time of supply.

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41.

Mrs ABC made an arrangement with MS PQR for supply of goods on 15th July at the time of goods doesn't cross the frontier .the payment of goods has been made on 16th July while the invoice was made on 18 July what will be the time of supply in the such case.
- A.
  
  15th July
- B.
  
  16th July
- C.
  
  18th July
- D.
  
  16 July or 18 July which ever is suitable for supplier
Correct Answer
B. 16th July

Explanation
In this case, the time of supply is determined by the earliest of the significant events, which is the date when the payment for the goods was made, 16th July. This date establishes the time of supply for tax and accounting purposes.

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42.

GST is payable in the __________
- A.
  
  State where the goods or services or both are finally consume
- B.
  
  State whether the goods or services or both are procured
- C.
  
  State whether the goods are manufactured
- D.
  
  All of the above
Correct Answer
A. State where the goods or services or both are finally consume

Explanation
The correct answer is "State where the goods or services or both are finally consumed." This means that GST is payable in the state where the goods or services are ultimately used or consumed by the end consumer. The GST is levied based on the principle of destination-based consumption, where the tax revenue is collected by the state where the final consumption occurs. This ensures that the tax burden is borne by the end consumer rather than the state where the goods are procured or manufactured.

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43.

What can be the highest rate of tax prescribed by GST council?
- A.
  
  1%
- B.
  
  5%
- C.
  
  28%
- D.
  
  40%
Correct Answer
D. 40%

Explanation
The highest rate of tax prescribed by the GST council can be 40%. This means that the maximum tax rate that can be imposed on goods and services under the Goods and Services Tax (GST) system is 40%. This rate is applicable for specific goods or services that are categorized under the highest tax slab.

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44.

GST is a _______ based tax on consumption of goods and services
- A.
  
  Origin
- B.
  
  Destination
- C.
  
  Supply
- D.
  
  Both b and c are correct
Correct Answer
B. Destination

Explanation
GST is a destination-based tax on consumption of goods and services. This means that the tax is levied at the final destination where the goods or services are consumed. The tax is collected by the state or union territory where the goods or services are consumed, rather than where they are produced or supplied from. This ensures that the tax revenue is received by the jurisdiction where the consumption takes place, allowing for a fair distribution of tax revenue among different states or union territories.

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45.

Which of the following are not covered in the ambit of adjudicating authority?
- A.
  
  Revisional Authority
- B.
  
  Appellate Authority for advance ruling
- C.
  
  CBIC
- D.
  
  All of the above
Correct Answer
D. All of the above

Explanation
All of the above options are not covered in the ambit of adjudicating authority. The adjudicating authority is responsible for determining the liability of a person under the relevant law. The Revisional Authority, Appellate Authority for advance ruling, and CBIC are separate bodies or authorities that have different roles and responsibilities, and they are not part of the adjudicating authority's jurisdiction.

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46.

Compute the value of exempted supply for the purpose of section 17(2) of the CGST Act 2017 from the following details: 1- value of alcoholic liquor for human consumption is rupees 150000 2- value of our architect services supplied for rupees 200000 3- securities of face value of rupees 100000 sold for rupees 95000
- A.
  
  150000
- B.
  
  250000
- C.
  
  245000
- D.
  
  295000
Correct Answer
D. 295000

Explanation
To compute the value of exempted supply for the purpose of section 17(2) of the CGST Act 2017, we need to consider the details provided:

1. Value of alcoholic liquor for human consumption is rupees 150,000.
2. Value of architect services supplied for rupees 200,000.
3. Securities of face value of rupees 100,000 sold for rupees 95,000.

Now, let's break down the components:

Total value of supplies = Value of alcoholic liquor + Value of architect services + Value of securities sold
Total value of supplies = 150,000 + 200,000 + 95,000
Total value of supplies = 445,000

Now, let's calculate the value of taxable supplies:

Value of taxable supplies = Total value of supplies - Value of alcoholic liquor
Value of taxable supplies = 445,000 - 150,000
Value of taxable supplies = 295,000

So, the value of exempted supply for the purpose of section 17(2) of the CGST Act 2017 is rupees 295,000.

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47.

In which of the following conditions the input tax credit will be available?
- A.
  
  Capital goods used for making exempted goods
- B.
  
  Capital goods used for exclusively non- business (person) purpose
- C.
  
  Depreciation has been claimed on tax component of capital goods
- D.
  
  None of the above
Correct Answer
D. None of the above

Explanation
Input tax credit is available for the taxes paid on inputs used for making taxable supplies. In the given options, none of the conditions mentioned allow for input tax credit. Capital goods used for making exempted goods do not qualify for input tax credit as the end product is not taxable. Similarly, capital goods used exclusively for non-business purposes do not qualify as they are not used for making taxable supplies. Depreciation claimed on the tax component of capital goods is not relevant to the availability of input tax credit. Therefore, the correct answer is "None of the above."

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48.

Mr z trades in certain items which are exempted and supply certain items to SEZ which are zero rated he wants to understand which of the following will be included in the computation of tax applies for the purpose of availing input tax credit?
- A.
  
  Zero rated supplies
- B.
  
  Exempted supplies
- C.
  
  Both i.e., zero rated and exempted supplies
- D.
  
  None of the above
Correct Answer
A. Zero rated supplies

Explanation
Zero rated supplies will be included in the computation of tax applies for the purpose of availing input tax credit.

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49.

Mr M a resident of UP opened a bank account in Delhi with ICICI Bank Ltd., And submit his residence address of Punjab in the place of supply of banking services shall be _____
- A.
  
  Punjab
- B.
  
  U.P
- C.
  
  Delhi
- D.
  
  Either a or b
Correct Answer
A. Punjab

Explanation
Since Mr M is a resident of UP, the place of supply of banking services should be UP. However, he opened the bank account in Delhi with ICICI Bank Ltd. and submitted his residence address of Punjab. Therefore, the correct answer is Punjab.

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50.

MR. Ram a resident of Bombay holds an account in ICICI Bank in Bombay he went to Jaipur for some office work during his visit to Jaipur he take certain services relating to his account from ICICI Bank in Jaipur in relation to some transactions to be carried out of Chennai what will be place of supply in this case?
- A.
  
  The place of supply shall be Jaipur
- B.
  
  The place of supply Shall be Bombay
- C.
  
  THE place of supply Shall be Chennai
- D.
  
  None of the above
Correct Answer
B. The place of supply Shall be Bombay

Explanation
The place of supply in this case will be Bombay because Mr. Ram is a resident of Bombay and holds an account in ICICI Bank in Bombay. Even though he took certain services from ICICI Bank in Jaipur during his visit, the transactions are related to Chennai. However, the place of supply is determined by the location of the recipient, which in this case is Mr. Ram's account in Bombay.

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Current Version
May 26, 2024

Quiz Edited by
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Jul 19, 2020

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CA Final Idt MCQ Test

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Which Article of the Indian constitution empowers the government of India to levy IGST in case of inter-state supply?

Any gift made by an employer to an employee shall we considered as supply. What is the limit prescribed for the same?

Mr. A purchase redeemable vouchers worth rs. 8000 on 1st January. The vouchers are redeemable against purchase of any goods. The vouchers are valid till 30th June. What will be time of supply in case of such vouchers?

Determine the amount of GST in case of supply of service of Rs. 50000 on 05.06.2019 and the invoice has been issued on the same date. The Date of payment is 29.06.2019 the CGST rate has been increased from 5% to 12% W.e.f. 01.06.2019?

What is the transaction value under GST ?

Mr. Kunal is an air travel agent. He collected Rs. 100000 (basic fare for domestic booking ) and Rs.200000(basic fare for international booking) what shall be the value of supply under this case ?

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Which article of the Indian constitution defines the GST?

______ means a person including a factor, broker, commission agent, arhatia, del-credere agent , an auctioneer or any other mercantile agent , by whatever name called , who carries on the business of supply or receipt of goods or services or both on behalf of another.

Is ITC available to the supplier, supplying goods / services under reverse charge mechanism?​​​​​​​

Which is the exception for not bringing back of goods send for job work? ​​​

Mr. Rohit supplied goods worth of Rs 200000 for which he received a payment in UK pound. Does the consideration as received falls within the ambit of money. ​​

Mr . Ajay, a registered person omitted to take the ITC of the Jan 2019 Month. He filled the GST annual return on 15 July 2019, by when he could have availed the ITC? ​​​​

Mr. Rohit , a practicing chartered accountant purchased 3 laptop each having the tax element of Rs.12000 in his firm name. 2laptop he utilized in his office where as on one laptop he gifted this sister. What is the amount of ineligible ITC?

Section 16 provides for the condition to claim credit. One such condition is that the receiver has received the goods. Is there any provision for deemed receipt of goods in case of transfer of document of title before or during the movement of goods?

Mr. A, a registered trader has opted for composition scheme . What rate of tax is applicable under CGST law? ​​

Mr. X, a registered supplier of Meghalaya, want to opt for composition levy. The turnover limit for composition levy is -

A person registered in composition scheming FY 18-19. Now, he again want to operate in this scheme in FY 19-20.does he need to file a fresh declaration for the same?

MNO Pvt. Ltd. Is having the place of business in 3 state namely Maharashtra, Punjab, Rajasthan each having the turnover of Rs. 20lakh, Rs. 60lakh, Rs.80lakh respectively. In which state it is eligible to opt for composition scheme?

PQR Pvt. Ltd. a Mumbai based pan masala, has started Manufacturing garment within the same PAN . His threshold of Rs. 20 LAKH is crossed but is expected to be below Rs.80 lakh in the current financial year. Can he opt for composition scheme? ​​​​

If any unregistered GTA gives service to an unregistered person .who shall pay tax ?

Uber being an E-commerce operator provides cab service to the passengers through various local service providers. The liability to pay tax on such services shall be applicable to: ​​

Imports of goods in territory of India shall be deemed to be,

What is the place of supply where supply is made before or during the movement of goods by the transfer of document?

Mr. P of Delhi provides services to SEZ located in Delhi . What type of tax shall be charged?

If American bank of USA charged loan process charges to Mangal Pvt. Ltd located in Mumbai , the place of supply of services will be __________.

If the person makes export supplies to supplies to SEZ , will he be eligible to avail the ITC ?

Tourist means a person not normally resident of India , who enters India for a stay of not more than ________ for legitimate non – immigrant purpose .

Which of the following conditions needs to be complied with in case of export of services?

Open area in the precincts of a temple has been for a marriage for a day . in which of the following cases , such renting is exempt from GST?

Mr X resident of Punjab goes to a doctor Mr y of Uttar Pradesh for plastic surgery who took him to a hospital in Chennai and got a surgery done over there. The place of supply will be. ​​​

Can a registered person opting for composition scheme collected GST on his outward supply

Input tax credit shall not be available in respect of

Mr X become liable to pay tax on 1st August 2018 and has obtained registration on 15th August 2018 such person is eligible for input tax credit on input held in the stock as on

Determine the amount of GST in the case of supply of service of rupees 10 laks on 15th.01. 2020 and invoice has been issued on 25-12-2019 payment received on 20-01- 2020 the CGST rate has been increased from 5 % to 12% w.e.f 01.01.2020

In case of supply of goods for RS. 5 lakh following ; information is provided 1- advance received on 1st April 20xx 2- invoice issued on 15th April 20xx 3- good removed on 25 April20xx What is the time of supply of goods

Mrs ABC made an arrangement with MS PQR for supply of goods on 15th July at the time of goods doesn't cross the frontier .the payment of goods has been made on 16th July while the invoice was made on 18 July what will be the time of supply in the such case.

GST is payable in the __________

What can be the highest rate of tax prescribed by GST council?

GST is a _______ based tax on consumption of goods and services

Which of the following are not covered in the ambit of adjudicating authority?

In which of the following conditions the input tax credit will be available?

Mr z trades in certain items which are exempted and supply certain items to SEZ which are zero rated he wants to understand which of the following will be included in the computation of tax applies for the purpose of availing input tax credit?

Mr M a resident of UP opened a bank account in Delhi with ICICI Bank Ltd., And submit his residence address of Punjab in the place of supply of banking services shall be _____

Mr. A purchase redeemable vouchers worth rs. 8000 on 1^st January. The vouchers are redeemable against purchase of any goods. The vouchers are valid till 30^th June. What will be time of supply in case of such vouchers?

Is ITC available to the supplier, supplying goods / services under reverse charge mechanism?

Which is the exception for not bringing back of goods send for job work?

Mr. Rohit supplied goods worth of Rs 200000 for which he received a payment in UK pound. Does the consideration as received falls within the ambit of money.

Mr . Ajay, a registered person omitted to take the ITC of the Jan 2019 Month. He filled the GST annual return on 15 July 2019, by when he could have availed the ITC?

Mr. A, a registered trader has opted for composition scheme . What rate of tax is applicable under CGST law?

PQR Pvt. Ltd. a Mumbai based pan masala, has started Manufacturing garment within the same PAN . His threshold of Rs. 20 LAKH is crossed but is expected to be below Rs.80 lakh in the current financial year. Can he opt for composition scheme?

Uber being an E-commerce operator provides cab service to the passengers through various local service providers. The liability to pay tax on such services shall be applicable to:

Mr X resident of Punjab goes to a doctor Mr y of Uttar Pradesh for plastic surgery who took him to a hospital in Chennai and got a surgery done over there. The place of supply will be.

Determine the amount of GST in the case of supply of service of rupees 10 laks on 15^th.01. 2020 and invoice has been issued on 25-12-2019 payment received on 20-01- 2020 the CGST rate has been increased from 5 % to 12% w.e.f 01.01.2020