GST Exam MCQ Part 5

By | September 24, 2018
(Last Updated On: September 24, 2018)

GST Exam MCQ Part 5

(Multiple Choice Questions)

Q: Time of supply of goods under CGST Act 2017 is 

A)  Last date on which supplier is required to issue  invoice

B) Date of issue of invoice

C) Date on which the supplier receives the payment

D) Earlier of (A), (B) and (C)

Answer :  D) Earlier of (A), (B) and (C) [ Refer Section 12 of CGST Act 2017 ]

Q:  In case of supply of vouchers by a supplier, the time of supply under CGST Act 2017 shall be— 

A) The date of issue of voucher, if the supply is identifiable at that point

B) The date of redemption of voucher, ( if  supply is not identifiable at that point of issue of Voucher)

C)  Both (A) and (B)

D) Date of receipt of payment for the Voucher

Answer  C)  Both (A) and (B) [ Refer Section 12 of CGST Act 2017 ]

Q : For Time of Supply of Goods under CGST Act 2017  “the date on which the supplier receives the payment” shall be the date on which 

A) the payment is entered in his books of account

B) the date on which the payment is credited to his bank account,

C) Earlier of (A) or (B)

D) the Payment is entered in his books by the recipient

Answer C)  Earlier of (A) or  (B) [ Refer Section 12 of CGST Act 2017 ]

Q: The time of supply to the extent it relates to an addition in the value of supply by way of interest, late fee or penalty for delayed payment of any consideration shall be 

A) The date on which the supplier issue Invoice for such addition in value.

B) The date on which the recipient makes entry of payment for such addition in value.

C)  Earlier of (A) and (B)

D) The Date on which the supplier receives such addition in value.

Answer D) The Date on which the supplier receives such addition in value. [ Refer Section 12 of CGST Act 2017  ]

Q : where the supplier of taxable service receives an amount upto one thousand rupees in excess of the amount indicated in the tax invoice, the time of supply to the extent of such excess amount shall, at the option of the said supplier, be the

A ) Date of issue of cheque by the recipient  for invoice relating to such excess amount.

B) Date of Book entry by supplier relating to such excess amount.

C) Date of provision of service by supplier relating to such excess amount.

D) Date of issue of invoice relating to such excess amount.

Answer D) Date of issue of invoice relating to such excess amount.[ Refer Section 13 of CGST Act 2017 ]

Q In case of supply of vouchers for services  ( where the Supply is identifiable)  by a supplier, the time of supply shall be

A) the date of issue of voucher,

B) the date of redemption of voucher,

C) Earlier of (A) and ( B)

D) the date of Entry of voucher in Books of Accounts of supplier ,

Answer A) the date of issue of voucher,  [Refer Section 13 of CGST Act 2017]

Q The value of supply of goods and services under CGST Act 2017   shall be the

(a) Transaction value
(b) Maximum Retail Price
(c) Fair Market Price
(d) Transfer Value

Answer (a) Transaction value [ Refer Section 15 of CGST Act 2017 ]

Q  Which one of the following is not included in the  value of supply  as per CGST Act 2017

A) Interest for delayed payment of any consideration for any supply

B)  Late fee or penalty for delayed payment of any consideration for any supply

C) Subsidies directly linked to the price except subsidies provided by the Central and State Government

D)  Subsidies not directly linked to the price

Answer D) Subsidies not directly linked to the price [  Refer Section 15 of CGST Act 2017 ]

Q Complete the following statement as per CGST Act 2017

persons shall be deemed to be “related persons” if any person directly or indirectly owns, controls or holds ………………….or more of the outstanding voting stock or shares of both of them;

A) Twenty-five per cent

b) Fifty Per Cent

C) Seventy Five Per Cent

D) Hundred Per cent

Answer A) Twenty-five per cent [  Refer Section 15 of CGST Act 2017 ]

Q : value of the supply under CGST Act 2017 shall not include any discount which is given

A) before of the supply if such discount has been duly recorded in the invoice issued in respect of such supply

B) at the time of the supply if such discount has been duly recorded in the invoice issued in respect of such supply

C) Both A and B

D) None of the above

Answer C) Both A and B [  Refer Section 15 of CGST Act 2017 ]

 

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