Welcome to your International Navodaya Chamber of Commerce (INCOC) Platform ! Subject: Management Accounting Total Number of Question: 40 Time: 41 Minutes Please check your email after completion of test for result. All the best... Name Phone No Email Area Pin Code 1. What is the maximum late fee for delayed filing of GSTR-3B for a taxpayer whose turnover exceeds ₹5 crores? a) ₹500 ₹500 ₹1,000 ₹5,000 ₹10,000 None 2. Which of the following is not a supply under GST? Sale of goods Services provided free of cost Import of services for consideration Renting of immovable property None 3. What is the time limit for claiming Input Tax Credit (ITC) for a financial year? 20th October of the following year Filing of annual return or 30th November, whichever is earlier Filing of annual return or 31st December, whichever is earlier Filing of annual return or 31st March, whichever is earlier None 4. In GST, the term 'aggregate turnover' does not include:In GST, the term 'aggregate turnover' does not include: Exempt supplies Export supplies Inter-State supplies Value of inward supplies on which tax is payable under reverse charge None 5. Under GST, which of the following is eligible for refund? Input tax credit on exempt supplies Input tax credit on inputs used for personal consumption Accumulated ITC due to zero-rated supply without payment of tax ITC utilized for making taxable supplies None 6. What is the rate of interest for delayed payment of customs duty? 12% per annum 18% per annum 24% per annum 15% per annum None 7. Which of the following is not included in 'Assessable Value' under Customs? Cost of goods Freight charges Insurance charges Countervailing duty None 8. Which section of the Customs Act empowers the Central Government to prohibit importation and exportation of goods? Section 11 Section 17 Section 25 Section 47 None 9. In Customs, the term 'FOB' stands for: Free on Board Freight on Board Freight or Benefit Free Overseas Bill None 10. What is the time limit for filing a bill of entry after the arrival of goods at the customs station? 24 hours 48 hours 30 days 7 days None 11. What is the rate of GST on services provided by a goods transport agency (GTA) under RCM? 12% 5% 18% 0% None 12. Which of the following is a zero-rated supply? Supply of goods to SEZ units Supply of goods exempted by notification Supply of alcoholic liquor for human consumption Supply of services to a domestic unit None 13. GST paid on which of the following is eligible for input tax credit? Rent for residential property Motor vehicles used for personal purposes Office equipment used for business Goods destroyed in transit None 14. Which form is used for filing annual returns under GST? GSTR-1 GSTR-3B GSTR-9 GSTR-4 None 15. Under GST, 'reverse charge' means: Tax is paid by the supplier instead of the recipient Tax is paid by the recipient instead of the supplier Tax is deferred to a later date Tax is paid in installments None 16. Which of the following forms is used for GST registration? GSTR-1 GST REG-01 GST CMP-02 GSTR-9 None 17. Which of the following is treated as a deemed supply under GST? Permanent transfer of business assets where ITC has been availed Goods destroyed by fire Sale of exempt goods Sale of capital goods at a loss None 18. Which form is used for payment of GST by cash? PMT-01 PMT-06 GSTR-3B PMT-09 None 19. Who is liable to pay GST on reverse charge for legal services provided by an advocate to a business entity? Advocate Recipient of service Both advocate and recipient None of the above None 20. Which of the following is not an exempt supply under GST? Services by an employee to the employer Sale of unprocessed agricultural produce Education services by a recognized institution Sale of alcoholic liquor for human consumption None 21. What is the minimum threshold limit for mandatory GST registration in special category states? ₹10 lakh ₹20 lakh ₹40 lak ₹50 lakh None 22. Which of the following schedules under the CGST Act deals with supplies that are neither a supply of goods nor a supply of services? Schedule I Schedule III Schedule II Schedule IV None 23. For intra-state supplies, the GST consists of: IGST only CGST and SGST/UTGST SGST and IGST CGST and IGST None 24. What is the validity period of an e-way bill for a distance of 200 km? 1 day 2 days 3 days 5 days None 25. Under GST, input tax credit is not available on: Health insurance for employees Inputs used for making taxable supplies Goods purchased for resale Machinery used for production None 26. Under Customs law, the term 'duty drawback' refers to: Refund of duty paid on imported goods Refund of duty on exported goods Exemption from paying customs duty Reduction in customs duty rate None 27. What is the maximum time allowed for warehousing of goods under customs? 6 months 1 year 2 years 3 years None 28. Which of the following documents is not required for filing a bill of entry? Invoice Packing list Certificate of origin Income tax return None 29. Which section of the Customs Act deals with anti-dumping duty? Section 8B Section 9A Section 25 Section 15 None 30. The Customs value of imported goods is determined based on: Transaction value Market value in India Minimum value fixed by customs Exporter’s invoice value None 31. Composition scheme is not available to a taxpayer if: They are engaged in manufacturing They supply goods inter-state Their turnover is below ₹1.5 crore They deal only in exempt goods None 32. Which of the following forms is used for opting for the composition scheme? CMP-01 CMP-02 CMP-03 CMP-04 None 33. Under GST, what is the maximum penalty for non-registration of a taxable person? ₹10,000 ₹25,000 ₹50,000 ₹1,00,000 None 34. Which of the following is a taxable supply under GST? Goods supplied by a charitable trust Gifts exceeding ₹50,000 provided by an employer to an employee Sale of agricultural produce by farmers Services provided to SEZ units None 35. Which form is used for filing ITC reversal details? GSTR-3B GSTR-9C ITC-03 ITC-04 None 36. What is the time limit for issuance of a credit note under GST? 6 months from the date of supply By the end of the financial year By 30th September of the following financial year By 31st December of the following financial year None 37. Which of the following is the threshold limit for e-invoicing under GST from April 1, 2023? ₹5 crore ₹10 crore ₹20 croree ₹100 crore None 38. What is the GST rate on gold jewelry? 5% 12% 18% 3% None 39. Which of the following is the due date for filing GSTR-1 for a regular taxpayer? 10th of the following month 15th of the following month 20th of the following month 25th of the following month None 40. Which section of the CGST Act, 2017 deals with ‘Self-Assessment’? Section 60 Section 59 Section 61 Section 62 None 1 out of 4 Great job on taking the INCOC Test! We appreciate your interest in test. Look out for results and future opportunities. Stay Connected !! Your quiz time is about to finish. Few seconds left. Time's upYou cannot switch tabs while taking this quiz!You are not allowed to switch tabs violation has been recorded.you cannot minimize full screen mode!You are not allowed to minimize full screen while taking this quiz, violation has been recorded.Access denied! To begin the quiz, please grant this quiz access to your camera.Time is Up!Time is Up!
