Test 2607 Welcome to your International Navodaya Chamber of Commerce (INCOC) Platform ! Subject: Taxation 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 State A taxable person under the composition scheme cannot: Make inter-state outward supplies Pay tax at a fixed percentage Supply services other than restaurant services Issue a bill of supply None The composition scheme is not available for: Manufacturers E-commerce operators Small retailers Traders None The tax rate under the composition scheme for traders is: 1% 5% 0.5% CGST + 0.5% SGST 2% CGST + 2% SGST None What is the maximum turnover limit for a taxpayer to opt for the composition scheme? ₹1.5 crores ₹50 lakhs ₹2 crores ₹5 crores None A taxpayer under the composition scheme is required to file return in: GSTR-3B GSTR-4 GSTR-9 GSTR-1 None ITC cannot be claimed for: Input services related to business use Goods used for personal purposes Raw materials for production Goods exported under LUT None Which of the following conditions is mandatory to avail ITC? Goods/services must be received Supplier must have paid GST Tax invoice must be available All of the above None ITC is not allowed on: Membership of clubs Rent paid for business premises Inputs used in zero-rated supplies Stationery items used in the office None Which ledger is used to utilize ITC under GST? Electronic liability ledger Electronic credit ledger Electronic cash ledger None of the above None The order of utilization of ITC is: CGST → SGST → IGST IGST → CGST → SGST IGST → SGST → CGST SGST → CGST → IGST None The time limit to file a refund claim under GST is: 1 year from the date of payment of tax 2 years from the date of payment of tax 6 months from the date of payment of tax 3 years from the date of payment of tax None Refund of unutilized ITC is allowed in the case of: Zero-rated supplies Goods used for personal purposes Exempt supplies None of the above None Interest on delayed refund is payable if the refund is not granted within: 30 days 60 days 90 days 120 days None Rate of interest payable on delayed refunds is: 12% 18% 6% 24% None What is the form used to apply for a GST refund? RFD-01 RFD-10 GSTR-3B GSTR-4 None Which of the following is considered a supply under GST? Sale of goods Import of services for business purposes Transfer of business assets All of the above None Supply without consideration is considered taxable under: Schedule I Schedule II Schedule III None of the above None Composite supply includes: Two or more supplies naturally bundled Two or more supplies unbundled Exempted supplies only None of the above None The principal supply in a composite supply determines: Rate of tax applicable Invoice format Place of supply All of the above None Which of the following is an exempt supply under GST? Fresh fruits Alcohol for human consumption Electricity All of the above None Records under GST must be maintained for: 5 years from the due date of annual return 3 years from the date of supply 7 years from the due date of annual return 10 years from the date of supply None Which of the following ledgers is maintained on the GST portal? Input ledger Cash ledger Credit ledger Both (b) and (c) None Every registered person is required to maintain accounts of: Production Stock of goods ITC availed and utilized All of the above None Penalty for not maintaining proper records under GST is: ₹5,000 ₹10,000 ₹25,000 ₹50,000 None Which form is used for annual reconciliation under GST? GSTR-9C GSTR-4 GSTR-3B GSTR-1 None GST was introduced in India on: 1st July 2017 1st April 2016 15th August 2017 1st January 2018 None GST is levied on the supply of: Goods Services Both goods and services None of the above None Anti-profiteering provisions are implemented to ensure: Input tax credit is passed to consumers No unfair trade practices GST benefits are not denied to consumers All of the above None Goods exported under GST are classified as: Taxable supplies Exempt supplies Zero-rated supplies Non-taxable supplies None GST is administered by: Central GST Act State GST Act IGST Act All of the above None The due date for filing GSTR-1 (monthly return) is: 20th of the next month 10th of the next month 15th of the next month 25th of the next month None GSTR-3B is a: Monthly summary return Annual return Quarterly return Reconciliation statement None Which form is used for the quarterly return under the QRMP scheme? GSTR-4 GSTR-1 GSTR-2A GSTR-3B None The annual return under GST is filed in: GSTR-4 GSTR-9 GSTR-9C GSTR-1 None Taxpayers opting for the composition scheme must file: GSTR-5 GSTR-6 GSTR-4 GSTR-3B None Under RCM, the recipient of goods/services is liable to pay tax if the supplier is: An unregistered dealer A non-resident taxable person A casual taxable person Any of the above None RCM is applicable on which of the following services? Legal services by an advocate Renting of immovable property Healthcare services Educational services None Goods transport agency (GTA) services fall under RCM when supplied to: A registered person An unregistered person A casual taxable person All of the above None The tax under RCM is paid using: Electronic cash ledger only Electronic credit ledger only Both cash and credit ledger None of the above None RCM is not applicable to: Import of goods Agriculture services Security services provided by an unregistered person Legal services 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. 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