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 State 1. What is the taxable event under GST law? Manufacture Sale Import Supply None 2. Which of the following taxes has been subsumed under GST? Income Tax Customs Duty Central Excise Duty Professional Tax None 3. What does the term "Dual GST" imply? GST charged by State Government only GST charged by Central Government only GST charged concurrently by Central and State Governments GST charged on Imports only None 4. What is the maximum time limit for availing Input Tax Credit (ITC)? 1 year from the date of invoice Before September following the end of the financial year or filing of annual return, whichever is earlier 6 months from the date of invoice No time limit None 5. Which of the following is NOT considered as supply under GST? Sale of goods Barter Donation without consideration Lease of property None 6. Which document is required to transport goods worth more than the prescribed limit under GST? Delivery challan E-way Bill Tax Invoice Debit Note None 7. Which of the following is classified as a zero-rated supply under GST? Alcohol for human consumption Petroleum products Export of goods and services Sale of old furniture None 8. Which section of CGST Act deals with the composition scheme? Section 10 Section 7 Section 15 Section 22 None 9. What is the rate of interest applicable for delayed payment of GST? 15% 18% 12% 24% None 10. Which of the following is NOT a supply under Schedule III of CGST Act, 2017 ? Services by employee to employer in the course of employment Sale of land Renting of commercial property Services by a court None 11. Input Tax Credit (ITC) cannot be claimed in which of the following cases? A) Goods purchased for resale Motor vehicles used for transportation of goods Membership of a club Raw materials for production None 12. Which type of supply attracts Reverse Charge Mechanism (RCM)? Supply of exempted goods Supply from an unregistered dealer to a registered dealer Intra-state supply of goods Supply of goods to SEZ None 13. What is the maximum threshold limit for GST registration for service providers? ₹20 lakhs ₹40 lakhs ₹10 lakhs ₹25 lakhs None 14. Who is responsible for paying GST under the Reverse Charge Mechanism? Supplier of goods or services Recipient of goods or services Government Exporter None 15. Which of the following is NOT eligible for composition levy under GST? Manufacturer of goods Restaurant services Service providers (except restaurant services) Trader of goods None 16. What is the frequency of filing GSTR-1 for taxpayers with turnover up to ₹1.5 crore? Monthly Quarterly Annually Bi-annually None 17. Which form is used to claim refund of GST? GSTR-2 GSTR-3B RFD-01 GSTR-9 None 18. What is the time limit for issuance of invoice for goods under GST? At the time of delivery Within 30 days from the date of supply Before or at the time of removal of goods Within 7 days from the date of supply None 19. Which of the following is included in the value of supply under GST? Discounts given before or at the time of supply Subsidies directly linked to the price (except government subsidies) Post-supply discounts Interest on late payment None 20. Under GST, which of the following is considered a "deemed supply" even without consideration? Sale of business assets Transfer of goods to a branch in another state Export of services Import of goods None 21. What is the time limit for filing an appeal to the Appellate Authority under GST? 15 days 30 days 60 days 90 days None 22. Which of the following is not considered a supply under GST? Sale of goods Transfer of business assets Services provided by an employee to the employer Lease of machinery None 23. What is the HSN code requirement for taxpayers with turnover above ₹5 crore? 2 digits 4 digits 6 digits 8 digits None 24. Which form is used for annual return filing under GST? GSTR-1 GSTR-3B GSTR-9 GSTR-4 None 25. Which of the following is a "mixed supply" under GST? Supply of a laptop with a bag Supply of a gift pack containing chocolates, sweets, and a greeting card Supply of a car with insurance Supply of machinery with installation services None 26. What is the penalty for not issuing an invoice on time under GST? ₹10,000 ₹25,000 ₹50,000 ₹1,00,000 None 27. Under the GST Composition Scheme, what is the tax rate for manufacturers? 0.5% 1% 2% 5% None 28. Which of the following is not eligible for Input Tax Credit (ITC)? Goods used for personal consumption Goods used for business purposes Goods used as raw materials Goods purchased from a registered dealer None 29. What is the maximum time limit for availing Input Tax Credit (ITC) under GST? 3 months from the date of invoice 6 months from the date of invoice Before the due date of filing GST annual return or September following the end of the financial year, whichever is earlier No time limit None 30. Which of the following is considered an exempt supply under GST? Alcoholic liquor for human consumption Education services provided by an institution Supply of gold Sale of motor vehicles None 31. Which form is used for filing monthly return under GST? GSTR-1 GSTR-3B GSTR-9 GSTR-4 None 32. Which of the following statements is true regarding GST on gifts to employees? Gifts up to ₹10,000 per year are exempt from GST Gifts up to ₹50,000 per year are exempt from GST All gifts are subject to GST Gifts to employees are not considered supply None 33. What is the threshold limit for GST registration for businesses dealing exclusively in goods? ₹20 lakhs ₹40 lakhs ₹60 lakhs ₹80 lakhs None 34. Which of the following is classified as a "composite supply" under GST? Supply of a laptop with a laptop bag Supply of food and beverages Supply of office furniture and air conditioners Supply of goods with warranty services None 35. Late fee for annual return for a taxpayer having an aggregate turnover up to ₹5 crore in the relevant financial year is: 50 per day subject to a maximum of 0.04% of turnover 100 per day subject to a maximum of 0.25% of turnover 50 per day subject to a maximum of 0.50% of turnover 100 per day subject to a maximum of 0.50% of turnover None 36. Annual Audit Report Form GSTR-9C is required to be certified by practicing: CA CMA CA or CMA None of the above None 37. What is the due date for the issue of a TDS Certificate? The date of payment of TDS Within 10 days from the date of payment of TDS Within 20 days from the date of payment of TDS Within 5 days from the date of payment of TDS None 38. Supply of bakery products by Hot Breads Pvt. Ltd. under the Composition Scheme is taxable at: 5% under Food and Restaurant Services 18% general GST rate 1% under Traders category Not eligible for composition None 39. TDS under GST is required to be deducted at a rate of: 1% 4% 5% 18% None 40. What is the time limit for claiming a refund of GST? 6 months from the relevant date 1 year from the relevant date 2 years from the relevant date 3 years from the relevant date 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!
