Test 2606 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 An E-Way bill is required if the value of goods exceeds: ₹10,000 ₹50,000 ₹1,00,000 ₹5,00,000 None The validity of an E-Way bill depends on: Value of goods Type of goods Distance to be traveled Mode of transportation None Who is responsible for generating the E-Way bill for inter-state supply? Supplier Recipient Transporter Any of the above, as applicable None The maximum validity of an E-Way bill is: 15 days 20 days 30 days 10 days None An E-Way bill is not required for: Movement of goods for personal use Supply within 10 km of the supplier's location Transportation of exempt goods All of the above None Penalty for not obtaining GST registration is: ₹5,000 ₹10,000 10% of the tax due or ₹10,000, whichever is higher ₹25,000 None Late fee for filing NIL GSTR-3B is: ₹10 per day per return ₹20 per day per return ₹50 per day per return ₹100 per day per return None The penalty for issuance of an incorrect invoice is: ₹5,000 ₹10,000 ₹25,000 ₹50,000 None A general penalty under GST is applicable for offenses not specifically covered and is: ₹5,000 ₹10,000 ₹25,000 ₹50,000 None The penalty for failure to pay tax on time is: 18% per annum interest 24% per annum interest 12% per annum interest ₹50 per day None A tax paid on intra-state supply of goods/services is called: CGST and SGST IGST CGST only SGST only None Goods not covered under GST are: Alcohol for human consumption Petroleum crude Electricity All of the above None The GST Council is chaired by: The President of India The Prime Minister of India The Finance Minister of India The Chief Justice of India None Input tax credit is available only if the tax invoice is filed by the supplier in: GSTR-2A GSTR-1 GSTR-3B GSTR-9 None A transaction involving both taxable and exempt supplies is called: Mixed supply Composite supply Non-taxable supply Zero-rated supply None A person making inter-state taxable supply must obtain GST registration if the turnover exceeds: ₹10 lakhs ₹20 lakhs ₹40 lakhs ₹50 lakhs None Which of the following is required to obtain GST registration? PAN card Proof of business address Bank account statement All of the above None A casual taxable person is required to obtain GST registration if the estimated aggregate turnover exceeds: ₹10 lakhs ₹20 lakhs ₹50 lakhs ₹75 lakhs None In case of a business closure, the taxpayer must apply for cancellation of GST registration within: 30 days from the closure 60 days from the closure 90 days from the closure 120 days from the closure None A taxpayer is required to apply for GST registration under which section of the CGST Act, 2017? Section 9 Section 10 Section 25 Section 32 None The taxable event under GST is: Manufacturing Supply of goods and services Import of goods and services Sale of goods None GST is levied on which of the following transactions? Sale of agricultural produce Export of goods Services provided by a club to its members All of the above None The tax liability arises in GST when the goods/services are: Supplied Received Invoiced Delivered None The concept of ‘supply’ is defined in: Section 7 of CGST Act Section 8 of CGST Act Section 9 of CGST Act Section 10 of CGST Act None The term ‘supply’ includes which of the following? Sale Transfer Barter All of the above None GST is levied on the transaction value which includes: Payment for goods Any amount charged by the supplier The value of supply as agreed by both parties All of the above None The value of supply of goods or services will include: Any discounts given before the supply Taxes payable Any amounts paid by the recipient All of the above None In the case of a composite supply, the value of the supply is determined by: The price of the principal supply The price of the least expensive item The average price of all items The supplier’s choice None For the purposes of GST valuation, which of the following is considered to be the “supply”? Barter transactions Exchange of goods or services Sale of goods All of the above None GST on the transfer of business assets is valued based on: Market value Fair market price Actual cost of acquisition Sale price None GST audit is mandatory for businesses with an annual turnover exceeding: ₹1 crore ₹2 crore ₹5 crore ₹10 crore None Which of the following forms is used for GST audit? GSTR-9 GSTR-9C GSTR-3B GSTR-2A None What is the penalty for not filing GSTR-9? ₹100 per day ₹500 per day ₹25,000 No penalty None GST audit must be conducted by: A Chartered Accountant A GST Consultant A Government Officer A Practicing Company Secretary None The due date for filing GSTR-9 is: 31st December 31st August 31st March 30th June None Exports are treated as: Zero-rated supply Exempt supply Taxable supply Non-taxable supply None The export of goods and services is subject to: IGST CGST SGST No GST None For export of goods, the tax payable can be refunded through: Input tax credit Refund of input taxes paid Both a and b Export duties None Imports of goods into India are subject to: IGST and Customs Duty CGST and SGST Only IGST Only Customs Duty None The refund of input tax credit for exports is processed through: GSTR-1 GSTR-3B RFD-01 RFD-10 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. 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