FINAL ANSWER KEY
Paper: Goods and Services tax Indian Contract Act 1872
Date of Test 11-10-2020
Question1:-Acknowledgement of application for registration is issued to the applicant in form _________
A:-FORM-GST REG-02
B:-FORM-GST REG-03
C:-FORM-GST REG-04
D:-None of the above
Correct Answer:- Option-A
Question2:-Form in which clarification on application for registration is to be furnished is
A:-FORM-GST REG-04
B:-FORM-GST REG-03
C:-FORM-GST REG-05
D:-None of the above
Correct Answer:- Option-A
Question3:-If satisfied with clarification submitted, the registration is to be granted within which period from the date of receipt of clarification? A:-7 working days
B:-one month
C:-3 working days
D:-None of the above
Correct Answer:- Option-A
Question4:-If the officer fails to take any action on the application for registration within a period of 3 working days from the date of application/within 7 working days from the date of submission of clarification, the application shall be
A:-rejected
B:-given as fresh
C:-deemed to be approved
D:-None of the above
Correct Answer:- Option-C
Question5:-Certificate of registration is in Form No
A:-FORM-GST REG-06
B:-FORM-GST REG-05
C:-FORM-GST REG-02
D:-FORM-GST REG-03
Correct Answer:- Option-A
Question6:-A person supplying on-line information from a place out side India to a non taxable on line recipient shall submit application for registration in form
A:-FORM-GST REG-08
B:-FORM-GST REG-07
C:-FORM-GST REG-10
D:-FORM-GST REG-09
Correct Answer:- Option-C
Question7:-Which section in CGST Rule 2017 insists display of registration certificate in a prominent location at his place of business and GST identification Number
A:-14
B:-16
C:-17
D:-18
Correct Answer:- Option-D
Question8:-Which section of rule 2017 deal with verification of documents and conveyance?
A:-138
B:-138A
C:-138B
D:-138(C)
Correct Answer:- Option-C
Question9:-Which chapter of GST Rule 2017 deal with payment of Tax?
A:-7
B:-8
C:-10
D:-9
Correct Answer:- Option-D
Question10:-When it is found that the person to whom certificate of registration for TDS is issued, is no longer liable to deduct tax, the officer may cancel his registration and intimate the same in __________
A:-FORM-GST REG-08
B:-FORM-GST REG-07
C:-FORM-GST REG-10
D:-FORM-GST REG-09
Correct Answer:- Option-A
Question11:-What is mean by "appointed day" in CGST Act 2017?
A:-The date on which the provisions of the Act come into force
B:-the date of the Act
C:-the date of appointment of members of the council
D:-None of the above
Correct Answer:- Option-A
Question12:-"Turnover in State" exclude which of the following?
A:-Central Tax
B:-State Tax
C:-Both (1) and (2)
D:-None of the above
Correct Answer:- Option-C
Question13:-In "reverse charge", liability to pay tax is by __________
A:-Recipient
B:-Supplier
C:-Equally shared
D:-None of the above
Correct Answer:- Option-A
Question14:-Taxes charged on any supply of goods or services made to a registered person is called
A:-Input tax
B:-Output tax
C:-Central Tax
D:-State tax
Correct Answer:- Option-A
Question15:-A supplier is liable to register under CGST Act in a state/Union Territory other than special category states if his aggregate turn over in a financial year exceeds _______
A:-10 Lakhs
B:-40 Lakhs
C:-30 Lakhs
D:-20 Lakhs
Correct Answer:- Option-D
Question16:-Which of the following category has to register compulsorily?
A:-Agriculturist to the extent of supply of their cultivation
B:-Persons who make taxable supply of goods and services or both on behalf of other taxable person as an agent C:-(1) and (2) above
D:-None of the above
Correct Answer:- Option-B
Question17:-A casual taxable person or non resident taxable person shall apply for registration within which period? A:-at least 5 days prior to commencement of business
B:-30 days from the date on which he is liable to register
C:-at least 10 days prior to commencement of business
D:-None of the above
Correct Answer:- Option-A
Question18:-Certificate of registration issued to a casual taxation person shall be valid for ________
A:-As specified in the application
B:-90 days from the effective date of registration
C:-(1) or (2) whichever is earlier
D:-None of the above
Correct Answer:- Option-C
Question19:-Time of supply of goods shall be
A:-the date of issue of invoice by the supplier
B:-The date on which the supplier receives the payment
C:-earlier of (1) or (2)
D:-None of the above
Correct Answer:- Option-C
Question20:-In case time of supply of goods could not be determined under the provisions of sub sections 2,3,4 of section 12, the time of supply shall
A:-date on which return is to be filed in case return is to be filed or in other cases the date on which tax is paid B:-date following 30 days from the date of supply
C:-date of receipt of goods
D:-None of the above
Correct Answer:- Option-A
Question21:-If the goods or service or both have been supplied before the change in rate of tax, which of the following is correct? A:-If invoice and payments are after change of rate, the time of supply is date of invoice/receipt of payment whichever is earlier B:-If invoice prior to change of rate and payment received after change, the time of supply is date of receipt of payment C:-If payment before change and invoice after change the time of supply shall be date of invoice
D:-None of the above
Correct Answer:- Option-A
Question22:-The value of supply exclude which of the following?
A:-incidental expenses
B:-interest or late fee or penalty for delayed payment of any consideration
C:-discount given before or at the time of supply and recorded in the invoice
D:-None of the above
Correct Answer:- Option-C
Question23:-Suppose there is an increase in tax rate from 20% to 28% with effect from 1.09.2018. What is tax rate applicable when service provided and payment is after change in rate in 12/18 and invoice before 1.09.2018?
A:-20%
B:-28%
C:-Cannot be assigned
D:-None of the above
Correct Answer:- Option-B
Question24:-Which of the following is included for computation of taxable supplies for the purpose of availing credit? A:-Zero rated supplies
B:-Exempt supply
C:-both (a) and (b)
D:-None of the above
Correct Answer:- Option-A
Question25:-A person liable to pay tax on 1/9/2017 and obtained registration on 15/9/2017 Such person is eligible for input Tax Credit on stock as on _________
A:-1/9/2017
B:-31/8/2017
C:-15/9/2017
D:-16/9/2017
Correct Answer:- Option-B
Question26:-Registered person may not issue tax invoice if value of goods or service or both supplied is less than ___________ A:-200 rupees
B:-500 rupees
C:-1000 rupees
D:-None of the above
Correct Answer:- Option-A
Question27:-If the taxable value or tax charged in the invoice issued is less than the taxable value or tax payable in respect of such supply or goods are returned by the recipient or goods supplied are found to be deficient the registered supplier may issued to the recipient _________ A:-One or more credit notes for supplies made in a financial year
B:-One or more debit notes for supplies made in a financial year
C:-letter showing the less amount charged
D:-None of the above
Correct Answer:- Option-B
Question28:-A registered person shall retain book of accounts until the expiry of _________ from the due date for furnishing of annual return for the year
A:-72 days
B:-1 Year
C:-6 months
D:-None of the above
Correct Answer:- Option-D
Question29:-Every registered person who has been communicated details pertaining to inward supplies shall accept or reject the details so communicated on or before ___________ day of the month succeeding the tax period.
A:-17th day and not before 15th
B:-30th
C:-10th
D:-None of the above
Correct Answer:- Option-A
Question30:-Every registered person other than certain special categories paying tax shall furnish the details of inward supply of goods/service or both including that of on which tax is payable on reverse charge basis and those taxable under IGST Act etc and credit or debit notes received in respect of such supplies during a tax period _______________ day of the month succeeding the tax period
A:-Before 17th day and not before 15th
B:-after 10th but before 15th
C:-on 10th
D:-None of the above
Correct Answer:- Option-B
Question31:-Composition Levy registered person shall furnish return for each quarter within __________ days after each quarter A:-5
B:-10
C:-15
D:-18
Correct Answer:- Option-D
Question32:-Every registered taxable input Service Distributor shall furnish return
A:-Quarterly
B:-for every calender month or part there of within time as may be prescribed
C:-Within 10 days after the end of each month
D:-Within 13 days after the end of each month
Correct Answer:- Option-D
Question33:-Every registered person who is required to furnish return except Input Service Distributor shall pay tax due as per the return A:-Before he furnish return
B:-not later than the last date on which he is required to furnish return
C:-within in 7 days after furnishing return
D:-None of the above
Correct Answer:- Option-B
Question34:-Rectification of return furnished shall not be allowed after __________
A:-due date for furnishing of return for the month of September/2nd quarter following the financial year to which it pertains B:-actual date of furnishing of relevant annual return
C:-(1) or (2) which ever is earlier
D:-None of the above
Correct Answer:- Option-C
Question35:-Every registered person other than certain specified category of persons shall furnish an annual return for every financial year on or before _____________
A:-3 months from the end of financial year
B:-furnishing return for September following the financial year
C:-31st day December following the end of financial year
D:-None of the above
Correct Answer:- Option-C
Question36:-Every registered person whose registration has been cancelled shall furnish a final return within which period? A:-one month from the date of cancellation
B:-3 months from the date of cancellation
C:-3 months from the date of order of cancellation
D:-(2) or (3) which ever is later
Correct Answer:- Option-D
Question37:-Notice for non furnishing of all types of return shall be issued within ________
A:-5 days
B:-10 days
C:-20 days
D:-15 days
Correct Answer:- Option-D
Question38:-Maximum late fee for delay in furnishing annual return is
A:-5000 rupees
B:-10000 rupees
C:-10% of turn over
D:-25% of turn over
Correct Answer:- Option-D
Question39:-The amount of input tax credit available in the electronic credit ledger on account of integrated tax shall be used in which order? A:-integrated tax, state tax/union territory tax, central tax
B:-State tax/ union territory tax, integrated tax, central tax
C:-integrated tax, central tax, state tax/union territory tax
D:-none of the above
Correct Answer:- Option-C
Question40:-Interest rate for delayed payment of tax does not exceed
A:-18%
B:-20%
C:-12%
D:-none of the above
Correct Answer:- Option-A
Question41:-Maximum interest rate for undue or excess reduction in output tax liability/ undue or excess claim in input tax credit by a taxable person is
A:-18%
B:-20%
C:-24%
D:-None of the above
Correct Answer:- Option-C
Question42:-TDS is to be deducted when the total contract value exceeds
A:-1 lakh
B:-1.5 lakhs
C:-2 lakhs
D:-2.5 lakhs
Correct Answer:- Option-D
Question43:-Suppose a who has registration in Kerala supplies goods to B whose registration is in Tamil Nadu to his shop in Kerala. What is the TDS rate?
A:-1%
B:-2%
C:-Nil
D:-None of the above
Correct Answer:- Option-C
Question44:-TDS deducted is to be paid to Government within __________ days after the end of the month of TDS collection A:-5
B:-30
C:-15
D:-10
Correct Answer:- Option-D
Question45:-Which is the maximum amount of late fee for delay in furnishing TDS certificate?
A:-2000 rupees
B:-3000 rupees
C:-5000 rupees
D:-4000 rupees
Correct Answer:- Option-C
Question46:-Application for refund of Tax or interest is to be filed before the expiry of _______ from the relevant date A:-1 year
B:-2 years
C:-3 years
D:-None of the above
Correct Answer:- Option-B
Question47:-In case of offences like tax has not been paid or short paid or erroneously refunded or input tax credit has been wrongly availed or utilized for any reason other than reason of fraud or any willful misstatement or suppression of facts to evade tax shall be liable for penality of A:-10000 rupees
B:-equal to 10% of the tax due from such person
C:-(1) or (2) whichever is higher
D:-None of the above
Correct Answer:- Option-C
Question48:-General penalty for contravenes of any provision for which no provisions is provided in the Act may extend to A:-1000 rupees
B:-15000 rupees
C:-20000 rupees
D:-25000 rupees
Correct Answer:- Option-D
Question49:-In GST (Compensation to state) Act 2017, which is the base year for calculating compensation amount payable in any financial year? A:-1/9/2017
B:-31/03/2016
C:-22/6/2017
D:-None of the above
Correct Answer:- Option-B
Question50:-Transition date in respect of any state means
A:-The date on which CGST come into force
B:-The date on which state GST Act of that state come into force
C:-Date of the state gst act order
D:-None of the above
Correct Answer:- Option-B
Question51:-Compensation payable to state shall be calculated at what period?
A:-At the end of every 2 months period s
B:-for every financial year after receipt of final revenue figures
C:-(1) and (2) above
D:-None of the above
Correct Answer:- Option-C
Question52:-GST (Compensation to states) Acts 2017 enforceable with effect from
A:-22.6.2017
B:-28.6.2017
C:-1.7.2017
D:-None of the above
Correct Answer:- Option-C
Question53:-CGST Rules come into force with effect from
A:-22/6/2017
B:-`28/6/2017`
C:-1/7/2017
D:-None of the above
Correct Answer:- Option-A
Question54:-Which one of the following is not included in the 'Export of services'?
A:-Supplier located outside India
B:-Supplier located in India
C:-the place of supply out side India
D:-the recipient located out side India
Correct Answer:- Option-A
Question55:-Which does not includes inter state supply? Location and place of supply are in
A:-2 different states
B:-2 different union territories
C:-a state and a Union Territory
D:-None of the above
Correct Answer:- Option-D
Question56:-The Indian Contract Act 1872 comes into force in
A:-31/12/1872
B:-30/9/1872
C:-1/9/1872
D:-None of the above
Correct Answer:- Option-C
Question57:-A person who accepts the proposal is called
A:-Promisor
B:-Promisee
C:-Contractor
D:-None of the above
Correct Answer:- Option-B
Question58:-An agreement not enforceable by law is called
A:-Voidable agreement
B:-Conditional agreement
C:-Void agreement
D:-None of the above
Correct Answer:- Option-C
Question59:-An agreement is said to be a contract if it satisfies which of the following conditions?
A:-free consent of parties
B:-for lawful consideration and with lawful object
C:-not expressly declared to be void
D:-All the above
Correct Answer:- Option-D
Question60:-Which of the following is not a condition for a person to be competent to contract?
A:-Must be major
B:-Must be sound mind
C:-not disqualified from contracting by any law
D:-none of the above
Correct Answer:- Option-D
Question61:-Two or more person are said to consent when they
A:-Agree upon different things in same sense
B:-Agree upon same thing in the same sense
C:-agree upon same thing in different sense
D:-None of the above
Correct Answer:- Option-B
Question62:-Committing or threatening to commit any act forbidden by the Indian Penal Code or the unlawful detaining or threatening to detain, any property with the intention of causing any person to enter into an agreement is called
A:-Fraud
B:-Coersion
C:-misrepresentation
D:-none of the above
Correct Answer:- Option-B
Question63:-The positive assertion in a manner not warranted by the information of the person making it, of that which is not true though he believe it to be true is called
A:-Fraud
B:-misrepresentation
C:-Coersion
D:-None of the above
Correct Answer:- Option-B
Question64:-Consideration and objects are lawful unless
A:-it is forbidden by law
B:-it is fraudulent
C:-involves or implies injury to the person or property of another
D:-All the above
Correct Answer:- Option-D
Question65:-In the case of death of the promise who will perform the promise of contract?
A:-Not required to perform promise
B:-representatives of promise
C:-Advocate of promise
D:-None of the above
Correct Answer:- Option-B
Question66:-Which section of Contract Act deals with by whom contract must be performed?
A:-37
B:-38
C:-39
D:-40
Correct Answer:- Option-D
Question67:-A,B and C jointly promise to pay Rs 6000 to D.C is compelled to pay whole. A is insolvent, but possible to give Rs1000 from his assets. C is entitled to receive _________ from B?
A:-2000
B:-2500
C:-3000
D:-None of the above
Correct Answer:- Option-B
Question68:-A in consideration of Rs 5000 lent to him by B and C. promises to repay to B and C jointly with interest on a date specified. B dies. Then right to claim performance rest with
A:-B's representatives and C
B:-C
C:-C's representatives
D:-B's representatives and C during C's life and after C's death representatives of B and C jointly
Correct Answer:- Option-D
Question69:-Which section deal with 'performance of Reciprocal promises'?
A:-50
B:-51
C:-52
D:-None of the above
Correct Answer:- Option-B
Question70:-A contracts to sing at a concert for Rs1000 received in advanced. But A is too ill to sing. Then what is the compensation to be given to B by A?
A:-Not found to make compensation
B:-Refund advance received to B
C:-Both (a) and (b)
D:-None of the above
Correct Answer:- Option-C
Question71:-A person reciprocally promises firstly to do certain thing which is legal and secondly certain other illegal thing. Then A:-first is a void agreement and `2^(nd)` is a contract
B:-First is a contract and `2^(nd)` is a void agreement
C:-Both are contract
D:-None of the above
Correct Answer:- Option-B
Question72:-Which one of the following is void?
A:-An agreement to do an Act impossible in itself
B:-An action being impossible or un lawful
C:-A promise which promiser knews impossible or unlawful but the promisee did not
D:-All the above
Correct Answer:- Option-D
Question73:-A contracts to buy from B at a stated price 100 tons of rice without fixing time of delivery. Later A informs B that he will not accept if tendered to him. What is the compensation to be given by A to B.
A:-No compensation required
B:-1% of contract value
C:-Contract value-price at which B can obtain the same when A informs B that he will not accept
D:-None of the above
Correct Answer:- Option-C
Question74:-A sells certain item to B with warranty of quality and B sells it to C with a similar warranty. But the goods prove to be not according to the warranty and hence B becomes liable to pay C compensation. What is the compensation to B by A?
A:-not required
B:-the amount given as compensation to C by B
C:-50% of amount given to C by B
D:-None of the above
Correct Answer:- Option-B
Question75:-A contracts to deliver certain item to B on `1^(st)` January at a certain price. B, afterwards, before the `1^(st)` of January, contracts to sell the same to C at a higher price than the market value on `1^(st)` of January. A breaks his promise. What is the compensation for the same? A:-profit which would have been arisen to B from the sale to C
B:-Market price- contract value
C:-Nil
D:-None of the above
Correct Answer:- Option-B
Question76:-A person who rightfully rescinds a contract is entitled to compensation for
A:-Nil
B:-damages sustained through non fulfillment of contract
C:-As assessed by court
D:-None of the above
Correct Answer:- Option-B
Question77:-Tax liability on mixed supplies shall be treated as supply of
A:-All the supplies
B:-Principal Supply
C:-Supply of one which attracts highest rate of tax
D:-None of the above
Correct Answer:- Option-B
Question78:-Which section of the GST Act deals with 'Power to grant exemption from tax'?
A:-11
B:-12
C:-15
D:-None of the above
Correct Answer:- Option-A
Question79:-Receipt of goods or services or both whether by purchase, acquisition or any other means with or without consideration is called A:-inter state supply
B:-intra state supply
C:-inward supply
D:-None of the above
Correct Answer:- Option-C
Question80:-Which is the section in GST Rules 2017 contains 'Recovery of cancellation of registration'
A:-20
B:-21
C:-22
D:-23
Correct Answer:- Option-D
Question81:-Maximum tax percentage under composite levy is
A:-1%
B:-2%
C:-2.5%
D:-0.5%
Correct Answer:- Option-C
Question82:-Which section of CGST Act 2017 deals with inspection of goods in movement?
A:-59
B:-63
C:-64
D:-68
Correct Answer:- Option-D
Question83:-Which section explains E-Way bill Rules?
A:-89
B:-130
C:-125
D:-138
Correct Answer:- Option-D
Question84:-Every registered person who cause movement of goods of consignment exceeding the threshold limit has to furnish information relating to the goods in
A:-FORM GST EWB-02
B:-part A FORM GST EWB-01
C:-part B FORM GST EWB-01
D:-None of the above
Correct Answer:- Option-B
Question85:-In cases other than over dimensional cargo, an E-way bill is valid for
A:-1 day
B:-2 days for each 100 KM
C:-1day upto 100Km and one additional day for every 100 km and part there of thereafter
D:-None of the above
Correct Answer:- Option-C
Question86:-'Inspection and verification of goods' is dealt in which section of GST Rule?
A:-138C
B:-138B
C:-138A
D:-None of the above
Correct Answer:- Option-A
Question87:-Which one of the following does not require an E-way bill?
A:-Kerosene oil sold under PDS
B:-Currency
C:-Postal baggage by Department of post
D:-All the above
Correct Answer:- Option-D
Question88:-In lieu of tax invoice, invoice reference number received by up loading invoice in ____________ is valid for carrying in conveyance. A:-FORM GST EWB-02
B:-FORM GST INV-01
C:-FORM GST EWB-03
D:-None of the above
Correct Answer:- Option-B
Question89:-'Demand and Recovery' of amount payable is in which chapter of GST Rules 2017?
A:-18
B:-15
C:-14
D:-None of the above
Correct Answer:- Option-A
Question90:-Which section of IGST Act deals with TDS?
A:-20
B:-10
C:-30
D:-None of the above
Correct Answer:- Option-A
Question91:-Which section of GST Act dealt with Compulsory registration of persons who are required to deduct tax under section (51)? A:-22(1)
B:-23
C:-24(vi)
D:-24(vii)
Correct Answer:- Option-C
Question92:-Which section of GST Act deals with 'Tax collected but not paid to Government'?
A:-67
B:-76
C:-77
D:-None of the above
Correct Answer:- Option-B
Question93:-TDS rate for inter state supply is
A:-IGST 2%
B:-IGST 1%
C:-IGST 2.5%
D:-None of the above
Correct Answer:- Option-A
Question94:-Provisions of 'Electronic liability register' come under which chaptyer of GST Rule 2017?
A:-9
B:-8
C:-7
D:-None of the above
Correct Answer:- Option-A
Question95:-TDS certificate is in form
A:-GSTR-7A
B:-GSTR-7B
C:-GSTR-7C
D:-None of the above
Correct Answer:- Option-A
Question96:-Provisions relating to 'manner of issuing invoice is in chapter ___________ of GST Rule 2017.
A:-6
B:-7
C:-8
D:-None of the above
Correct Answer:- Option-A
Question97:-When the goods against an invoice are received in lots or in instalments, the registered person shall be entitled to get credit upon receipt of
A:-1st lot
B:-2nd lot
C:-last lot
D:-None of the above
Correct Answer:- Option-C
Question98:-In case of migration of persons registered under the existing law can enroll in GST portal and shall be granted a provisional registration with certificate in
A:-FORM GST REG-22
B:-FORM GST REG-23
C:-FORM GST REG-24
D:-FORM GST REG-25
Correct Answer:- Option-D
Question99:-Which chapter of GST Rule contains provisions of Receipt and refund vouchers
A:-4
B:-5
C:-6
D:-None of the above
Correct Answer:- Option-C
Question100:-Which is the form related to credit of amount of rejected refund claim?
A:-FORM GST PMT-03
B:-FORM GST PMT-02
C:-FORM GST PMT-01
D:-None of the above
Correct Answer:- Option-A