In India GST came effective from July 1st, 2017. India has chosen _________ model of dual – GST.
a) USA
b) UK
c) Canadian
d) China
e) Japan
b) UK
c) Canadian
d) China
e) Japan
Answer: (C).
2). How many countries have dual – GST model?
a) 5
b) 8
c) 10
d) 14
e) None of these
a) 5
b) 8
c) 10
d) 14
e) None of these
Answer: (E). Till now Canada only has dual GST model but now India also started to use dual-GST model.
3). Which of the following country is the first one to implement GST?
a) USA
b) France
c) China
d) Switzerland
e) Germany
b) France
c) China
d) Switzerland
e) Germany
Answer: (B). France implemented GST in 1954.
4). Around how many countries adopted GST?
a) 90
b) 120
c) 140
d) 160
e) 200
b) 120
c) 140
d) 160
e) 200
Answer: (D).
5). Which of the following country has the maximum GST tax slab?
a) Greece
b) China
c) USA
d) Australia
e) India
a) Greece
b) China
c) USA
d) Australia
e) India
Answer: (E). India has the maximum tax slab (28%) compared to other countries.
6). Which of the following country has the second highest tax slab?
a) Australia
b) Netherland
c) Argentina
d) Ireland
e) South Korea
b) Netherland
c) Argentina
d) Ireland
e) South Korea
Answer: (C). Argentina has the second highest tax slab 27%
7). Indian GST model has _________rate structure.
a) 3
b) 4
c) 5
d) 6
e) 2
a) 3
b) 4
c) 5
d) 6
e) 2
Answer: (B).
In India GST model has 4 rate structure. They are 5%, 12%, 18% and 28%
In India GST model has 4 rate structure. They are 5%, 12%, 18% and 28%
8). How many types of taxes will be in Indian GST?
a) 2
b) 3
c) 4
d) 5
e) 6
a) 2
b) 3
c) 4
d) 5
e) 6
Answer: (B). Central GST (CGST), State GST (SGST) and IGST are three types of taxes.
9). What does “I” stands for in IGST?
a) International
b) Internal
c) Integrated
d) Intra
a) International
b) Internal
c) Integrated
d) Intra
e) Innovation
Answer: (C).
10). The tax IGST charged by _________Government.
a) Central
b) State
c) Concerned department
d) Both a and b
e) All a, b and c
Answer: (A).
a) Central
b) State
c) Concerned department
d) Both a and b
e) All a, b and c
Answer: (A).
11). The maximum rate prescribed under IGST is _________.
a) 5%
b) 12%
c) 18%
d) 28%
e) No such limit
a) 5%
b) 12%
c) 18%
d) 28%
e) No such limit
Answer: (D).
12). In India GST was first proposed in _________.
a) 1993
b) 1996
c) 1999
d) 2000
e) 2002
b) 1996
c) 1999
d) 2000
e) 2002
Answer: (D).
13). GST is a _________ based tax on consumption of goods and services.
a) Duration
b) Destination
c) Dividend
d) Development
e) Destiny
b) Destination
c) Dividend
d) Development
e) Destiny
Answer: (B). main objective of GST is eliminate excessive taxation
14). GST comes under which amendment bill?
a) 118
b) 120
c) 122
d) 115
e) 129
a) 118
b) 120
c) 122
d) 115
e) 129
Answer: (C).
15). Under which Act GST was introduced?
a) 100
b) 101
c) 102
d) 103
e) 104
a) 100
b) 101
c) 102
d) 103
e) 104
Answer: (B)
16). GST council formation based on Article number _________.
a) 279A
b) 289A
c) 266A
d) 255A
e) 286A
a) 279A
b) 289A
c) 266A
d) 255A
e) 286A
Answer: (A)
17). The headquarters of GST council is _________.
a) Mumbai
b) New Delhi
c) Ahmadabad
d) Hyderabad
e) Lucknow
a) Mumbai
b) New Delhi
c) Ahmadabad
d) Hyderabad
e) Lucknow
Answer: (B).
18). Who is the chairman of GST council?
a) President of India
b) Prime Minister
c) Finance Minister
d) RBI Governor
e) Finance secretary
a) President of India
b) Prime Minister
c) Finance Minister
d) RBI Governor
e) Finance secretary
Answer: (C). Arun Jaitley is the current chairman of GST council
19). _________ is GST Finance Ministers Panel Chairman.
a) Amit Mishra
b) Amit Malhodra
c) Amit Chandresekar
d) Amit Sastri
e) Amit kohli
a) Amit Mishra
b) Amit Malhodra
c) Amit Chandresekar
d) Amit Sastri
e) Amit kohli
Answer: (A). Amit Mishra (West Bengal Finance Minister) is the Finance Ministers Panel Chairman.
20). _________ is the first state to ratify GST bill.
a) Andhra Pradesh
b) Assam
c) Arunachal Pradesh
d) Bihar
e) Telangana
a) Andhra Pradesh
b) Assam
c) Arunachal Pradesh
d) Bihar
e) Telangana
Answer: (B)
21). _________ is the first state that passed GST Bill.
a) Andhra Pradesh
b) Gujarat
c) Uttar Pradesh
d) Bihar
e) Telangana
b) Gujarat
c) Uttar Pradesh
d) Bihar
e) Telangana
Answer: (E).
22). GST threshold limit of North Eastern States is _________ lakh
a) 5
b) 10
c) 12
d) 15
e) 20
a) 5
b) 10
c) 12
d) 15
e) 20
Answer: (B).
23). GST threshold limit of Normal States is _________ lakh
a) 12
b) 15
c) 20
d) 25
e) 30
b) 15
c) 20
d) 25
e) 30
Answer: (C).
24). The Central Board of Excise and Customs (CBEC) announced that every year _________ will be considered as GST Day.
a) April 1
b) March 1
c) June 1
d) July 1
e) January 1
a) April 1
b) March 1
c) June 1
d) July 1
e) January 1
Answer: (D)
25). Smart Phones will be taxed at _________ under GST.
a) 0%
b) 5%
c) 12%
d) 18%
e) 28%
a) 0%
b) 5%
c) 12%
d) 18%
e) 28%
Answer: (C).
26). Under GST, Insurance is taxed _________ percent.
a) 0%
b) 5%
c) 12%
d) 18%
e) 28%
a) 0%
b) 5%
c) 12%
d) 18%
e) 28%
Answer: (D).
27). Which of the following comes under sin tax?
a) Pan Masala
b) Tobacco
c) Alcohol
d) Both a and c
e) All a, b and c
b) Tobacco
c) Alcohol
d) Both a and c
e) All a, b and c
Answer: (E).
28). A special purpose vehicle _________ has been launched to cater the needs of GST.
a) GSTC
b) GSTN
c) GSTM
d) GSTR
e) GSTS
b) GSTN
c) GSTM
d) GSTR
e) GSTS
Answer: (B). GSTN - Goods and Service Tax Network.
29). GSTN comes under which Act?
a) Banking Regulation Act 1949
b) RBI Act 1934
c) Indian Partnership Act, 1932
d) Limitation Act, 1963
e) Companies Act, 2013
b) RBI Act 1934
c) Indian Partnership Act, 1932
d) Limitation Act, 1963
e) Companies Act, 2013
Answer: (E).
30). Combined Stake of Central and State Government in GSTN is _________.
a) 20%
b) 25%
c) 49%
d) 51%
e) 100%
a) 20%
b) 25%
c) 49%
d) 51%
e) 100%
Answer: (C). The remaining 51% stake is divided among five financial institutions—LIC Housing Finance with 11% stake and ICICI Bank, HDFC, HDFC Bank and NSE Strategic Investment Corporation Ltd with 10% stake each.
31). What does N stands for in HSN?
a) Network
b) Nationalization
c) Nominee
d) Nomenclature
e) Nomination
a) Network
b) Nationalization
c) Nominee
d) Nomenclature
e) Nomination
Answer: (D). HSN - Harmonized System of Nomenclature. HSN code will be used for classifying under the GST regime.
32). Coal comes under which rate Structure?
a) 0%
b) 5%
c) 12%
d) 18%
e) 28%
a) 0%
b) 5%
c) 12%
d) 18%
e) 28%
Answer: (C).
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