MCQ Portal

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IDT Paper 2017

The Number of MCQs are limited as per ICMAI Past Paper in Syllabus 2016

1. A transaction classified as a sale under the CST Act includes a delivery of goods in the context of __________.

job work hypothecation hire purchase pledge

2. If a product has an MRP of ₹ 80 in West Bengal and ₹ 84 in other parts of India, the assessable value for central excise will be:

As per MRP for respective States ₹ 84 ₹ 82 ₹ 80

3. The price of a machine is ₹ 10,000, which is subject to Basic Excise Duty at 12.5% and CST at 2%. What is the CST that needs to be paid?

225 200 196 221

4. The audit of Central Excise Revenue is performed by _____________.

C & AG Excise department Cost Accountant Chartered Accountant

5. Identify the product that does not qualify for SSI exemption under Central Excise:

Sugar Computer Watches Bicycle

6. The sources of Service Tax include:

Finance Act, 1994 CBEC Circulars Notifications issued by the CBEC All of the above, among others

7. Achaya's inter-state turnover is ₹ 12 lakhs, which includes freight charges of ₹ 1.2 lakhs not separately mentioned in invoices. What is the total turnover as per the CST Act?

10.2 10.8 12 None of the above

8. For customs purposes, the assessable value of goods is defined as:

Actual Value Deemed Value Standard Value None of the above

9. Which of the following falls under the Reverse Charge mechanism?

Motor-cab hire charges Directors remuneration Commission Telephone Charges

10. If the actual service date is March 31, 2017, and the invoice is issued on April 10, 2017, what is the point of taxation when payment is received on March 15, 2017?

March 31, 2017 April 6, 2017 March 15, 2017 April 10, 2017