MCQ Portal

30:00

June 17 Indirect Tax

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

1. Which of the following is not classified as a consumption-based tax?

Value Added Tax (VAT) Central Excise Service Tax Central Sales Tax

2. Who is not authorized to conduct a Special Audit under Section 14A of the Central Excise Act?

Cost Accountant Chartered Accountant Assistant Commissioner of Central Excise (Audits) None of the above

3. If a motorcycle is priced at ₹65,000, and it is subject to a Basic Excise Duty of 12.5% and a CST of 2%, what is the assessable value under the Central Excise Act?

₹56,644.88 ₹74,587.50 ₹56,277.06 None of the above

4. How often must a Small Scale Industry file returns under Central Excise?

Bi-monthly Monthly Quarterly Half-yearly

5. Which of the following products is not eligible for CENVAT Credit?

Raw material Furnace oil Diesel for electricity generation None of the above

6. Which of the following is charged instead of Central Excise Duty on imported goods?

Safeguard Duty Countervailing Duty (CVD) Special Additional Duty Anti-dumping Duty

7. What is the maximum value of household items a person can bring into India without paying customs duty after staying abroad for 18 months?

₹60,000 ₹1,00,000 ₹2,00,000 ₹5,00,000

8. Which of the following services falls under the Reverse Charge Mechanism?

Chartered Accountants Service Cost Accountant Service Legal Service Information Technology Software Service

9. Which type of entity can pay service tax on a receipts basis if their taxable service value is ₹50 lakhs or less in the previous financial year?

Company Hindu Undivided Family Limited Liability Partnership (LLP) None of the above

10. If a computer is sold within Tamil Nadu at a VAT rate of 5%, what will be the CST rate if sold to an unregistered buyer in Kerala?

Nil 2% 5% 10%