MCQ Portal

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June 2018 Indirect Tax Paper

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

1. GST has replaced which of the following laws?

Customs VAT Central excise Both (B) and (C)

2. GST is a tax based on which principle?

Origin Destination Territory None of the above

3. What does 'I' stand for in IGST?

Integrated International Inter-State Indian

4. Who serves as the Chairperson of the GST Council?

Prime Minister of India Finance Minister of India Minister of State for Finance None of the above

5. According to GST law, which of the following is NOT considered 'Goods'?

Actionable claim Growing crops on land meant to be severed before supply Money and Securities None of the above

6. What is the limit of India's exclusive economic zone from the baseline?

200 nautical miles 12 nautical miles 24 nautical miles 100 nautical miles

7. Safeguard duty can be imposed for a period of _______ and can be extended, with the total duration not exceeding _____:

4 years, 10 years 3 years, 5 years 1 year, 5 years 5 years, 10 years

8. Which of the following is considered a taxable event for imported goods?

Unloading of imported goods at the customs port Date of entry into Indian territorial waters Date of presentation of bill of entry Date on which goods cross the customs barrier

9. If the insurance amount is unavailable, what percentage of the FOB value should be taken to calculate the assessable value for customs duty?

1 1.125 1.5 2

10. Goods that are identical in all respects, including physical quantity, are referred to as:

Similar Goods Identical Goods Alike Goods Indistinguishable Goods