MCQ Portal

1. Under GST regulations, when does renting a marriage hall owned by a Trust registered under Section 12AA of the Income-tax Act, 1961 become taxable?

When the rental charges exceed ₹5,000 per day. When the rental charges exceed ₹1,000 per day. When the rental charges exceed ₹10,000 per day. None of the above.

2. What does the term 'Zero-Rated Supply' refer to under GST?

Export of goods, services, or both. Import of goods, services, or both. Supply of goods or services to a Special Economic Zone Developer or Unit. Both export of goods or services and supply to a Special Economic Zone Developer or Unit.

3. What is the time limit for issuing a tax invoice in case of service provision under GST?

Generally, within 45 days from the date of service supply (30 days for banking companies). Generally, within 30 days from the date of service supply (60 days for banking companies). Generally, within 30 days from the date of service supply (45 days for banking companies). Within 30 days from the date of service supply in all cases.

4. Who is required to file an Annual GST Return?

Every registered taxpayer. Taxpayers with an annual turnover of ₹2 crores or more. Taxpayers with an annual turnover of ₹1.5 crores or more. None of the above.

5. On the GST portal, where is a registered taxpayer's input tax credit recorded?

Electronic Cash Ledger Electronic Credit Ledger Electronic Liabilities Register Electronic Credit Register

6. When goods are sent from a customs station for warehousing, what type of seal must the proper officer affix to the container?

Permanent Lock One Time Lock Special Mark One Time Mark

7. If actual insurance charges are unknown, what percentage should be added to the FOB value to determine the assessable value?

1.525% 1.215% 1.125% 1.025%

8. Under Section 46(1) of the Customs Act, 1962, an importer must present the bill of entry within how many days after the arrival of the aircraft, vessel, or vehicle carrying the goods at the customs station?

1 day 2 days 3 days 4 days

9. According to customs regulations, how should all goods classified as derelict, jetsam, flotsam, or wreck be treated when brought into India?

Exported Imported No duty Exempted from tax

10. As per Section 2(31) of the Customs Act, who is classified as the 'person in charge' of different transport modes?

Vessel – Master Train – Conductor or Guard Vehicle – Driver All of the above

June 2019 Indirect Tax Paper

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