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1. Charging of income of the previous year in the same year is not mandatory for:

Shipping business of non-resident Persons leaving India Association formed for a particular event Discontinuation of business

2. AB was born in England, his parents were born in India in 1952. His grandparents were born in South Africa. AB shall be a:

Person of Indian origin Foreign National Artificial Person Citizen of India

3. Income accruing in Japan and received there is taxable in India in the case of:

Resident and Ordinarily Resident only Both Resident and Ordinarily Resident Resident but not Ordinarily Resident Non-resident

4. Out of the following which one is not a capital receipt?

Dividend on investment Bonus Shares Sale of know-how Compensation received for vacating business place

5. Which of the following is Casual Income?

Dividend income Winning from lotteries Interest received Pension received

6. Which of the following receipt is not included in the term ‘Income’ under the Income-tax Act, 1961?

Profits and gains of Business or Profession Profit in lieu of salary Dividend Reimbursement of travelling expenses

7. A person is said to be a person of Indian origin if –

He or either of his parents were born in undivided India He or either of his siblings were born in undivided India He or either of his parents or either of his grandparents were born in undivided India He was born in India

8. Income received in India in the previous year is taxable in the hands of –

Resident Non-Resident All assessee irrespective of residential status Not Ordinarily resident

9. An individual is said to be resident in India if –

He has a house in India He is in India in the previous year for a period of 182 days or more He is in India for a period of 30 days or more during the previous year and for 365 or more days during 4 previous years immediately preceding the relevant previous year His parents are Indian citizen

10. The incidence of taxation depends on the –

Residential status of the assessee Accommodation of the assessee Citizenship of the assessee Marital status of the assessee

11. Which of the following is an agriculture income?

Dividend paid by a company to its shareholders out of agricultural income Share of Profit of a Partner from a firm engaged in an agriculture operation Income from supply of water by an assessee from a tank in agriculture land Interest received by a money lender in the form of agricultural produce

12. In case of an assessee engaged in the business of manufacturing of tea, his agricultural income is –

60% of total receipt of the business 60% of income of the business Nil 40% of income of the business

13. Income from saplings shall be considered as __________.

Agricultural Income Business Income Partly agricultural income and partly business income Income from other sources

14. An individual (aged 28 Years) born in India left for first time for employment in France on 30.10.2023. His visit outside India is for the first time. His residential status for the assessment year 2024-25 will be –

Resident and ordinarily resident Resident but not ordinarily resident Non-resident Residential Status is not applicable

15. Income of ₹ 3,00,000 is received in Sri Lanka by an ordinarily resident of India. But later on ₹ 50,000 is remitted to India –

₹ 3,00,000 will be taxable ₹ 3,50,000 will be taxable It is not taxable at all ₹ 50,000 will be taxable

16. An individual is said to be a resident in India in the previous year (in which the Feb month has 29 days) if he is in India in that year for a period of __________.

182 days or more 183 days or more 70 days or more 150 days or more

17. Mr. X is engaged in growing and manufacturing tea in India. His income from this activity is ₹ 1,40,000. His agriculture income will be –

₹ 70,000 ₹ 84,000 ₹ 1,40,000 ₹ 56,000

18. Which of the following is not taxable under head ‘Salaries’?

Remuneration paid to the lecturer of a college for setting a question paper by a university. Salary received by a member of the Parliament. Commission received by an employee director of a company. Both (1) and (2) above

19. If a domestic servant is engaged by the employer and salary is paid by him, the perquisite is:

Taxable in the hands of all employees Not taxable in the hands of both specified and non-specified employers Taxable in the hands of specified employees only Taxable to the extent of ₹ 120 per person in the hands of all employees.

20. Which of the following is taxable under the head ‘salaries’?

Salary received by a Member of State Legislature. Commission received by an employee director of a company. Family pension received Both (1) and (2) above

21. Who among the following is a specified employee?

A director of a company An employee drawing a salary of ₹ 15,000 p.m. A person who is an owner of equity shares carrying 10% voting power in the employer company. Both (1) and (2) above

22. Net Annual Value of a self-occupied property treated as such is:

Fair Rent Nil Reasonable Expected Rent as reduced by municipal tax paid during the previous year. None of the Above

23. A house property located outside India is:

Taxable in hands of all assessee Taxable in hands of non resident assessee Taxable in hands of resident and ordinarily resident assessee Exempted from tax in India.

24. Following assessee(s) can considered a house property as self occupied:

Individual & HUF All assessee All assessee other than company All assessee other than firm

25. Which of the following deductions is /are not allowed in case of a deemed to be let-out house?

New construction allowance Repairs Vacancy allowance All of the above

26. Which of the following is not allowed as a deduction for computation of business Income?

Loss incurred due to theft in factory after working hours Anticipated future losses Loss caused by white ants Loss due to accidental fire in stock-in-trade

27. The preliminary expenses that can be amortized under the Income Tax Act, 1961 has to be restricted to _________ of the cost of project.

3% 5% 8% 20%

28. Expenditure on promotion of family planning is an allowance as deduction u/s. 36(1)(ix) of the Income Tax Act, 1961 in case of:

Individual Firm HUF Company

29. In case of loss, a partnership firm may claim deduction in respect of remuneration to partner to the extent of:

₹ 1,50,000/- ₹ 1,50,000/- or actual remuneration, whichever is lower ₹ 1,50,000/- or 90% of book profit, whichever is lower Nil

30. U/s 54, capital gain will be allowed as exemption if the house property under transfer is held for:

Less than 12 months preceding the date of transfer More than 12 months preceding the date of transfer Less than 36 months preceding the date of transfer More than 24 months preceding the date of transfer

31. Personal effect do not cover the followings:

Immovable property Drawings Jewellery All of the above

32. Profit on sale of rural agricultural land is:

Not taxable as it is agricultural income Not taxable under the head ‘Capital gains’ but under the head ‘Income from Other Sources’ Not taxable as rural agricultural land is not considered as a capital asset Taxable if it is compulsorily acquired.

33. Cost of acquisition of self-generated asset is nil, the exception is:

Goodwill Route permit Bonus shares acquired before 01-04-2001 Loom hours

34. While computing taxable interest on delayed compensation, a standard deduction is allowed @:

50% 30% 15% Nil

35. The provision of sec.56(2)(x) is applicable on:

All assessee Only on corporate assessee On an individual only On an individual and HUF only

36. While computing income from other sources, deduction is not allowed to the assessee for:

Personal expenditure Direct tax Interest payable outside India without TDS All of the above

37. Gift received by an individual in certain circumstances is not taxable, one of them is:

Any gift received from family friend Any gift received on the occasion of any marriage in the family Any gift received on the occasion of the marriage of the individual-assessee All of the above

38. An individual purchased a painting on 01-11-2023 for ₹ 5,00,000 though fair market value of the asset is ₹ 5,25,000. Income taxable u/s 56(2)(x) is:

₹ 25,000 i.e., difference between market value and actual consideration Nil as this is not gift Nil as difference between market value and actual consideration does not exceed ₹ 50,000 The provision of sec. 56(2)(x) is not applicable for any transaction entered during P.Y. 2023-24

39. Uncommuted Pension received by a Government Employee is-

Exempt Taxable Partially Taxable None of the above

40. Salary received by the Partner of a Firm is charged under the head:

Salaries Business Income Other Sources Its exempt from tax

41. Interest credited to Statutory Provident Fund shall be-

Fully Exempt Exempt upto 12% p.a. Fully Taxable Exempt upto 9.5% p.a.

42. Interest credited to Recognized Provident Fund is –

Fully Taxable Fully Exempt Exempt upto 12% of Salary Exempt upto 9.5% p.a.

43. The basis of chargeability of income under the head income from house property is:

Rental value Annual value Value fixed by the government None of the above

44. “A” borrowed ₹ 5,00,000 at 12% p.a on 01-04-2015 for construction of house property which was completed on 15-03-2024 and let out. The amount is still unpaid. The deduction on account of interest for the previous year 2023-24 shall be-

₹ 60,000 ₹ 96,000 ₹ 1,80,000 ₹ 2,40,000

45. Sums received by an employer from Keyman Insurance Policy taken on the life of the employee shall be-

Exempt Taxable under the head Business and Profession Taxable under the head Other Sources Taxable in the hand of the employee

46. The cost of acquisition of shares under Employees Stock Option Scheme shall be-

Fair Market Value of Shares on the date of offer Fair Market Value of the shares on the date of exercise of option Fair Market Value of share on the date of vesting of option. Price at which it was offered to the employee.

47. Capital Gain, arising from compulsory acquisition of urban agricultural land, is:

Taxable Exempt Exempt if acquired by RBI or Central Government None of the above

48. Where the entire block of the depreciable assets is transferred after 36 months, there will be-

Short-Term Capital Gain Long-Term Capital Gain Short-Term Capital Gain or Loss Long-Term Capital Gain or Loss

49. Exemption under Section 54F shall not be allowed if the assessee, on the date of transfer, owns-

any Residential House a Residential House which is let out a House which is self occupied more than one Residential House

50. Income under the head “Income from Other Sources” is taxable on –

Due Basis Receipt Basis On the basis of method of accounting regularly employed by the Assessee None of the above.

51. Winning from Lotteries, Crossword Puzzles, Horse Races & Other Races, Card Game, etc. are casual income & hence-

fully exempt exempt upto ₹ 5,000 fully taxable None of above

52. Adi received ₹ 70,000 from his friend on the occasion of his birthday:

Entire amount of ₹ 70,000 is taxable ₹ 25,000 is taxable The entire amount is exempt None of the above

53. Commission received by a Director of the Company is charged under the head:

Salaries Business Income Other Sources Its exempt from tax

54. Casual Income received by the Assessee is –

Fully Exempt Exempt upto ₹ 5,000 Fully Taxable None of the above

55. Mr. X’s minor daughter earned ₹ 50,000 from his special talent. This income will be clubbed with –

The income of Mr. X The income of Mrs. X Mr. X or Mrs. X, whoever’s income is higher It will not be clubbed

56. Income arising to a minor married daughter shall be –

assessed in the hands of minor married daughter clubbed with the income of that parent whose total income is higher Exempt from tax clubbed with the income of her spouse

57. Unabsorbed business losses cannot be carried for more than -

7 assessment years 8 assessment years 10 assessment years 12 assessment years

58. Deduction u/s. 80JJA is available if the assessee:

Is engaged in scientific research Sets up an industrial unit in a backward area Is engaged in agriculture business Is engaged in the business of collecting and processing biodegradable waste.

59. Maximum limit for deduction u/s 80TTA is:

₹ 50,000 ₹ 10,000 ₹ 40,000 ₹ 25,000

60. Advance tax is required to be paid by all assessee only if estimated advance tax liability is:

₹ 5,000 or more ₹ 10,000 or more More than zero ₹ 50,000 or more

61. TDS is not required to be deducted u/s 194A if the amount of interest on loan does not exceed:

₹ 5,000 ₹ 2,500 ₹ 7,500 ₹ 20,000

62. On salary, tax is required to be deducted at the time of:

Payment or crediting the employee, whichever is earlier Crediting the employee Payment Retirement of employee

63. Where assessment has not been completed, belated income tax return for assessment year 2024-25 can be filed upto:

31.12.2024 31.01.2025 31.03.2025 31.12.2025

64. When assessment has not been completed, revised return can be filed within ______ from the end of the relevant previous year.

9 months 6 months 12 months 2 years

65. Clubbing provisions under Sec. 64(1)(vi) are applicable where the asset is transferred by an individual for inadequate consideration to –

Daughter’s Husband Son’s Wife Major Son Major Daughter

66. As per Sec. 64(1A), income accruing to a minor shall be clubbed in the income of –

Father Mother Father or Mother at their option Parent whose income before this clubbing is greater

67. Loss on account of owing & maintaining the race horses can be carried forward for:

4 years 8 years Nil Any number of years

68. The maximum period for which Speculation Loss can be carried forward is:

4 Years 8 Years Nil Any number of years

69. Deduction u/s 80C in respect of LIP, contribution to provident fund etc., is allowed to –

any assessee an individual an individual or HUF an individual of HUF who is resident in India

70. Deduction u/s 80D is allowed if the premium is paid to –

Life Insurance Corporation General Insurance Corporation or any other Insurer approved by the IRDA Life Insurance or General Insurance Corporation None of above.

71. Rebate in Tax u/s 87A, is applicable to:

Companies Individuals HUF Resident Individual

72. Deduction u/s 80JJAA in respect of employment of new workers shall be allowed to-

any assessee to who Sec.44AB applies an Indian company an Indian Company or a person other than Company resident in India None of above

73. The maximum amount which can be donated in cash for claiming deduction under section 80G for the P.Y. 2023-24 is –

₹ 5,000 ₹ 10,000 ₹ 15,000 ₹ 2,000

74. Where a member of a HUF has converted or transferred his self-acquired property for inadequate consideration into joint family property, income arising there from is taxable.

As the income of the Transferor Member In the hand of the HUF In the hands of Karta of HUF Completely exempt from tax

75. Advance Tax shall be payable by any person in respect of current income is ₹:

50,000 or more 10,000 or more 1,00,000 or more None of the above

76. Liability to deduct tax at source in case on income from interest on securities arises at the time of –

Payment of interest Accrual of interest Credit of interest to the account of the payee / interest payable account or payment thereof whichever is earlier None of the above

77. Who is empowered to make law for matters containing in List II of Schedule VII of the Constitution of India?

State Government Central Government Both Central and State Government None of the above

78. Power to make laws with respect to goods and services tax has been given by the Constitution vide Article:

279A 246A 246 365

79. Indirect tax is:

Regressive in nature Progressive in nature Both (1) & (2) None of these

80. Which one of the following is not an example of indirect tax types?

GST Customs Duty Income tax None of these

81. In case of indirect tax, impact and incidence of tax fall on:

One person Different persons State Government None of these

82. Levy of indirect tax on goods and services may lead to:

Inflation Deflation Reflection None of the above

83. Levy and collection of Central indirect tax are dealt by:

CBIC CBDT NIC UGS

84. In pre-GST regime, excise duty has been levied by ……….. Government whereas VAT has been levied by …….. State Government on goods.

Central, State State, Central Central, Central State, State

85. Cascading effect of tax means:

Tax on goods Tax on services Tax on Tax None of these

86. Who is empowered to make law for matters containing in List I of Schedule VII of the Constitution of India?

State Government Central Government Both Central and State Government None of the above

87. The items which will be taxable both under current central excise law and new GST even after the implementation of the GST Act:

Motor Spirit Alcoholic Liquor for Human Consumption Tobacco and Tobacco products Natural Gas

88. Who is the chairman & Head of the GST Council Meeting?

Prime minister President Union Finance Minister State Finance Minister nominated by GST Council

89. The IGST Act,2017 extends to the:

Whole of India except the state of Jammu & Kashmir Whole of India Whole of India except the state of Jammu & Kashmir & Pondicherry None of the above

90. Which of the following is the benefits of GST?

Creation of unified national market Boost to ‘Make in India' initiative Reduction of compliance burden on taxpayers Buoyancy to the Government Revenue

91. Which of the following taxes have been subsumed in GST?

Central sales tax Central excise duty VAT All of the above

92. India has chosen__________ model of dual GST.

USA UK Canadian Japan

93. Constitution Amendment Act, 2016 for GST was

80th 101st 122nd None of these

94. The incidence of tax on tax is called

Tax Cascading Tax Pyramidding Tax evasion Indirect tax

95. UTGST is applicable when:

Sold from Union territory Goods are purchased by Central Government Sold from one union territory to another union territory There is interstate supply

96. Under which article of the Constitution of India, GST council has been constituted?

246 246A 279A 265

97. GSTN is:

51% government owned company with paid up capital of ₹ 10 crore 50% government owned company with paid up capital of ₹ 10 crore 100% government owned company with paid up capital of ₹ 10 crore None of the above

98. The term supply includes:

Sale Transfer Barter All of the above

99. Which of the following activities or transactions shall be treated neither as supply of goods nor a supply of services?

Sale of land and building Lease of land Rent of building All of the above

100. Gifts not exceeding ………… in value in a financial year by an employer to an employee shall not be treated as supply of goods or services or both.

₹ 50,000 ₹ 25,000 ₹ 30,000 None of the above

101. A hotel provides a 4-D/3-N package with the facility of breakfast. This is a ……..

Mixed supply Composite supply Both mixed and composite supply None of the above

102. Which of the following is / are the essential elements of a mixed supply?

Supply is made by taxable person to a recipient Supply consists of two or more individual supplies of goods or services or both or any combination thereof but it is not naturally bundled Supply is made for a single price All of the above

103. In case of import of goods, which type(s) of GST is applicable?

CGST SGST Both CGST and SGST IGST

104. Reverse charge means the liability to pay tax by the …… of supply of goods or services or both.

recipient supplier partly by the recipient and partly by the supplier None of the above

105. Which of the following can be issued by Government to exempt goods and/or services on which tax is leviable in exceptional cases?

Exemption Notification Special order Other notifications None of the above

106. Renting of precincts of a religious place meant for general public owned or managed by a charitable or religious trust u/s 12AA of the Income Tax Act 1961 shall be exempt if:

Renting of rooms where per day charges are less than ₹ 1,000 Renting of shops or other spaces for business or commerce where charges per month are less than ₹ 10,000 Renting of premises, community halls or open area, where charges per day are less than ₹ 10,000 All of the above

107. For which of the following goods, the manufacturer is not allowed to opt for composition scheme:

Pan masala Ice cream Topical and manufactured tobacco substitutes All of the above

108. The time of supply of goods, where supplier is liable to pay tax under forward charge shall be:

The date of actual issue of invoice by the supplier The last date on which he is required u/s 31(1) to issue the invoice with respect to the supply The date on which the supplier receives the payment with respect to the supply (a) or (b), whichever is earlier

109. The transaction value for computation of value of supply can be rejected if -

The buyer and seller are related and price is not the sole consideration Products are sold at very low margins Maximum retail price is greater than the transaction value All of the above

110. In case goods disposed off by way of free sample, recipient can claim ITC:

supplier can claim ITC supplier cannot claim ITC ITC can be claimed if value is more than ₹ 1,000 None of the above

111. If the goods are received in installment then ITC can be availed:

Proportionately on receipt of each installment 100% ITC can be taken on receipt of first installment ITC can be taken on receipt of last installment 50% ITC can be taken on receipt of first installment and balance 50% on receipt of last installment

112. Person who is liable to be registered u/s 22 or 24 shall apply for registration in every such State or Union Territory in which he is so liable within:

30 days from the date on which he becomes liable to registration 15 days from the date on which he becomes liable to registration 7 days from the date on which he becomes liable to registration None of the above

113. Tax invoice shall be prepared in _________ in case of supply of goods and in ________ in case of supply of services:

Duplicate, Duplicate Duplicate, Triplicate Triplicate, Duplicate Triplicate, Triplicate

114. Annual return is summary of:

GSTR 1 GSTR 3B GSTR 4 All of the above

115. Payment of tax is required _____ filing return.

Before After Before or after Before or at the time of

116. Aggregate turnover Limit for Opting Compounding Scheme is:

₹ 50 Lakh ₹ 60 Lakh ₹ 1 Crore ₹ 1.5 Crore

117. The calculation of the aggregate turnover to decide the Taxable Minimum Turnover will be based on:

State wise Turnover basis All India Turnover basis State wise Turnover Excluding Export All India Turnover Excluding Export

118. Certificate of registration is issued in which form?

GST REG-06 GST REG-02 GST REG-01 GST REG-10

119. Dealers who are not eligible for Compounding Scheme:

Exporters Importers Interstate Suppliers and those liable to remit tax on Reverse Charge basis Manufacturing dealers

120. Various taxes have been subsumed in GST to make one nation one market for consumers. Out of following, determine which taxes have been subsumed in GST:

(i) basic customs duty levied under Customs Act, 1962 (ii) Taxes on lotteries (iii) Taxes on advertisements (i),(ii) and (iii)

121. Which of the following is not considered as 'goods' under the CGST Act, 2017?

(i) Ten-paisa coin having sale value of Rs 100 (ii) Shares of unlisted Company (iii) Lottery Tickets (ii) and (iii)

122. If tobacco leaves procured from Agriculturist by a registered person, the applicability of RCM will be:

Reverse charge is applicable as this is a notified service Reverse charge is applicable if ABC Travels is not registered Joint charge is applicable None of the above

123. For a registered person, threshold limits of turnover in the preceding financial year for opting composition scheme shall not exceed:

₹ 20 lakh ₹ 1.5 crore ₹ 75 lakh None of the above

124. A supply that consists of two or even more services would be classified as the provision that describes the variables that are subject to a higher rate of taxation, is called:

Composite Mixed Both (a) and (b) None of the above

125. GST stands for Goods and Services Tax, and it is a tax system that covers a wide range of:

Goods Services Goods, companies and imports Products, systems, and exports

126. Which of the following is the exclusions from the computation of aggregate turnover?

Value of taxable supplies Value of exempt supplies Exports of goods or services or both Value of inward supplies on which tax is paid on reverse charge basis

127. In case of Manufacturer (except Ice cream, pan masala, tobacco) for whom concessional rate applicable under composition scheme, the rate of tax is:

2.50% 0.50% 1% No composition for manufacturer

128. Whether a registered person under composition scheme shall claim input tax credit?

Yes No Input tax credit on inward supply of goods only can be claimed Input tax credit on inward supply of service only can be claimed

129. What is time of supply of goods, in case of forward charge?

Date of issue of invoice Due date of issue of invoice Date of receipt of consideration by the supplier Earlier of (a) & (b)

130. What is the time of supply of vouchers when the supply with respect to the voucher is identifiable?

Date of issue of voucher Date of redemption of voucher Earlier of (a) & (b) (a) & (b) whichever is later

131. Which of the following shall not be included in value of supply?

GST Interest Late fee Commission

132. The value of supply should include:

Any non-GST taxes, duties, cesses, fees charged separately by supplier Interest, late fee or penalty for delayed payment of any consideration for any supply Subsidies directly linked to the price except subsidies provided by the Central and State Government All of the above

133. When can the transaction value be rejected for computation of value of supply?

When the buyer and seller are related and price is not the sole consideration When the buyer and seller are unrelated or price is not the sole consideration It can never be rejected When the goods are sold at very low margins

134. What deductions are allowed from the transaction value?

Discounts offered to customers, subject to conditions Packing Charges, subject to conditions Amount paid by customer on behalf of the supplier, subject to conditions Freight charges incurred by the supplier for CIF terms of supply, subject to conditions

135. Rule 30 of the CGST Rules inter alia provides value of supply of goods or services or both based on cost shall be ...................% of cost of production or manufacture or the cost of acquisition of such goods or the cost of provision of such services

100 10 110 120

136. Where the goods being sent or taken on approval for sale or return are removed before the supply takes place, the invoice shall be issued:

before/at the time of supply 6 months from the date of removal Earlier of (a) or (b) None of the above

137. Which of the following is not a supply under the CGST Act, 2017?

Goods supplied free of cost by X & Sons to its agent for further supply to customer at ₹ 5,000 for which invoice will be issued by the agent in his own name. Importation of accounting services (for business purposes) free of cost from a dependent father residing in US. An expensive watch gifted to an employee for ₹ 50,000 No other gifts provided to such employee during the entire financial year.

138. The term ‘casual taxable person’ includes:

A person occasionally supplying goods or services or both in a State or a Union territory where he has no fixed place of business. A person occasionally supplying goods or services or both in a State or a Union territory where he has fixed place of business. Both (a) and (b) None of the above

139. Mr. X of Delhi is participating in Hitex Furniture Expo in Haryana where he has no fixed place of business and exhibiting his products. During the expo, the said products will be sold to the people attending and intending to purchase such products. In such scenario, Mr. X shall obtain which of the following registration under the CGST Act, 2017?

Non–resident taxable person registration Casual taxable person registration Regular taxpayer registration No registration under GST required.

140. An exempt supply includes:

Supply of goods or services or both which attracts Nil rate of tax Non-taxable supply Supply of goods or services or both which are wholly exempt from tax under Section 11 of the CGST Act or under Section 6 of IGST Act All of the above

141. Which of the following service is notified by Government for ECO?

Services by way of transportation of passengers by a radio-taxi, motor cab, maxi cab and motor cycle Services by way of providing accommodation in hotels, inns, guest houses, clubs, campsites or other commercial places meant for residential or lodging purposes, except where the person supplying such service through ECO is liable for registration under section 22(1) of the CGST Services by way of house-keeping, such as plumbing, carpentering etc., except where the person supplying such service through ECO is liable for registration under subsection 22(1) of the CGST Act All of these

142. A hotel owner provided accommodation in Haryana, through an electronic commerce operator – Cool Trips. The hotel owner is not liable to get registered as per the provisions of section 22(1) of the CGST Act. Who is the person liable to pay GST in this case?

Hotel Owner ECO Customer Both by Hotel owner & ECO

143. State the taxability of satellite launch services provided to both international and domestic customers by ANTRIX Corporation Limited (“ANTRIX”) which is a wholly owned Government of India Company under the administrative control of Department of Space (DOS).

Taxable Not taxable Exempt None

144. Zero rated supply includes:

Export of goods and services Supply of goods and services to a SEZ developer or SEZ Unit Supply of goods and services by a SEZ developer or SEZ Unit Both (1) and (2)

145. A registered taxable person is eligible to claim refund in respect of export of goods and services in the following cases:

Under bond, without payment of IGST and claim refund of unutilized input tax credit. On payment of IGST and claim refund of IGST paid on such goods and services None of the above Both (1) and (2)

146. If place of supply in Territorial water, then what will be considered as Place of supply?

Actual location (territorial Water) Principal Establishment of Supplier Any establishment of supplier of his choice Coastal State or Union Territory where the nearest point of the appropriate baseline

147. What is the time of supply of service if the invoice is issued within 30 days from the date of provision of service?

Date of issue of invoice Date on which the supplier receives payment Date of provision of service Earlier of (1) & (2)

148. What is the time of supply of service in case of reverse charge mechanism?

Date of payment as entered in the books of account of the recipient Date immediately following 60 days from the date of issue of invoice Date of invoice Earlier of (1) & (2)

149. Value of services rendered is ₹ 1,00,000. Date of issue of invoice is 5th October 2023. Advance Received is ₹ 25,000/- on 20th September 2023. Balance amount received on 7th October 2023. What is the time of supply for ₹ 1,00,000?

5th October 2023 for ₹ 1,00,000/- 20th September 2023 for ₹ 1,00,000/- 20th September 2023- ₹ 25,000/- and 5th October 2023 for ₹ 75,000/- 20th September 2023- ₹ 25,000/- and 7th October 2023 for ₹ 75,000/-

150. Whether credit on inputs should be availed based on receipt of documents or receipt of goods?

Receipt of goods Receipt of Documents Both Either receipt of documents or Receipt of goods

151. The supply of goods to SEZ unit is treated as_______ in the hands of the supplier:

Exempt Supply – Reversal of credit Deemed Taxable Supply – No reversal of credit Zero Rated supply Non-Taxable Supply – Outside the Scope of GST

152. On supply of OIDAR Services by a person located in taxable territory to a non-taxable online recipient. Who is liable to pay GST in this case?

Recipient Supplier Both None

153. If location of supplier in Territorial water, then what will be considered as location of supplier?

Actual location (territorial Water) Principal Establishment of Supplier Any establishment of supplier of his choice Coastal State or Union Territory where the nearest point of the appropriate baseline

154. The limit of exclusive economic zone of India is _____ from the nearest point of the baseline.

200 nautical miles 12 nautical miles 24 nautical miles None of the above

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

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

156. Basic custom duty on imported goods is levied at the rates specified in the:

First Schedule of the Customs Tariff Act, 1975 Second Schedule of the Customs Tariff Act, 1975 Customs Act Customs Manual

157. For the purpose of computing IGST on imported goods, one of the following shall not be included in the value for computation:

GST Compensation Cess Social Welfare Surcharge Anti-dumping duty None of the above

158. Where the insurance amount is not available, for ascertaining the assessable value for customs duty, the percentage of FOB value to be taken is:

1 1.125 1.5 None of the above

159. Where the transport charges is not available, for ascertaining the assessable value for customs duty, the percentage of FOB value to be taken is:

10% 20% 25% None of the above

160. Transportation charges incurred by the importee for transporting goods from factory of the exporter to the port of exportation shall be included in the assessable value. Is this statement correct?

Yes No Yes, if such charges have been paid in foreign currency None of the above

161. As per Section 2(31), person-in-charge means:

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

162. Goods which are same in all respects, including physical quantity is known as:

Identical Goods Similar Goods Alike Goods None of the above

163. Buying commission shall be included in the assessable value. Is this statement correct?

No Yes Yes, if buying commission is paid in foreign currency None of the above

164. Any article which is imported into India shall, in addition, be liable to integrated tax at such rate, not exceeding_____ % as is leviable under section 5 of Integrated Goods and Services Tax Act, 2017 on a like article on its supply in India, on the value of the imported article as determined under subsection (8) or sub section 8(A).

20 30 40 50

165. Any article which is imported into India is also liable to a duty equal to the excise duty for the time being leviable on a like article if produced or manufactured in India. This duty is called as__________.

Additional duty Counterv ailing Duty Special duty None of the above

166. The maximum rate of additional duty is @____ %.

5 4 3 2

167. If which of the following conditions are satisfied, the Central Government may provide for the enhancement of the import duty?

The goods should be specified in the First Schedule The Central Government is satisfied that circumstances exist, which render it necessary for the enhancement of import duties Either 1 or 2 Both 1 & 2

168. Central Government can impose the safeguard duty if it is satisfied that:

Any article is imported into India in increased quantities Such increased importation is causing or threatening to cause serious injury to domestic industry Either 1 or 2 Both 1 & 2

169. The total period of levy of safeguard duty is restricted to years:

5 10 6 7

170. An appeal filed under section 9B shall be accompanied by a fee of ₹_____.

10,000 15,000 50,000 25,000

171. As per section 14 of customs act, 1962, transaction value shall also include in addition to the price, any amount paid or payable for costs and services, including ______.

commissions and brokerage engineering royalties and licence fees all of the above

172. As per section 14 of customs act, 1962, transaction value shall also include in addition to the price, any amount paid or payable for costs and services, including______.

costs of transportation to the place of importation insurance design work all of the above

173. For imported goods, the conversion in value shall be done with reference to the rate of exchange prevalent on the date of filing of________.

bill of entry under section 46 shipping bill (vessel or aircraft) under section 50 bill of export (vehicle) under section 50 either 2 or 3

174. For the purpose of customs valuation, “rate of exchange” means the rate of exchange notified by_______ shall be taken into account.

the Foreign Exchange Dealers’ Association of India CBIC the Reserve Bank of India none of the above

175. Sub-section (2) of section 14 provides that the Board may fix for any class of imported goods or export goods, having regard to the trend of value of such or like goods by notification in the Official Gazette if it is satisfied that it is necessary to do so. It is:

market value MRP transaction value tariff value

176. The term “similar goods” means imported goods:

which although not alike in all respects, have like characteristics and like component materials which enable them to perform the same functions produced in the country in which the goods being valued were produced produced by the same person who produced the goods being valued all of the above

177. The loading, unloading and handling charges associated with the delivery of the imported goods at the place of importation shall be_______.

1% of customs FOB value cost of transport cost of insurance 0

178. Where the goods are sent back as such to the foreign country owing to which of the following reasons it is considered as re-exportation?

Goods not conforming to the specification of the order Goods not permitted to be imported into the country on account of trade restriction Goods after being imported are temporarily retained in the country and later taken out of the country. In other words, the very objective of the importation was limited to temporary retention in India All the above

179. Under Section 74(1) when goods capable of being easily identified, which have been imported into India and upon which any duty has been paid on importation_______ % of duty be paid back.

50 100 98 48

180. As per notification, no drawback of import duty will be allowed in respect of which of the following goods, if they have been used after their importation in India?

Wearing Apparel Tea Chests Exposed cinematograph films passed by Board of Film Censors in India All the above

181. CBIC has clarified that safeguard duties, anti-dumping duties and countervailing duties are rebatable as drawback in terms of section __________ of the Customs Act.

74 75 76 77

Question Bank Tax