20/07/2017
GST MCQ'S
1). In India GST came effective from July 1st, 2017. India has chosen ___ model of dual - GST.
a) USA
b) UK
c) Canadian
d) China
e) Japan
Answer: (C).
2). How many countries have dual – GST model?
a) 5
b) 8
c) 10
d) 14
e) None of these
Answer: (E). Till now Canada only has dual GST model but now India also started to use dual-GST model.
3). Which of the following country is the first one to implement GST?
a) USA
b) France
c) China
d) Switzerland
e) Germany
Answer: (B). France implemented GST in 1954.
4). Around how many countries adopted GST?
a) 90
b) 120
c) 140
d) 160
e) 200
Answer: (D).
5). Which of the following country has the maximum GST tax slab?
a) Greece
b) China
c) USA
d) Australia
e) India
Answer: (E). India has the maximum tax slab (28%) compared to other countries.
6). Which of the following country has the second highest tax slab?
a) Australia
b) Netherland
c) Argentina
d) Ireland
e) South Korea
Answer: (C). Argentina has the second highest tax slab 27%
7). Indian GST model has _____rate structure.
a) 3
b) 4
c) 5
d) 6
e) 2
Answer: (B). In India GST model has 4 rate structure. They are 5%, 12%, 18% and 28%
8). How many types of taxes will be in Indian GST?
a) 2
b) 3
c) 4
d) 5
e) 6
Answer: (B). Central GST (CGST), State GST (SGST) and IGST are three types of taxes.
9). What does “I” stands for in IGST?
a) International
b) Internal
c) Integrated
d) Intra
e) Innovation
Answer: (C).
10). The tax IGST charged by _____Government.
a) Central
b) State
c) Concerned department
d) Both a and b
e) All a, b and c
Answer: (A).
11). The maximum rate prescribed under IGST is ___.
a) 5%
b) 12%
c) 18%
d) 28%
e) No such limit
Answer: (D).
12). In India GST was first proposed in ___.
a) 1993
b) 1996
c) 1999
d) 2000
e) 2002
Answer: (D).
13). GST is a ___ based tax on consumption of goods and services.
a) Duration
b) Destination
c) Dividend
d) Development
e) Destiny
Answer: (B). main objective of GST is eliminate excessive taxation
14). GST comes under which amendment bill?
a) 118
b) 120
c) 122
d) 115
e) 129
Answer: (C).
15). Under which Act GST was introduced?
a) 100
b) 101
c) 102
d) 103
e) 104
Answer: (B)
16). GST council formation based on Article number ___.
a) 279A
b) 289A
c) 266A
d) 255A
e) 286A
Answer: (A)
17). The headquarters of GST council is ___.
a) Mumbai
b) New Delhi
c) Ahmadabad
d) Hyderabad
e) Lucknow
Answer: (B).
18). Who is the chairman of GST council?
a) President of India
b) Prime Minister
c) Finance Minister
d) RBI Governor
e) Finance secretary
Answer: (C). Arun Jaitley is the current chairman of GST council
19). ___ is GST Finance Ministers Panel Chairman.
a) Amit Mishra
b) Amit Malhodra
c) Amit Chandresekar
d) Amit Sastri
e) Amit kohli
Answer: (A). Amit Mishra (West Bengal Finance Minister) is the Finance Ministers Panel Chairman.
20). ___ is the first state to ratify GST bill.
a) Andhra Pradesh
b) Assam
c) Arunachal Pradesh
d) Bihar
e) Telangana
Answer: (B)
21). ___ is the first state that passed GST Bill.
a) Andhra Pradesh
b) Gujarat
c) Uttar Pradesh
d) Bihar
e) Telangana
Answer: (E).
22). GST threshold limit of North Eastern States is ___ lakh
a) 5
b) 10
c) 12
d) 15
e) 20
Answer: (B).
23). GST threshold limit of Normal States is ___ lakh
a) 12
b) 15
c) 20
d) 25
e) 30
Answer: (C).
24). The Central Board of Excise and Customs (CBEC) announced that every year ___ will be considered as GST Day.
a) April 1
b) March 1
c) June 1
d) July 1
e) January 1
Answer: (D)
25). Smart Phones will be taxed at ___ under GST.
a) 0%
b) 5%
c) 12%
d) 18%
e) 28%
Answer: (C).
26). Under GST, Insurance is taxed ___ percent.
a) 0%
b) 5%
c) 12%
d) 18%
e) 28%
Answer: (D).
27). Which of the following comes under sin tax?
a) Pan Masala
b) To***co
c) Alcohol
d) Both a and c
e) All a, b and c
Answer: (E).
28). A special purpose vehicle ___ has been launched to cater the needs of GST.
a) GSTC
b) GSTN
c) GSTM
d) GSTR
e) GSTS
Answer: (B). GSTN - Goods and Service Tax Network.
29). GSTN comes under which Act?
a) Banking Regulation Act 1949
b) RBI Act 1934
c) Indian Partnership Act, 1932
d) Limitation Act, 1963
e) Companies Act, 2013
Answer: (E).
30). Combined Stake of Central and State Government in GSTN is ___.
a) 20%
b) 25%
c) 49%
d) 51%
e) 100%
Answer: (C). The remaining 51% stake is divided among five financial institutions—LIC Housing Finance with 11% stake and ICICI Bank, HDFC, HDFC Bank and NSE Strategic Investment Corporation Ltd with 10% stake each.
31). What does N stands for in HSN?
a) Network
b) Nationalization
c) Nominee
d) Nomenclature
e) Nomination
Answer: (D). HSN - Harmonized System of Nomenclature. HSN code will be used for classifying under the GST regime.
32). Coal comes under which rate Structure?
a) 0%
b) 5%
c) 12%
d) 18%
e) 28%
Answer: (C)
