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Goods and Services Tax (GST) Act, 2017

Description: This quiz is designed to assess your knowledge of the Goods and Services Tax (GST) Act, 2017.
Number of Questions: 15
Created by:
Tags: gst indirect taxation indian law
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Which of the following is NOT a type of GST?

  1. Central GST (CGST)

  2. State GST (SGST)

  3. Integrated GST (IGST)

  4. Union Territory GST (UTGST)

Show answer
Correct Option: D
Explanation:

There is no such tax as Union Territory GST (UTGST). GST is levied by the Central Government and the State Governments.

What is the GST rate for most goods and services?

  1. 5%

  2. 12%

  3. 18%

  4. 28%

Show answer
Correct Option: C
Explanation:

The GST rate for most goods and services is 18%.

Which of the following goods is exempt from GST?

  1. Foodgrains

  2. Milk

  3. Fruits and vegetables

  4. All of the above

Show answer
Correct Option: D
Explanation:

Foodgrains, milk, and fruits and vegetables are all exempt from GST.

What is the GST rate for gold?

  1. 3%

  2. 5%

  3. 12%

  4. 18%

Show answer
Correct Option: A
Explanation:

The GST rate for gold is 3%.

Which of the following services is exempt from GST?

  1. Educational services

  2. Healthcare services

  3. Transportation services

  4. All of the above

Show answer
Correct Option: D
Explanation:

Educational services, healthcare services, and transportation services are all exempt from GST.

What is the due date for filing GST returns?

  1. 10th of the month

  2. 15th of the month

  3. 20th of the month

  4. 25th of the month

Show answer
Correct Option: C
Explanation:

The due date for filing GST returns is the 20th of the month.

Which of the following is NOT a penalty for late filing of GST returns?

  1. Late fee

  2. Interest

  3. Penalty

  4. Imprisonment

Show answer
Correct Option: D
Explanation:

Imprisonment is not a penalty for late filing of GST returns.

What is the maximum penalty for late payment of GST?

  1. 10% of the tax due

  2. 20% of the tax due

  3. 30% of the tax due

  4. 40% of the tax due

Show answer
Correct Option: A
Explanation:

The maximum penalty for late payment of GST is 10% of the tax due.

Which of the following is NOT a benefit of GST?

  1. Reduced tax burden

  2. Simplified tax structure

  3. Increased transparency

  4. Increased corruption

Show answer
Correct Option: D
Explanation:

GST is designed to reduce corruption by eliminating the need for multiple tax filings.

What is the GST Council?

  1. A body that decides on GST rates and rules

  2. A body that oversees the implementation of GST

  3. A body that resolves disputes between the Central Government and the State Governments

  4. All of the above

Show answer
Correct Option: D
Explanation:

The GST Council is a body that decides on GST rates and rules, oversees the implementation of GST, and resolves disputes between the Central Government and the State Governments.

Which of the following is NOT a member of the GST Council?

  1. The Union Finance Minister

  2. The State Finance Ministers

  3. The Prime Minister

  4. The President

Show answer
Correct Option: D
Explanation:

The President is not a member of the GST Council.

What is the GST compensation cess?

  1. A cess levied on certain goods and services to compensate the States for the loss of revenue due to GST

  2. A cess levied on certain goods and services to fund the implementation of GST

  3. A cess levied on certain goods and services to promote the development of the North-Eastern States

  4. A cess levied on certain goods and services to promote the development of the Union Territories

Show answer
Correct Option: A
Explanation:

The GST compensation cess is a cess levied on certain goods and services to compensate the States for the loss of revenue due to GST.

Which of the following is NOT a feature of the GST compensation cess?

  1. It is levied for a period of five years

  2. It is levied at a rate of 2%

  3. It is levied on all goods and services

  4. It is distributed among the States on the basis of their population

Show answer
Correct Option: C
Explanation:

The GST compensation cess is not levied on all goods and services. It is levied only on certain specified goods and services.

What is the purpose of the GST compensation cess?

  1. To compensate the States for the loss of revenue due to GST

  2. To fund the implementation of GST

  3. To promote the development of the North-Eastern States

  4. To promote the development of the Union Territories

Show answer
Correct Option: A
Explanation:

The purpose of the GST compensation cess is to compensate the States for the loss of revenue due to GST.

Which of the following is NOT a benefit of the GST compensation cess?

  1. It helps to maintain the fiscal stability of the States

  2. It helps to reduce the fiscal deficit of the States

  3. It helps to promote the development of the States

  4. It helps to increase the tax burden on the States

Show answer
Correct Option: D
Explanation:

The GST compensation cess does not help to increase the tax burden on the States. It helps to reduce the tax burden on the States.

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