Advanced Level - N J Jain & Associates

Advanced Level

Ready to elevate your GST game? Welcome to the Advanced Level – where the stakes are higher, the questions are trickier, and the thrill of mastering GST intricacies awaits. Are you up for the challenge?

You have 10 minutes to take up the Quiz.

1 / 15

What is the GST treatment for the sale of fresh fruits and vegetables in the FMCG sector?

A) Exempt

B) 5%

C) 12%

D) 18%

2 / 15

What is the threshold limit for GST registration for goods in India?

A) Rs. 10 lakhs

B) Rs. 20 lakhs

C) Rs. 40 lakhs

D) Rs. 50 lakhs

3 / 15

What is the purpose of the GST Composition Scheme?

A) Simplified compliance for small businesses

B) Exemption from GST

C) Reduced tax rates for specific sectors

D) Rebate on input tax credit

4 / 15

What is the maximum penalty for not registering under GST, despite being liable to register?

A) Rs. 5,000

B) Rs. 10,000

C) Rs. 15,000

D) Rs. 20,000

5 / 15

Can ITC be claimed on goods and services used for construction of immovable property for personal use?

A) Yes, fully

B) Yes, but subject to conditions

C) No

D) Only on services

6 / 15

Under the Reverse Charge Mechanism (RCM), who is liable to pay the GST?

A) Only the supplier

B) Only the recipient

C) Both the supplier and the recipient

D) Neither the supplier nor the recipient

7 / 15

What is the primary purpose of the National Anti-Profiteering Authority (NAA) in GST?

A) To investigate tax evasion cases

B) To ensure businesses pass on the benefits of reduced taxes to consumers

C) To issue Advance Rulings on tax matters

D) To handle appeals against GST assessments

8 / 15

Who can apply for an Advance Ruling under GST?

A) Only registered taxpayers

B) Only tax authorities

C) Any person, including a non-registered person

D) Only the Appellate Authority

9 / 15

Can an ISD distribute the credit of Integrated Tax (IGST) to a unit located in a different state?

A) Yes, always

B) No, never

C) Yes, but only with the approval of the GST Council

D) Yes, but only if the recipient is a government entity

10 / 15

Under the CGST Act, what is the penalty for failure to issue a tax invoice for the supply of goods?

A) Rs. 5,000 or the tax amount, whichever is higher

B) Rs. 10,000 or the tax amount, whichever is higher

C) Rs. 15,000 or the tax amount, whichever is higher

D) Rs. 20,000 or the tax amount, whichever is higher

11 / 15

Which form is used for claiming a refund of excess input tax credit?

A) GSTR-2A

B) GSTR-3B

C) RFD-01

D) GSTR-9

12 / 15

What is “NRTP” under GST Law?

A) Non-Registered Taxable Person

B) Non-Resident Taxable Person

C) Non-Registered Transaction Person

D) None of the Above

13 / 15

What is the full form of "IRN" in the context of GST e-invoicing?

A) Invoice Reference Number

B) Integrated Reporting Notification

C) Invoice Reconciliation Number

D) Input Reporting Notification

14 / 15

In GST, what does "LUT" stand for?

A) Letter of Underutilised Tax

B) Letter of Undertaking

C) Letter of Uninterrupted Trade

D) Legal Understanding for Taxation

15 / 15

Who is eligible to avail ITC of GST paid on Motor Insurance Premium?

A) Manufacturer of medical equipment

B) Manpower Supplier

C) Vehicle Driving school

D) Trader of chemicals

And that concludes the GST Quiz!
Brace yourself for your results on the next screen.
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