GST MCQ Questions and Solutions with Explanations

61

Matching of Input Tax credit on inward supply by recipient is undertaken with

A) Monthly return filed by the supplier B) Outward supply filed by the supplier C) Invoices maintained by the supplier D) None of the above

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Answer & Solution

Answer: Option B

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62

If there is Mis-match of supplier’s outward supply and recipient’s claim for Input Tax credit on the same transaction

A) It shall be added as output tax liability in the hands of receiver. B) It shall be reduced as output tax liability in the hands of receiver. C) It shall be increased as input tax credit in the hands of receiver. D) It shall be deceased as input tax credit in the hands of supplier.

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Answer & Solution

Answer: Option A

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63

Input Tax credit as credited in Electronic Credit ledger can be utilized for

A) Payment of Interest B) Payment of penalty C) Payment of Fine D) Payment of Taxes

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Answer & Solution

Answer: Option D

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64

Tax invoice must be issued by________

A) Every supplier B) Every taxable person C) Registered persons not paying tax under composition scheme D) All the above

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Answer & Solution

Answer: Option C

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65

A bill of supply can be issued in case of inter-State and intra-State:

A) Exempted supplies B) Supplies by composition suppliers; C) Supplies to unregistered persons; D) None of the above.

Discuss

Answer & Solution

Answer: Option A

Solution:

A registered person supplying exempt goods should issue "Bill of Supply" instead of tax invoice.

66

An invoice must be issued:

A) At the time of removal of goods. B) On transfer of risks and rewards of the goods to the recipient; C) On receipt of payment for the supply; D) Earliest of the above dates.

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Answer & Solution

Answer: Option A

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67

An acknowledgement must be given on receipt of advance payment in respect of supply of goods or services:

A) Yes, in the form of a proforma invoice; B) Yes, as a receipt voucher. C) Yes, the invoice must be raised to that extent; D) None of the above

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Answer & Solution

Answer: Option B

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68

A continuous supply of goods requires one of the following as a must:

A) The goods must be notified by the Commissioner in this behalf; B) The contract for supply lasts for a minimum period of 3 months; C) The supply is made by means of a wire, cable, pipeline or other conduit; D) Supplier invoices the recipient on a regular or periodic basis.

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Answer & Solution

Answer: Option D

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69

The registered recipient must issue an invoice in the following cases:

A) The supplier fails to issue an invoice B) The supplier is unregistered C) The goods or services received notified for tax on reverse charge basis D) All of the above

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Answer & Solution

Answer: Option D

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70

In case of goods sent on sale on approval basis, invoice has to be issued:

A) while sending the goods; another Invoice has to be issued by the recipient while rejecting the goods; B) while sending the goods but the recipient can take credit only when the goods are accepted by him; C) when the recipient accepts the goods or six months from the date of supply whichever isearlier. D) when the recipient accepts the goods or three months from the date of supply whichever is earlier.

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Answer & Solution

Answer: Option C

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GST MCQ Questions and Solutions with Explanations | Commerce