GST MCQ Questions and Solutions with Explanations

71

The books and other records U/S 35 are to be maintained at

A) Place where the books and accounts are maintained B) Place of address of the Proprietor/ Partner/Director/Principal Officer C) Principal place of business mentioned in the Certificate of Registration D) Any of the above

Discuss

Answer & Solution

Answer: Option C

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72

Accounts are required to be maintained in

A) Manual form B) Electronic form C) Manual and electronic form D) Manual or electronic form

Discuss

Answer & Solution

Answer: Option D

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73

Can all the records be maintained in an electronic form?

A) Yes B) Only if authenticated by digital signature C) Few records D) No

Discuss

Answer & Solution

Answer: Option B

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74

First Return filed under GST is

A) GSTR-1 B) GSTR-3A C) GSTR-2 D) GSTR-3B E) GSTR-4

Discuss

Answer & Solution

Answer: Option D

Solution:

GST council introduced GSTR-3B form for filing returns for July and August 2017.

75

The details of outward supplies of goods or services shall be submitted by

A) 10th of the succeeding month B) 18th of the succeeding month C) 15th of the succeeding month D) 20th of the succeeding month

Discuss

Answer & Solution

Answer: Option A

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76

Every registered taxable person shall be entitled to take credit of input tax in his return and such input tax credit shall be credited to

A) Personal Ledger Account B) Refund account C) Electronic Cash Ledger D) Electronic Credit Ledger

Discuss

Answer & Solution

Answer: Option D

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77

Any registered taxable person who fails to furnish the details and file the return within the due date prescribed shall be liable to

A) Interest at the rate of 1% per month B) Late fee of Rs. 100 for every day up to Rs. 5000 C) Both (a) and (b) D) None of the above

Discuss

Answer & Solution

Answer: Option B

Solution:

It has been decided that for subsequent months, i.e. October 2017 onwards, the amount of late fee payable, by a taxpayer whose tax liability for that month was „NIL‟, will be Rs. 20/- per day (Rs. 10/- per day each under CGST & SGST Acts) instead of Rs. 200/- per day (Rs. 100/- per day each under CGST & SGST Acts). For other taxpayers, whose tax liability for that month was not „NIL‟, late fee payable will be Rs. 50/- per day (Rs. 25/- per day each under CGST & SGST Acts) instead of Rs. 200/- per day (Rs. 100/- per day each under CGST & SGST Acts). Notification No. 64/2017-CT dated 15th November 2017 has already been issued in this regard.

78

Which of these registers/ledgers are maintained online?

A) Tax liability register B) Credit ledger C) Cash ledger D) All of them

Discuss

Answer & Solution

Answer: Option D

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79

Payment made through challan will be credited to which registers/ledgers?

A) Electronic Tax liability register B) Electronic Credit ledger C) Electronic Cash ledger D) All of them

Discuss

Answer & Solution

Answer: Option C

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80

Balance in electronic credit ledger can be utilized against which liability?

A) Output tax payable B) Interest payable C) Penalty D) All of above

Discuss

Answer & Solution

Answer: Option A

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GST MCQ Questions and Solutions with Explanations | Commerce