GST (Goods and Service Tax) - MCQ Questions and Solutions with Explanations

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Section 1 Section 2

51.
Can Banking Company or Financial Institution withdraw the option of availing actual credit or 50% credit anytime in the financial year?

A. Yes

B. No

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52.
Any input tax paid on purchase of goods or services by an assessee for employees is eligible for ITC?

A. No

B. Yes

C. Yes, on the services notified which are obligatory for an employer to provide to its employees under any law for the time being in force

D. Not applicable

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53.
Mr. A obtains new registration, voluntary registration, change of scheme from composition to regular scheme and from exempted goods/services to taxable goods/services. He can avail credit on inputs lying in stock. What is the time limit for taking said credit

A. 1 year from the date of invoice

B. 3 year from the date of invoice

C. 5 year from the date of invoice

D. None of the above

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54.
Can Mr. A avail credit on Input services or capital goods held in stock, in case of new registration/voluntary Registration

A. Yes

B. No

C. Yes on Input services only

D. Yes on capital goods only

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55.
Is Input tax to be reversed in case of supply of capital goods

A. Yes fully

B. No

C. Yes, to extent of credit taken as reduced by prescribed percentage or tax on transaction value whichever is higher

D. Yes to the extent of transaction value of such goods

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GST - Section 2