{"id":9074,"date":"2024-06-22T09:57:04","date_gmt":"2024-06-22T08:57:04","guid":{"rendered":"https:\/\/mcqsadda.com\/?p=9074"},"modified":"2024-07-19T10:29:17","modified_gmt":"2024-07-19T09:29:17","slug":"goods-and-services-tax-council-set-1","status":"publish","type":"post","link":"https:\/\/mcqsadda.com\/index.php\/2024\/06\/22\/goods-and-services-tax-council-set-1\/","title":{"rendered":"Goods and Services Tax Council Set -1"},"content":{"rendered":"\n<h1 class=\"wp-block-heading has-text-align-right has-vivid-purple-color has-text-color has-link-color has-larger-font-size wp-elements-dcbb1ced6d9446e5351c593739b3e10e\">Prev       <strong><a href=\"https:\/\/mcqsadda.com\/index.php\/2024\/06\/22\/goods-and-services-tax-council-set-1\/\" title=\"\">1<\/a>        2        3        4       <a href=\"https:\/\/mcqsadda.com\/index.php\/2024\/05\/06\/noun-set-5\/\" title=\"\"> <\/a>5<\/strong>       Next<\/h1>\n\n\n\n<div class=\"wp-block-buttons is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-16018d1d wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link has-vivid-green-cyan-background-color has-background has-text-align-left wp-element-button\" href=\"https:\/\/mcqsadda.com\/index.php\/2024\/06\/22\/goods-and-services-tax-council-quiz-1\/\">mock test<\/a><\/div>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>1. What is the full form of GST?<\/strong><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>A. Goods and Supply Tax<\/strong><\/h3>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>B. Goods and Services Tax<\/strong><\/h3>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>C. &nbsp;General Sales Tax<\/strong><\/h3>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>D. Government Sales Tax<\/strong><\/h3>\n\n\n\n<button class=\"acc\">ANSWER &#038; SOLUTION<\/button>\n<div class=\"pnl\">\n  <p>ANSWER: B.Goods and Services Tax<BR>\nSOLUTION : GST stands for Goods and Services Tax.<\/p>\n<\/div>egin\n\n\n\n<h2 class=\"wp-block-heading\"><strong>2. GST was implemented in India from ___________.<\/strong><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>A. &nbsp;1st January 2017<\/strong><\/h3>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>B.  1st April 2017<\/strong><\/h3>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>C. 1st March 2017<\/strong><\/h3>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>D. 1st July 2017<\/strong><\/h3>\n\n\n\n<button class=\"acc\">ANSWER &#038; SOLUTION<\/button>\n<div class=\"pnl\">\n  <p>ANSWER:D.1st July 2017<BR>\nSOLUTION: On July 1, 2017, GST laws were implemented, replacing a complex web of Central and State taxes. Under the Indian GST, goods and services are categorized into different tax slabs, including 5%, 12%, 18%, and 28%.<\/p>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>3. In India, the GST is based on the dual model GST adopted in_________.<\/strong><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>A. &nbsp;&nbsp;UK<\/strong><\/h3>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>B. &nbsp;Canada<\/strong><\/h3>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>C. USA<\/strong><\/h3>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>D. Japan<\/strong><\/h3>\n\n\n\n<button class=\"acc\">ANSWER &#038; SOLUTION<\/button>\n<div class=\"pnl\">\n  <p>ANSWER :B.Canada<BR>\nSOLUTION:The Indian GST model is based on the Canadian dual GST model.\n <\/p>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>4. <strong><strong>GST is a consumption of goods and service tax based on<\/strong><\/strong><\/strong> _____________.<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>A. &nbsp;Development<\/strong><\/h3>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>B. Dividend<\/strong><\/h3>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>C.&nbsp;Destiny<\/strong><\/h3>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>D. Destination<\/strong><\/h3>\n\n\n\n<button class=\"acc\">ANSWER &#038; SOLUTION<\/button>\n<div class=\"pnl\">\n  <p>ANSWER: D.Destination<BR>\nSOLUTION: GST is based on the principle of destination-based consumption taxation as against the present principle of origin-based taxation.\n<\/p>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>5. &nbsp;<strong>&nbsp;The number of structures in India\u2019s GST model is?<\/strong><\/strong><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>A. &nbsp;6<\/strong><\/h3>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>B. 4<\/strong><\/h3>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>C. 3<\/strong><\/h3>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>D. 5<\/strong><\/h3>\n\n\n\n<button class=\"acc\">ANSWER &#038; SOLUTION<\/button>\n<div class=\"pnl\">\n  <p>ANSWER: B.4<BR>\nSOLUTION:The GST was carefully crafted to keep both the burden of the common man and inflation rates in mind. The four-tier tax structure contains four separate rates: a zero rate, a lower rate, a standard rate, and a higher rate. This article is aimed at providing a brief overview of each GST rate.\n<\/p>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>6. &nbsp;<strong>The maximum rate for CGST is?<\/strong><\/strong> <\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>A. 28<\/strong><\/h3>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>B. &nbsp;12<\/strong><\/h3>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>C. &nbsp;18<\/strong><\/h3>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>D. &nbsp;14<\/strong><\/h3>\n\n\n\n<button class=\"acc\">ANSWER &#038; SOLUTION<\/button>\n<div class=\"pnl\">\n  <p>ANSWER: D.14<BR>\nSOLUTION: Therefore, the maximum rate prescribed under CGST is 14%.\n<\/p>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>7. &nbsp;<strong>&nbsp;The maximum rate applicable for SGST\/UTGST is?<\/strong><\/strong><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>A. <strong>28<\/strong><\/strong><\/h3>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>B. 14<\/strong><\/h3>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>C. 20<\/strong><\/h3>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>D. 30<\/strong><\/h3>\n\n\n\n<button class=\"acc\">ANSWER &#038; SOLUTION<\/button>\n<div class=\"pnl\">\n  <p>ANSWER: A.28<BR>\nSOLUTION:The tenure of the Chairman of the National Scheduled Tribes Commission is not fixed; he remains at the post till the pleasure of the president of India. But as a tradition his tenure is fixed for 3 years.\n<\/p>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>8. &nbsp;GST rates applicable on goods and services are __________.<\/strong><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>A. &nbsp;&nbsp;0% 5% 12% 18% 26%<\/strong><\/h3>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>B. &nbsp;0% 6% 12% 18% 28%<\/strong><\/h3>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>C. 0% 5% 12% 18% 28%<\/strong><\/h3>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>D. 0% 5% 12% 16% 28%<\/strong><\/h3>\n\n\n\n<button class=\"acc\">ANSWER &#038; SOLUTION<\/button>\n<div class=\"pnl\">\n  <p>ANSWER: C.0% 5% 12% 18% 28%<BR>\nSOLUTION: Currently the most common GST rates on goods in India are 0% or nil rated, 5%, 12%, 18%, and 28%. Two of the lesser common GST rates applicable to goods in India are 0.25% and 3%. In other cases, such as the GST composition scheme, slightly lower GST tax rates of 1.5%, 5% or 6% are applicable.\n<\/p>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>9. <strong><strong>Taxes that are levied on any Intra-State purchase are?<\/strong><\/strong><\/strong><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>A. IGST<\/strong><\/h3>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>B. &nbsp;CGST and SGST<\/strong><\/h3>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>C. SGST<\/strong><\/h3>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>D. GST<\/strong><\/h3>\n\n\n\n<button class=\"acc\">ANSWER &#038; SOLUTION<\/button>\n<div class=\"pnl\">\n  <p>ANSWER:B.CGST and SGST<BR>\nSOLUTION: CGST and SGST is levied @9% each on intra-state (within the state) sale and purchase and IGST is levied @ 18% on inter-state (Outside the state) sale and purchase.\n<\/p>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>10. What does \u201cI\u201d in IGST stands stand for?<\/strong><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>A. Internal<\/strong><\/h3>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>B. Integrated<\/strong><\/h3>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>C. &nbsp;&nbsp;Internal<\/strong><\/h3>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>D. &nbsp;Intra<\/strong><\/h3>\n\n\n\n<button class=\"acc\">ANSWER &#038; SOLUTION<\/button>\n<div class=\"pnl\">\n  <p>ANSWER:B.Integrated<BR>\nSOLUTION:\n To determine whether Central Goods &#038; Services Tax (CGST), State Goods &#038; Services Tax (SGST) or Integrated Goods &#038; Services Tax (IGST) will be applicable in a taxable transaction. In an Inter-State transaction, a seller has to collect IGST from the buyer.\n<\/p>\n<\/div>\n\n\n\n<div class=\"wp-block-buttons is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-16018d1d wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link has-vivid-green-cyan-background-color has-background has-text-align-left wp-element-button\" href=\"https:\/\/mcqsadda.com\/index.php\/2024\/06\/22\/goods-and-services-tax-council-quiz-1\/\">mock test<\/a><\/div>\n<\/div>\n\n\n\n<h1 class=\"wp-block-heading has-text-align-right has-vivid-purple-color has-text-color has-link-color has-larger-font-size wp-elements-dcbb1ced6d9446e5351c593739b3e10e\">Prev       <strong><a href=\"https:\/\/mcqsadda.com\/index.php\/2024\/06\/22\/goods-and-services-tax-council-set-1\/\" title=\"\">1<\/a>        2        3        4       <a href=\"https:\/\/mcqsadda.com\/index.php\/2024\/05\/06\/noun-set-5\/\" title=\"\"> <\/a>5<\/strong>       Next<\/h1>\n","protected":false},"excerpt":{"rendered":"<p>Prev 1 2 3 4 5 Next 1. What is the full form of GST? A. Goods and Supply Tax B. Goods and Services Tax C. &nbsp;General Sales Tax D. Government Sales Tax ANSWER &#038; SOLUTION ANSWER: B.Goods and Services Tax SOLUTION : GST stands for Goods and Services Tax. egin 2. GST was implemented<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[17],"tags":[5646,4804,4810,4802,4803,5748,5749,4029,5649,5714,4811,4809,4807,4805,4812,4800],"class_list":{"0":"post-9074","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-ic","7":"tag-exam-veda","8":"tag-gst-is-a-consumption-of-goods-and-service-tax-based-on-_____________","9":"tag-gst-rates-applicable-on-goods-and-services-are-__________","10":"tag-gst-was-implemented-in-india-from-___________","11":"tag-in-india-the-gst-is-based-on-the-dual-model-gst-adopted-in_________","12":"tag-indian-constitution-gk-mcqs-for-sda-fda-pdo-vao-banking-kas-ias-ssc-gd-ssc-chsl-ssc-cgl-for-all-compitative-exams","13":"tag-indian-constitution-mcqs-for-sda-fda-pdo-vao-banking-kas-ias-ssc-gd-ssc-chsl-ssc-cgl-for-all-compitative-examsin-kannada","14":"tag-mcqs-adda","15":"tag-mcqs-for-pc-psi-sda-fda-pdo-vao-banking-kas-ias-ssc-gd-ssc-chsl-ssc-cgl-for-all-compitative-exams","16":"tag-mcqs-for-pc-psi-sda-fda-pdo-vao-banking-kas-ias-ssc-gd-ssc-chsl-ssc-cgl-for-all-compitative-exams-in-kannada","17":"tag-taxes-that-are-levied-on-any-intra-state-purchase-are","18":"tag-the-maximum-rate-applicable-for-sgst-utgst-is","19":"tag-the-maximum-rate-for-cgst-is","20":"tag-the-number-of-structures-in-indias-gst-model-is","21":"tag-what-does-i-in-igst-stands-stand-for","22":"tag-what-is-the-full-form-of-gst"},"_links":{"self":[{"href":"https:\/\/mcqsadda.com\/index.php\/wp-json\/wp\/v2\/posts\/9074","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mcqsadda.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mcqsadda.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mcqsadda.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/mcqsadda.com\/index.php\/wp-json\/wp\/v2\/comments?post=9074"}],"version-history":[{"count":2,"href":"https:\/\/mcqsadda.com\/index.php\/wp-json\/wp\/v2\/posts\/9074\/revisions"}],"predecessor-version":[{"id":9223,"href":"https:\/\/mcqsadda.com\/index.php\/wp-json\/wp\/v2\/posts\/9074\/revisions\/9223"}],"wp:attachment":[{"href":"https:\/\/mcqsadda.com\/index.php\/wp-json\/wp\/v2\/media?parent=9074"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mcqsadda.com\/index.php\/wp-json\/wp\/v2\/categories?post=9074"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mcqsadda.com\/index.php\/wp-json\/wp\/v2\/tags?post=9074"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}