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CA Intermediate Exam  >  CA Intermediate Tests  >  Taxation for CA Intermediate  >  Test: Input Tax Credit - 2 - CA Intermediate MCQ

Test: Input Tax Credit - 2 - CA Intermediate MCQ


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10 Questions MCQ Test Taxation for CA Intermediate - Test: Input Tax Credit - 2

Test: Input Tax Credit - 2 for CA Intermediate 2024 is part of Taxation for CA Intermediate preparation. The Test: Input Tax Credit - 2 questions and answers have been prepared according to the CA Intermediate exam syllabus.The Test: Input Tax Credit - 2 MCQs are made for CA Intermediate 2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises, MCQs and online tests for Test: Input Tax Credit - 2 below.
Solutions of Test: Input Tax Credit - 2 questions in English are available as part of our Taxation for CA Intermediate for CA Intermediate & Test: Input Tax Credit - 2 solutions in Hindi for Taxation for CA Intermediate course. Download more important topics, notes, lectures and mock test series for CA Intermediate Exam by signing up for free. Attempt Test: Input Tax Credit - 2 | 10 questions in 10 minutes | Mock test for CA Intermediate preparation | Free important questions MCQ to study Taxation for CA Intermediate for CA Intermediate Exam | Download free PDF with solutions
Test: Input Tax Credit - 2 - Question 1
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Which section of the CGST Act, applicable from 01-02-2019, disallows the input tax credit (ITC) for food and beverages, outdoor catering, beauty treatment, health services, and cosmetic treatment supplied to employees?

Detailed Solution for Test: Input Tax Credit - 2 - Question 1
Section 17(5) of the CGST Act, applicable from 01-02-2019, disallows the input tax credit (ITC) for food and beverages, outdoor catering, beauty treatment, health services, and cosmetic treatment supplied to employees. This provision restricts businesses from claiming ITC for these specific supplies.
Test: Input Tax Credit - 2 - Question 2
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According to the CGST Act, when is input tax credit (ITC) allowed for works contract services supplied for the construction of immovable property?

Detailed Solution for Test: Input Tax Credit - 2 - Question 2
  • ITC allowed for works contract services related to construction of plant and machinery.
  • According to the CGST Act, input tax credit (ITC) is allowed for works contract services when supplied for the construction of plant and machinery.
  • This is an exception to the general rule that ITC is not allowed for works contract services related to the construction of immovable property.
  • The Act specifically provides that ITC can be claimed for plant and machinery as they are considered essential for business operations.
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Test: Input Tax Credit - 2 - Question 3
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Under the CGST Act, how is input tax credit (ITC) treated if there is a discrepancy between the ITC claimed by the recipient and the tax declared by the supplier?

Detailed Solution for Test: Input Tax Credit - 2 - Question 3
Under the CGST Act, if there is a discrepancy between the input tax credit (ITC) claimed by the recipient and the tax declared by the supplier, the supplier and recipient are communicated regarding discrepancies after filing GSTR-3. This process ensures that ITC claims match the details specified by the supplier in their GST return.
Test: Input Tax Credit - 2 - Question 4
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Under what circumstances is input tax credit (ITC) allowed for motor vehicles used for passenger transportation with a seating capacity of up to 13 persons?
Detailed Solution for Test: Input Tax Credit - 2 - Question 4
Input tax credit (ITC) for motor vehicles used for passenger transportation with a seating capacity of up to 13 persons is allowed under the following circumstances: ITC is allowed if the vehicle is used for further taxable supply of such vehicles. ITC is allowed if the vehicle is used for the transportation of passengers which are taxable. ITC is allowed if the vehicle is used for imparting taxable training.
Test: Input Tax Credit - 2 - Question 5
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How are supplies of goods and services to Special Economic Zone (SEZ) units or SEZ developers treated under the IGST Law?
Detailed Solution for Test: Input Tax Credit - 2 - Question 5
Supplies of goods and services to Special Economic Zone (SEZ) units or SEZ developers are treated as inter-state supplies under the IGST Law. These supplies are subject to IGST and Basic Customs Duty (BCD) if applicable.
Test: Input Tax Credit - 2 - Question 6
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In which scenario is input tax credit (ITC) not available for goods or services used by a registered person?
Detailed Solution for Test: Input Tax Credit - 2 - Question 6
Input tax credit (ITC) is not available when goods or services are used by a registered person for making exempt supplies. If goods or services are used partly for effecting taxable supplies and partly for exempt supplies, ITC should be proportionately disallowed for exempted supplies.
Test: Input Tax Credit - 2 - Question 7
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Which type of input tax credit (ITC) is available to an importer under the GST Regime?
Detailed Solution for Test: Input Tax Credit - 2 - Question 7
Under the GST Regime, an importer is eligible for input tax credit (ITC) of IGST and GST Compensation Cess. However, ITC of Basic Customs Duty (BCD) is not available to the importer.
Test: Input Tax Credit - 2 - Question 8
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What is the role of an Input Service Distributor (ISD) under GST?
Detailed Solution for Test: Input Tax Credit - 2 - Question 8
An Input Service Distributor (ISD) receives invoices for services used by its branches and distributes the tax paid to those branches on a proportional basis by issuing an ISD invoice. It helps in efficient distribution of input tax credit (ITC) within an organization.
Test: Input Tax Credit - 2 - Question 9
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What is the time limit for the principal manufacturer to receive back capital goods sent for job work?
Detailed Solution for Test: Input Tax Credit - 2 - Question 9
The principal manufacturer must receive back capital goods sent for job work within a period of three years from the effective date. If the goods are not received within this specified time, they are deemed to have been supplied by the principal to the job worker, and tax must be paid accordingly.
Test: Input Tax Credit - 2 - Question 10
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What is the definition of job work under GST?
Detailed Solution for Test: Input Tax Credit - 2 - Question 10
Under GST, job work refers to any treatment or process undertaken by a person on goods belonging to another registered person. The job worker carries out this treatment or process as per the instructions of the principal manufacturer, but the ownership of the goods remains with the principal.
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