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B Com Exam  >  B Com Tests  >  Goods and Services Tax (GST)  >  Test: Taxable Event and Scope of Supply under GST - B Com MCQ

Test: Taxable Event and Scope of Supply under GST - B Com MCQ


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10 Questions MCQ Test Goods and Services Tax (GST) - Test: Taxable Event and Scope of Supply under GST

Test: Taxable Event and Scope of Supply under GST for B Com 2024 is part of Goods and Services Tax (GST) preparation. The Test: Taxable Event and Scope of Supply under GST questions and answers have been prepared according to the B Com exam syllabus.The Test: Taxable Event and Scope of Supply under GST MCQs are made for B Com 2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises, MCQs and online tests for Test: Taxable Event and Scope of Supply under GST below.
Solutions of Test: Taxable Event and Scope of Supply under GST questions in English are available as part of our Goods and Services Tax (GST) for B Com & Test: Taxable Event and Scope of Supply under GST solutions in Hindi for Goods and Services Tax (GST) course. Download more important topics, notes, lectures and mock test series for B Com Exam by signing up for free. Attempt Test: Taxable Event and Scope of Supply under GST | 10 questions in 10 minutes | Mock test for B Com preparation | Free important questions MCQ to study Goods and Services Tax (GST) for B Com Exam | Download free PDF with solutions
Test: Taxable Event and Scope of Supply under GST - Question 1
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Which of the following is NOT considered a non-taxable supply under both CGST and IGST Acts?

Detailed Solution for Test: Taxable Event and Scope of Supply under GST - Question 1
Supply of natural gas is not considered a non-taxable supply under both CGST and IGST Acts. However, it may be subject to tax as notified by the central government.
Test: Taxable Event and Scope of Supply under GST - Question 2
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What does the term "Reverse Charge" refer to in the context of GST?

Detailed Solution for Test: Taxable Event and Scope of Supply under GST - Question 2
"Reverse Charge" in the context of GST refers to a situation where the recipient of goods or services is liable to pay the tax to the government instead of the supplier. This mechanism is used for specific categories of supply.
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Test: Taxable Event and Scope of Supply under GST - Question 3
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What is the definition of "Electronic Commerce Operator" (ECO) under GST?

Detailed Solution for Test: Taxable Event and Scope of Supply under GST - Question 3
"Electronic Commerce Operator" (ECO) under GST is defined as any digital or electronic facility or platform used for e-commerce that is owned, operated, or managed by any person. This includes platforms like online marketplaces and ride-sharing apps.
Test: Taxable Event and Scope of Supply under GST - Question 4
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Under which section of the CGST Act, 2017 are the provisions for Reverse Charge Mechanism (RCM) for specified categories of supply provided?
Detailed Solution for Test: Taxable Event and Scope of Supply under GST - Question 4
The provisions for Reverse Charge Mechanism (RCM) for specified categories of supply are provided under Section 5(3) of the CGST Act, 2017.
Test: Taxable Event and Scope of Supply under GST - Question 5
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Which of the following statements regarding the levy of IGST is correct?
Detailed Solution for Test: Taxable Event and Scope of Supply under GST - Question 5
The correct statement is that the recipient of goods or services pays IGST to the Central government in the case of inter-state supply.
Test: Taxable Event and Scope of Supply under GST - Question 6
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What is the purpose of the "Electronic Commerce Operator" (ECO) paying IGST in certain cases?
Detailed Solution for Test: Taxable Event and Scope of Supply under GST - Question 6
The purpose of the "Electronic Commerce Operator" (ECO) paying IGST in certain cases is to shift the tax liability from the suppliers of goods or services to the ECOs, making them responsible for collecting and remitting the tax to the government.
Test: Taxable Event and Scope of Supply under GST - Question 7
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What is the exemption limit for reverse charge in the case of supply received from an unregistered person under CGST Act, 2017?
Detailed Solution for Test: Taxable Event and Scope of Supply under GST - Question 7
The exemption limit for reverse charge in the case of supply received from an unregistered person under the CGST Act, 2017, was Rs. 5,000 per day during a certain period. However, this exemption is not applicable under the IGST Act.
Test: Taxable Event and Scope of Supply under GST - Question 8
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What is the purpose of deferring the provisions of reverse charge under the CGST and IGST Acts?
Detailed Solution for Test: Taxable Event and Scope of Supply under GST - Question 8
The purpose of deferring the provisions of reverse charge under the CGST and IGST Acts, as mentioned in the text, is to provide relief to registered persons, especially small businesses, from the burden of reverse charge during a specific period.
Test: Taxable Event and Scope of Supply under GST - Question 9
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Which section of the IGST Act, 2017 provides for the levy and collection of IGST in the case of specified categories of supply?
Detailed Solution for Test: Taxable Event and Scope of Supply under GST - Question 9
Section 5(3) of the IGST Act, 2017 provides for the levy and collection of IGST in the case of specified categories of supply where the recipient of goods or services pays the tax to the Central government.
Test: Taxable Event and Scope of Supply under GST - Question 10
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What is the definition of "Goods" under the Central Goods and Services Act, 2017 (CGST Act, 2017)?
Detailed Solution for Test: Taxable Event and Scope of Supply under GST - Question 10
Under the CGST Act, 2017, the definition of "Goods" includes all materials, commodities, and articles. This definition is quite broad and encompasses a wide range of movable property.
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