What is the primary purpose of Input Tax Credit (ITC) under GST?

To reduce taxes on personal purchases.

To claim tax credits on all goods and services.

To ensure seamless flow of credit in the GST chain.

To allow businesses to claim tax credits for personal expenses.

What is the purpose of the Electronic Credit Ledger in GST?

To maintain a record of taxes paid on supplies.

To record all business expenses.

To calculate the total Input Tax Credit (ITC).

To claim tax credits for personal expenses.

What is the condition for availing Input Tax Credit (ITC) on goods and services?

The goods and services should be used only for personal purposes.

The goods and services should be received by the taxable person.

The tax must be paid through electronic cash ledger.

The tax invoice and debit note should be available.

In which cases is Input Tax Credit (ITC) not available under GST?

When goods and services are used for personal purposes.

When goods and services are used for business purposes.

When the tax paid on inputs exceeds the tax paid on output.

When the taxpayer claims depreciation on the tax component of capital goods.

What are common credits in GST?

Tax credits available for all business expenses.

Tax credits available for personal expenses.

Tax credits available for partly personal/exempted and partly normal sales.

Tax credits available for capital goods only.

What is the purpose of matching, reversal, and reclaim of Input Tax Credit (ITC) under GST?

To ensure all businesses claim ITC on all inputs.

To identify discrepancies in ITC claims and rectify them.

To calculate the total ITC available to a taxpayer.

To allow businesses to claim ITC on personal expenses.

Input Tax Credit - 1 Free MCQ Practice Test with Solutions

	Taxation for CA Intermediate 42 videos\|98 docs\|12 tests

	Taxation for CA Intermediate 42 videos\|98 docs\|12 tests

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