Card: 3 / 40 |
True or False: Under GST laws, works contracts include both movable and immovable property. |
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What is the significance of the term 'composite supply' in the context of works contracts? |
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It indicates that a works contract involves both the provision of services and the supply of goods, with services being the primary component. |
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True or False: A contract for annual maintenance of equipment is categorized under works contracts for immovable property. |
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What differentiates works contracts under GST from previous VAT and Service Tax provisions? |
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The definition has been narrowed to include only work for immovable property, excluding movable property. |
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The place of supply for works contracts under GST is determined by the location of the ___ involved in the contract. |
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True or False: If both the supplier and recipient of a works contract are located in India, the place of supply is determined by the location of the supplier. |
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False. The place of supply is determined by the location of the immovable property. |
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To simplify the taxation by treating works contracts as a supply of services and establishing a uniform tax rate across India. |
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True or False: GST allows both Central and State Governments to impose taxes on different components of works contracts. |
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False. GST aims to streamline this by defining a uniform tax treatment under a single framework. |
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If the immovable property involved in a works contract is outside India, where is the place of supply located? |
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At the location of the recipient, if both the supplier and recipient are in India. |
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What challenges did GST address regarding the tax treatment of works contracts? |
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It addressed the challenges of dual taxation by Central and State Governments on different components of the contract. |
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The Goods and Services Tax (GST) Council was constituted on ___ and is chaired by the ___ Minister. |
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True or False: The GST Council's decisions require a simple majority of votes to pass. |
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What is the weightage of votes between the Centre and the States in the GST Council? |
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The Centre has one-third weightage, while the States together have two-thirds weightage. |
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Fill in the blank: The Vice Chairperson of the GST Council is chosen from the ___ Ministers. |
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False; The GST Council makes recommendations on tax rates, exemptions, threshold limits, and other important GST-related issues. |
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Fill in the blank: Decisions in the GST Council are made by a majority of ___ of the weighted votes. |