According to the CGST Act, when is input tax credit (ITC) allowed for works contract services supplied for the construction of immovable property?

ITC allowed for all works contract services related to construction

ITC allowed for works contract services related to construction of plant and machinery

ITC allowed for works contract services related to construction of any immovable property

ITC not allowed for works contract services related to construction of immovable property

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?

The recipient can claim ITC without any verification

The supplier is solely responsible for correcting the discrepancy

The supplier and recipient are communicated regarding discrepancies after filing GSTR-3

Discrepancies in ITC are not addressed in the CGST Act

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?

ITC allowed only for further taxable supply of such vehicles

ITC allowed only for transportation of passengers which are taxable

ITC allowed for imparting taxable training

How are supplies of goods and services to Special Economic Zone (SEZ) units or SEZ developers treated under the IGST Law?

Treated as inter-state supplies

In which scenario is input tax credit (ITC) not available for goods or services used by a registered person?

When goods or services are used exclusively for business purposes

When goods or services are used for both business and personal purposes

When goods or services are used for exempted supplies

When goods or services are used for effecting taxable supplies

Which type of input tax credit (ITC) is available to an importer under the GST Regime?

ITC of Basic Customs Duty (BCD)

ITC of IGST and GST Compensation Cess

ITC of BCD, IGST, and GST Compensation Cess

What is the role of an Input Service Distributor (ISD) under GST?

An ISD is responsible for distributing input tax credit to suppliers.

An ISD is responsible for claiming input tax credit on behalf of suppliers.

An ISD receives invoices for services used by its branches and distributes the tax paid to those branches.

An ISD is a government agency responsible for collecting GST from businesses.

What is the time limit for the principal manufacturer to receive back capital goods sent for job work?

2 years from the effective date

3 years from the effective date

4 years from the effective date

What is the definition of job work under GST?

Job work refers to any manufacturing process performed by a registered person.

Job work refers to the completion of any process on goods by a job worker.

Job work refers to any treatment or process undertaken by a person on goods belonging to another registered person.

Job work refers to the repair and maintenance of capital goods.

Input Tax Credit - 2 Free MCQ Practice Test with Solutions

Important Questions for Input Tax Credit - 2

Find all the important questions for Input Tax Credit - 2 at EduRev.Get fully prepared for Input Tax Credit - 2 with EduRev's comprehensive question bank and test resources. Our platform offers a diverse range of question papers covering various topics within the Input Tax Credit - 2 syllabus. Whether you need to review specific subjects or assess your overall readiness, EduRev has you covered. The questions are designed to challenge you and help you gain confidence in tackling the actual exam. Maximize your chances of success by utilizing EduRev's extensive collection of Input Tax Credit - 2 resources.

Input Tax Credit - 2 MCQs with Answers

Prepare for the Input Tax Credit - 2 within the CA Intermediate exam with comprehensive MCQs and answers at EduRev. Our platform offers a wide range of practice papers, question papers, and mock tests to familiarize you with the exam pattern and syllabus. Access the best books, study materials, and notes curated by toppers to enhance your preparation. Stay updated with the exam date and receive expert preparation tips and paper analysis. Visit EduRev's official website today and access a wealth of videos and coaching resources to excel in your exam.

Online Tests for Input Tax Credit - 2

Practice with a wide array of question papers that follow the exam pattern and syllabus. Our platform offers a user-friendly interface, allowing you to track your progress and identify areas for improvement. Access detailed solutions and explanations for each test to enhance your understanding of concepts. With EduRev's Online Tests, you can build confidence, boost your performance, and ace Input Tax Credit - 2 with ease. Join thousands of successful students who have benefited from our trusted online resources.

Education Revolution