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Question 1. In India GST came effective from July 1st, 2017. India has chosen _____ model of dual – GST.

a) USA

b) China

c) Canadian

d) Japan

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c) Canadian : India has chosen the Canadian model of dual GST and honours the federal structure. It categorised different goods and services under four tax slabs -- 5 per cent, 12 per cent, 18 per cent and 28 per cent. The majority of items are taxed at 18 per cent.

Question 2. How many countries have dual – GST model?

a) 5

b) 6

c) 7

d) None of these

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d) None of these : Canada only has dual GST model but now India also started to use dual-GST model.

Question 3. Indian GST model has _____rate structure.

a) 4

b) 5

c) 6

d) 7

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a) 4 : In India GST model has 4 rate structure. They are 5%, 12%, 18% and 28%

Question 4. GST comes under which amendment bill?

a) 148

b) 122

c) 121

d) 147

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b) 122 : The One Hundred and Twenty Second Amendment Bill of the Constitution of India, officially known as The Constitution (One Hundred and First Amendment) Act, 2016, introduced a national Goods and Services Tax in India from 1 July 2017. The GST is a Value added Tax (VAT) proposed to be a comprehensive indirect tax levy on manufacture, sale and consumption of goods as well as services at the national level. It will replace all indirect taxes levied on goods and services by the Indian Central and state governments. It is aimed at being comprehensive for most goods and services.

Question 5. GST threshold limit of North Eastern States is _____ lakh

a) 12

b) 6

c) 8

d) 10

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d) 10 : North East India + Sikkim, J&K, Himachal Pradesh and Uttarakhand is Rs 10 Lakhs and Rest of India is Rs 20 Lakhs. This ensures that on the day a dealer crosses Rs 20 Lakhs turnover, he is already registered, need to start charging GST, and is eligible to claim input tax credit. All existing dealers registered with any of the current laws (VAT/Excise/Service Tax) will also need to register under GST by default.

Question 6. GSTN comes under which Act?

a) Banking Regulation Act 1949

b) Indian Partnership Act, 1932

c) Companies Act, 2013

d) None of the above

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c) Companies Act, 2013 : The Goods and Services Tax Network (GSTN) is a non-government non-profit private limited company created for providing the front end and back end IT and infrastructural support for the working of GST. It is registered as a non – profit Company under the New Companies Act in March 2013.

Question 7. _____ is GST Finance Ministers Panel Chairman.

a) Amit Malhodra

b) Amit Chandresekar

c) Amit Sastri

d) Amit Mishra

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d) Amit Mishra : Amit Mishra is the Finance Ministers Panel Chairman. West Bengal Finance Minister Amit Mitra has been named the new chairman of the empowered committee of state finance ministers that is working out the details of the proposed goods and services tax (GST)

Question 8. Which of the following comes under sin tax?

a) Pan Masala

b) Tobacco

c) Alcohol

d) All a, b and c

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d) All a, b and c : A sin tax is an excise tax specifically levied on certain goods deemed harmful to society, for example alcohol and tobacco, candies, drugs, soft drinks, fast foods, coffee, sugar, gambling and pornography. Two claimed purposes are usually used to argue for such taxes.

Question 9. GST council formation based on Article number _____.

a) 103

b) 102

c) 101

d) 100

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c) 101 : The One Hundred and Twenty Second Amendment Bill of the Constitution of India, officially known as The Constitution (One Hundred and First Amendment) Act, 2016, introduced a national Goods and Services Tax in India from 1 July 2017.

Question 10. _____ is the first state that passed GST Bill.

a) Andhra Pradesh

b) Assam

c) Arunachal Pradesh

d) Bihar

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b) Assam : Assam has become the first state in the country to pass Constitution Amendment Bill on Goods and Services Tax (GST) The state assembly unanimously passed the Bill on Friday following its passage by both Houses of Parliament.

Question 11. The Central Board of Excise and Customs (CBEC) announced that every year _____ will be considered as GST Day.

a) April 1

b) March 1

c) June 1

d) July 1

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d) July 1 : July 1 will be known as ‘GST Day’ and celebrated in all offices of CBEC just as we celebrate Central Excise Day and International Customs Day.

Question 12. Combined Stake of Central and State Government in GSTN is _____.

a) 20%

b) 25%

c) 49%

d) 100%

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c) 49% : The remaining 51% stake is divided among five financial institutions—LIC Housing Finance with 11% stake and ICICI Bank, HDFC, HDFC Bank and NSE Strategic Investment Corporation Ltd with 10% stake each.

Question 13. What does N stands for in HSN?

a) Network

b) Nationalization

c) Nomenclature

d) Nomination

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c) Nomenclature : HSN - Harmonized System of Nomenclature. HSN code will be used for classifying under the GST regime.

Question 14. Which of the following country is the first one to implement GST?

a) France

b) Switzerland

c) Germany

d) None of the above

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a) France : France implemented GST in 1954.

Question 15. What does “I” stands for in IGST?

a) International

b) Internal

c) Integrated

d) Intra

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c) Integrated :IGST means Integrated Goods and Service Tax, one of the three categories under Goods and Service Tax (CGST, IGST and SGST) with a concept of one tax one nation. IGST falls under Integrated Goods and Service Tax Act 2016.

Question 16. GST is a _____ based tax on consumption of goods and services.

a) Duration

b) Destination

c) Dividend

d) Development

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b) Destination : Main objective of GST is eliminate excessive taxation

Question 17. Who is the chairman of GST council?

a) President of India

b) Prime Minister

c) Finance Minister

d) RBI Governor

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c) Finance Minister : Arun Jaitley is the current chairman of GST council as of August 2017

Question 18. Under GST, Insurance is taxed _____ percent.

a) 0%

b) 5%

c) 12%

d) 18%

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c) 18% : GST Council declared 18 per cent as tax rate to be applicable on the insurance sector. The hike in the tax rate is about 3 per cent (existing 15 per cent to the new 18 per cent) and it would directly be passed on to the customers, thereby creating a direct impact on the premiums of various insurance policies.

Question 19. A special purpose vehicle _____ has been launched to cater the needs of GST.

a) GSTC

b) GSTN

c) GSTM

d) GSTR

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b) GSTN : The Goods and Service Tax Network (or GSTN) is a non-profit, non-government organization. It will manage the entire IT system of the GST portal, which is the mother database for everything GST. This portal will be used by the government to track every financial transaction, and will provide taxpayers with all services – from registration to filing taxes and maintaining all tax details.

Question 20. Which of the following country has the maximum GST tax slab?

a) India

b) Greece

c) Australia

d) USA

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a) India : India has the maximum tax slab (28%) compared to other countries.

Question 21. The tax IGST charged by _____Government.

a) Central

b) State

c) Concerned department

d) None of the above

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a) Central : Every state has to deal only with the Central government to settle the tax amounts and not with every other state, thus making the process easier.

Question 22. The headquarters of GST council is _____.

a) Mumbai

b) New Delhi

c) Ahmadabad

d) Lucknow

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b) New Delhi

Question 23. In India GST was first proposed in _____.

a) 1993

b) 2000

c) 1996

d) 2002

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b) 2000 : In 2000, Atal Bihari Vajpayee, then prime minister of India, flags off discussions on the GST.

Question 24. _____ is the first state that passed GST Bill.

a) Telangana

b) Uttar Pradesh

c) Bihar

d) Gujarat

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a) Telangana : The Telangana State Goods and Services Bill 2017 was introduced by Finance Minister Eatala Rajender during the special session of the Legislative Assembly, becomes First State to pass GST Bill

Question 25. GST threshold limit of Normal States is _____ lakh

a) 12

b) 15

c) 20

d) 30

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c) 20

Question 26. Which of the following country has the second highest tax slab?

a) Australia

b) Netherland

c) Argentina

d) South Korea

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c) Argentina : Argentina has the second highest tax slab 27%

Question 27. The maximum rate prescribed under IGST is _____.

a) 5%

b) 12%

c) 18%

d) 28%

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d) 28%

Question 28. Coal comes under which rate Structure?

a) 12%

b) 18%

c) 21%

d) 9%

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a) 12%

Question 29. How many types of taxes will be in Indian GST?

a) 1

b) 2

c) 5

d) 3

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d) 3 : Central GST (CGST), State GST (SGST) and IGST are three types of taxes.

Question 30. Around how many countries adopted GST?

a) 160

b) 140

c) 90

d) 120

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a) 160