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Goods and Services Tax

7. 

Choose the incorrect statements.
(i) Shortage of goods, whether natural or artificial, is the root cause of black money.
(ii) Industrial sector has been the major contributor to black money.
(iii) Smuggling is one of the major sources of black money.
(iv) When the tax rate is low, more black money is generated.

A. (i) and (ii) B. (iv) C. (i) D. (ii) and (iii)

Answer : B. (iv)

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8. 

How many types of Tax is in Indian GST

A. 2 B. 3 C. 4 D. 5

Answer : C. 4 (SGST,CGST,IGST,UTGST)

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9. 

What does "I" Stands in IGST

A. Integrated B. International C. Infrastructure D. Internal

Answer : A. Integrated

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10. 

Mr.Vadivel from Tamilandu sells a product worth 10,000 to Mr.Sarathy of Kerala, Vadivel has generated a bill of Rupees 11800 which comprise of 18% GST. Then What % GST will be levied

A. 9 % CGST , 9 % SGST B. 18 % IGST C. 18 % SGST D. 9% SGST of seller state, 9 % SGST of buyer state

Answer : B. 18 % IGST

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11. 

Which of the following is correct
1. HSN means Harmonized System of Nomenclature code
2. SAC is The SAC code means Services Accounting Code

A. 1 only correct B. 2 only correct C. Both Are Wrong D. All are correct

Answer : D. All are correct

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12. 

Who is the head of GST Council

A. Finance Minister B. Ministry of Central C. Council of Minister D. Vice President

Answer : A. Finance Minister

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