Ch 21 (41 to 45) – Tax By KK MCQ

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Ch 21: Input Tax Credit
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Welcome to your Ch 21: Input Tax Credit (41 to 45)

41. A supplier of goods or services pays tax on demands by the department on account of fraud, willful misstatement etc. Whether recipient of goods can avail its input tax credit—

a) Yes

b) No

c) Yes, after receipt of goods or services.

d) Yes, after receipt of invoice for goods or services

42. Input tax credit of tax paid on the ........ is not available.

a) Goods used for personal consumption.

b) Goods stolen

c) Goods used for construction of an immovable property

d) All of the above

43. Which of the following statement is true for a composition tax payer?

a) A composition tax payer can avail only 50% of ITC on capital goods.

b) A composition tax payer can avail 100% ITC on inputs.

c) ITC is not available on inward supplies made by a composition tax payer.

d) Composition tax payer can pass on the ITC to the recipient only if the tax is mentioned separately in the invoice raised by the composition tax payer.

44. Which of the following inward supplies are not eligible for ITC in case of a company manufacturing shoes?

a) Food and beverages

b) Outdoor catering

c) Health services

d) All of the above

45. ITC is allowed only on those goods or services or both which are intended for making:

a) Taxable Supplies.

b) Zero Rated Supplies.

c) Both taxable supplies and zero-rated supplies.

d) Exempted supplies.

Time's up

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