Ch 21 (61 to 65) – Tax By KK MCQ

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Ch 1: Constitutional aspects of GST
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Ch 2: Adjustment of credit
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Ch 3: Meaning of Goods and Services
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Ch 4: Schedule II, Composite supply and Mixed supply
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Ch 6: Definition of Business
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Ch 7: Consideration
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Ch 20: Value of Supply
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Ch 21: Input Tax Credit
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Ch 22: Tax Invoice / CN / DN
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Ch 23: Return
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Ch 24: Payment of Tax
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Ch 31: TDS and TCS
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Ch 32: GST Practitioner
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Welcome to your Ch 21: Input Tax Credit (61 to 65)

61. Can the unutilized input tax credit be transferred in case of change in constitution of business?

a) Yes, it will be transferred only if there is provision for transfer of liabilities.

b) It has duly accounted in the books of accounts of the transferee.

c) The transferor submit a copy of certificate issued by a CA/CMA

d) All of the above

62. purposes, then credit is ….....

a) allowed for full.

b) is proportionately available to the extent it is attributable for business purposes.

c) Ineligible to the extent of 5% of common credit, if cannot be attributed.

d) Either (a) or (b).

63. For Rule 42 and Rule 43 exempt supply includes ...

a) Outward supply on which reverse charge is applicable.

b) 1% of transaction in securities

c) Stamp duty value of sale of land subject to Para 5(b) of Schedule II, sale of building.

d) All of the above

64. Banking company or Financial Institution or NBFC have an option of claiming:

a) Eligible Credit or 50% credit of the tax paid on inputs, input services and capital goods

b) Only 50% Credit.

c) Only Eligible credit.

d) Eligible credit and 50% credit of the tax paid on inputs, input services and capital goods.

65. Can Banking Company or Financial Institution withdraw the option of availing actual credit or 50% credit anytime in the financial year?

a) Yes

b) No

c) Yes with permission of Proper officer

d) Not applicable

Time's up

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