Ch 22 (21 to 25) – Tax By KK MCQ

Welcome to your Ch 22: Tax Invoice / CN / DN (21 to 25)

21. A person who has applied for registration after 30 days then from the period the person is liable for registration and till the grant of registration it..................... .

a) Can provisionally collect tax till his registration is approved, on applying for registration, if he has applied for registration within prescribed time;

b) Can neither collect tax nor claim input tax credit;

c) Can issue ‘revised invoice’ and collect tax within 1 month of grant of registration, subject to specified conditions;

d) is liable for payment of tax but cannot claim input tax credit.

22. A credit note is issued by ......................... and it is a document accepted for GST purposes:

a) Supplier, for reducing the tax or taxable value;

b) Recipient, for reducing the tax or taxable value;

c) Supplier, for increasing the tax or taxable value;

d) Recipient, for increasing the tax or taxable value.

23. Where a tax invoice has been issued for supply of any goods or services or both and the taxable value or tax charged in that tax invoice is found to be less than the taxable value or tax payable in respect of such supply, the registered person, who has supplied such goods or services or both, shall issue to the recipient containing such particulars as may be prescribed.

a) Debit note

b) Credit note

c) Receipt voucher

d) Payment voucher

24. For an increase in the tax payable or taxable value, a debit note for GST purposes:

a) Should be issued by the supplier;

b) Should be issued by the recipient;

c) May be issued by the supplier;

d) May be issued by the recipient.

25. The prescribed time period for the issuance of a Credit Note in respect of a Financial Year will be:

a) Within 31st March of the current financial year

b) Within 30th April of the succeeding financial year

c) Within 30th September of the succeeding financial year or date of furnishing of annual return whichever date is earlier

d) Within 20th October of the succeeding financial year or date of furnishing of annual return whichever date is earlier