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GST Composition Levy

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Mock test in GST Composition Levy for preparation of CA Inter, IPCC, CA Final, CS executive, CS Professional, CMA Inter and CMA final exams. income tax basic concepts are also useful for preparation CBCE commerce Students

MCQ's in composition levy under gst

Subject :- GST CA Inter

Chapter :- Composition Levy – Test 1

Questions :- 30

 

GST

GST is a destination based indirect tax on consumption of goods and services, i.e., the tax would accrue to the taxing authority (State/Union Territory) which has jurisdiction over the place of consumption, which is termed as place of supply

All goods and services attract the GST

only value addition will be taxed and burden of GST tax is to be borne by the final consumer.

composition levy under gst

A dealer registered under composition scheme is not required
to maintain detailed records as in the case of a normal taxpayer and shall pay tax as a percentage of his turnover during the year without the benefit of ITC( Input Tax Credit).

Such a dealer cannot issue a tax invoice as well

A buyer from composition dealer will not be able to claim input tax on such goods

A Composition dealer shall not collect any tax from his customers.

Tax payers making inter- state supplies or paying tax on reverse charge basis shall not be eligible for composition scheme.

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