Input tax credit is not available in respect of ————
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Question 2 of 30
2. Question
1 points
Which of the following Input Tax credit (ITC) is not available to the tax payer:-
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Question 3 of 30
3. Question
1 points
ITC of motor vehicles used for ————————- is allowed.
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Question 4 of 30
4. Question
1 points
ITC on motor vehicles on its leasing, renting or hire is not allowed except——————–
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Question 5 of 30
5. Question
1 points
ITC is blocked in case of construction, repairs, ——- -, ———-, ———— except plant & machinery —-
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Question 6 of 30
6. Question
1 points
Mr. A, a practicing Chartered Accountant purchased 3 laptops each having tax elements of Rs.40,000 in his firm name. two laptops he utilized in his office whereas one laptop he gifted to his
sister. What is the amount of ineligible ITC?
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Question 7 of 30
7. Question
1 points
In which of the following cases, input tax credit is not allowed?
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Question 8 of 30
8. Question
1 points
GST Authorities raised Mr. A’s place of business and found that tax has been evaded. The proceedings under section 73 were started and Mr. A was made liable to pay a tax of Rs. 2 crore along with the interest and penalty. For which of the following
amounts Mr. A can claim ITC?
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Incorrect
Question 9 of 30
9. Question
1 points
Mr. A purchased goods from Mr. B a composition dealer worth Rs.2,00,000. Since Mr. B was trader so he was supposed to pay only 1% of his turnover as his tax. The item so purchased was otherwise taxable at 12%. What is the amount of credit which Mr. A is eligible to take?
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Incorrect
Question 10 of 30
10. Question
1 points
ABC Pvt. Ltd. is engaged in making Chocolates. The company on Diwali, distributed the same chocolates to its employees. Can the company claim ITC in respect to the inputs used in making such gifts?
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Question 11 of 30
11. Question
1 points
ITC shall be allowed in which of the following options I. Excavators
ii. Road rollers
iii. Tippers
iv. Dumpers
Tick the correct option.
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Incorrect
Question 12 of 30
12. Question
1 points
ITC in respect to pipelines laid outside the factory & towers fixed to earth by foundation or structural support including foundation & structural support are ————— for the ITC.
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Incorrect
Question 13 of 30
13. Question
1 points
Situations:
I. Health insurance of factory employees [Not notified by Government]
ii. Composite service used for installation of plant and machinery
iii. Purchase of car used by director for the business meetings only
Comment on the eligibility of the credit in below mentioned cases.
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Incorrect
Question 14 of 30
14. Question
1 points
Inputs are procured by Mr. A for his business and the same are being utilized in manufacturing of exempted as well as taxable goods. What should be follow?
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Incorrect
Question 15 of 30
15. Question
1 points
Mr. Z trades in certain items which are exempt and supplies certain items to SEZ which are zero-rated. He wants to understand which of the following will be included in computation of taxable supplies for purpose of availing input tax credit?
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Incorrect
Question 16 of 30
16. Question
1 points
Mr. Jolly, lawyer is registered in Delhi. He has income of Rs. 32,00,000 from legal services. Also, he has given a commercial land on rent for which he is charging Rs. 5,00,000 per month. He has also extended loan of Rs. 1 crore for which he received
interest amounting to Rs. 12,00,000 annually. What will be the value of exempt supply for the purpose of reversal of input tax credit under rule 42?
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Incorrect
Question 17 of 30
17. Question
1 points
Compute the value of ‘exempted supply’ for purpose of section 17(2) of the CGST Act, 2017 from the following details: (i) Value of alcoholic liquor for human consumption: Rs.1,50,000 (ii) Value of architect services supplied: Rs.2,00,000 (iii) Securities of face value of Rs.1,00,000 sold for Rs.95,000
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Question 18 of 30
18. Question
1 points
“Credit of ITC may be availed for making zero rated supplies, even if such supply is an exempted supply.” – Comment
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Incorrect
Question 19 of 30
19. Question
1 points
The due date to file GSTR-6 (Return for Input Service Distributor) is :
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Question 20 of 30
20. Question
1 points
(i) A software professional providing technical consultancy buys a motorcycle for use of his employee.
(ii) A motor driving school buys a car for being used in imparting motor driving training.
(iii) A flying school imports an aircraft for use in its training activity.
(iv) A manufacturer buys a small truck for the purpose of transporting its inputs and finished goods. Input tax credit cannot be taken on:
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Incorrect
Question 21 of 30
21. Question
1 points
Kamlesh hires a works contractor for repairing his factory building on a lumpsum payment of Rs.11,80,000. He debits half of the expenditure in theprofit and loss account and the remaining half in the building account. Assuming the rate of GST to be 18%, Kamlesh can take input tax credit of:
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Incorrect
Question 22 of 30
22. Question
1 points
Input tax Credit is available on all supplies which are used or intended to be used in the course or furtherance of business. Input tax credit will be available under which of the following situations?
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Incorrect
Question 23 of 30
23. Question
1 points
For banking companies using inputs and input services partly for taxable supplies and partly for exempt supplies, which of the statement is true?
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Incorrect
Question 24 of 30
24. Question
1 points
Bank on 1st April 2018 has a credit of Rs. 150,000. It during the month of April supplied certain exempted services & some taxable services. What is the eligible amount of credit?
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Incorrect
Question 25 of 30
25. Question
1 points
Who is considered as Input Service Distributor under GST?
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Incorrect
Question 26 of 30
26. Question
1 points
True or false – “In case of switching from taxable to exempt transactions or from Regular to composition scheme, ITC is fully restricted.”
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Incorrect
Question 27 of 30
27. Question
1 points
An assessee obtains new registration. It can avail credit on inputs lying in stock. What is the time limit for the taking said credit?
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Incorrect
Question 28 of 30
28. Question
1 points
An assessee obtains new registration, voluntary registration, change of scheme from composition to regular scheme and from exempted goods/ services to taxable goods/services. It can avail credit on inputs lying in stock. What is the time limit for taking
said credit?
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Incorrect
Question 29 of 30
29. Question
1 points
Can the unutilized input tax credit be transferred in case of change in constitution of business?
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Question 30 of 30
30. Question
1 points
In case of Compulsory registration, input tax credit can be availed on ————
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Incorrect
Under GST, input tax credit is provided throughout the value chain for creditable acquisition.
Input Tax Credit is considered as a cornerstone of GST.
To avail the benefit of ITC it is required that the person availing such benefit is registered under GST. An unregistered person is not eligible to take the benefit of ITC.
Sec 17 Central GST Act, 2017 : list of few situations where input tax credit will not be available:
Tax paid under Composition Scheme
Goods or services or both used for personal consumption
Goods lost, stolen, destroyed, written off or disposed of by way of gift or free samples
Goods or services or both received by a non-resident taxable person
Goods or services partly used for business purpose
Zero rated and Exempted Supplies
Motor Vehicle and other conveyance
Food and beverages, outdoor catering, beauty treatment, health services, cosmetic and plastic surgery
Membership of a club, health and fitness center
Rent-a-cab, life insurance and health insurance
Travel benefits extended to employees on vacation such as leave or home travel concession
Works contract services
Construction on own account
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