Introduction to GST

Q.

In which of the following situations, does the list of numbers involved make as arithmetic progression and why?

(i) The taxi fare after each km when the fare is Rs 15 for the first km and Rs 8 for each additional km.

(ii) The amount of air present in a cylinder when a vacuum pump removes of the air remaining in the cylinder at a time.

(iii) The cost of digging a well after every metre of digging, when it costs Rs 150 for the first metre and rises by Rs 50 for each subsequent metre.

(iv)The amount of money in the account every year, when Rs 10000 is deposited at compound interest at 8% per annum.

Q.

Input Tax Credit (ITC) is the deduction of the input tax from the output tax.

1. False

2. True

Q.

Collection of executable codes is known as ____________.

Q.

What is the minimum rate prescribed under GST?

1. $5\%$
2. $0\%$
3. $12\%$
4. $8\%$

Q. What do the first 2 digits of the GSTIN represent?

1. District Code
2. City Code
3. Dealer Identification Code
4. State Code

Q.

All goods are classified by giving numerical code called ___ code.

Q.

Is GST applicable on books?

Q.

The marked price of an article is ₹9000 and rate of GST on it is 18%. A shopkeeper buys this article at a reduced price and sells it at its marked price.
If the shopkeeper pays ₹162 as CGST to the government as part of his net tax liability, find the amount (excluding GST) paid (in ₹) by the shopkeeper for the article.

1. 7200
2. 7500
3. 7800
4. 8100

Q. The Marked Price of an article is ₹50, 000. A wholeseller sells it to a dealer at 10% discount. The dealer further sells it to a customer at 20% profit. If the rate of GST at each stage is 18%, find the amount of GST(in ₹) paid by the dealer.

1. 1620

Q.

What do first two digits of GSTIN represent?

1. Company code
2. City code
3. Company type code
4. State code

Q.

Question 1 (i)
In which of the following situations does the list of numbers involved make an arithmetic progression and why?
(i) The taxi fare after each km when the fare is Rs. 15 for the first km and Rs. 8 for each additional km.

Q. A Dealer in Mumbai sold an Audi car to a dealer in Pune for ₹45 Lakhs and the Dealer in Pune sold it to the customer making a ₹3 Lakhs profit on it. If the rate of GST is 28%, how much GST will be paid to the Central Goverment in this transaction by the dealer in Pune?

Q. When trader pays GST at the time of purchase, it is called _____ .

1. Input tax
2. Output tax
3. Income tax
4. Service tax

Q. Match the following commodities with their standard GST% as per the indian GST tax rates.

1. $0\%$
2. $5\%$
3. $28\%$

Q.

Which country was the first to implement the GST model?

Q.

What are the taxes that existed before GST?

1. Excise Duty

2. Internet Tax

3. VAT

4. Basic Necessity Tax

Q. Samson TV brand sells its television sets at a price which involves 18% GST. If Samson sells its TV sets across states and the GST per set being collected is ₹1260, what would be the total amount charged for each television set?
[2 Marks]

Q.

Question 155

As per the census of 2001, the population of four states are given below

$\begin{array}{cccc}& \text{(a)}& \text{Maharashtra}& 96878627\\ & \text{(b)}& \text{Andhra Pradesh}& 76210007\\ & \text{(c)}& \text{Bihar}& 82998509\\ & \text{(d)}& \text{Uttar Pradesh}& 166197921\end{array}$

Arrange the states in ascending and descending order of their populations.

Q.

What services are GST free?

Q.

Rates of GST are different for different products.

1. True

2. False

Q.

The monthly pocket money of Ravi & Sanjeev is in the ratio 5: 7. Their expenditures are in the ratio 3: 5. If each saves Rs.80 every month, find their monthly pocket money.

1. 800 & 70

2. 400 & 140

3. 200 & 280

4. 100 & 560

5. 250 & 260

Q. The MP of an article = ₹900 and rate of GST on it is 18%. A shopkeeper buys this article at a reduced price and sells it at its marked price. If the shopkeeper pays ₹16.2 as CGST to the government as part of his net tax liability, find the amount (exclusive of GST) paid by the shopkeeper.
[3 Marks]

Q. The marked price of an article = ₹9000 and rate of GST on it is 18%. A shopkeeper buys this article at a reduced price and sells it at its marked price. If the shopkeeper pays ₹162 as CGST to the government as part of his net tax liability, find the amount (excluding GST) paid (in ₹) by the shopkeeper for the article.$\left[3Marks\right]$

Q.

Below are the entries in a Saving Bank Passbook:

$\begin{array}{ccccc}Date& Particulars& Withdrawal& Deposit& Balance\\ 01-01-07& B/f& & & Rs.14000\\ 01-02-07& Bycash& & Rs.11500& Rs.25500\\ 12-02-07& Tocheque& Rs5000& & Rs.20500\\ 05-04-07& Bycash& & Rs.3750& Rs.24250\\ 15-04-07& Tocheque& Rs.4250& & Rs.20000\\ 09-05-07& Bycash& & Rs.1500& Rs.21500\\ 04-06-07& Bycash& & Rs.1500.& Rs.23000\end{array}$

Find the interest for six months (from January to June) at 4% per annum on the minimum balance on or after the tenth day of each month.

1. Rs. 478.89

2. Rs. 398.33

3. Rs. 400.90

4. Rs. 599.33

Q.

GST stands for ___

Q. A dealer in Jaipur supplies a TV worth ₹10, 000 to a dealer in Udaipur. The dealer in Udaipur supplies the same TV to a dealer in Delhi at a profit of ₹6, 000. Assuming that the dealer in Delhi is the end-user of the product and the rate of GST is 12%, find:

(iii) Net GST payable by the dealer in Udaipur

[1 mark]

1. ₹600
2. ₹1, 360
3. ₹720
4. ₹1, 920

Q.

Riya has an account with a bank. Following are the entries from her pass-book:

$\begin{array}{ccccc}Date& Particulars& WithdrawalsRs.p.& DepositsRs.p.& BalanceRs.P.\\ 08-02-08& B/F& -& -& 8500.00\\ 18-02-08& Toself& 4000.00& -& -\\ 12-04-08& ByCash& -& 2238.00& -\\ 15-06-08& Toself& 5000.00& -& -\\ 08-07-08& Bycash& -& 6000.00& -\end{array}$

Compute the page of her pass book and therefore calculate the interest for six months, which is from the month of February to July 2008 at 4.5% per annum.

1. Rs. 111.45

2. Rs. 145.75

3. Rs. 121

4. Rs. 121.25

Q. The full form of GST is:

1. Income tax
2. VAT
3. Service tax
4. Custom Duty

Q. Samson TV brand sells its television sets at a price which involves 18% GST. If Samson sells its TV sets across states and the GST per set being collected is ₹1260, what would be the total amount charged for each television set?

Q.

Currently , GSTIN is mandatory for the dealers whose annual turn over in previous financial year exceeds ₹20 lacs.

1. False

2. True