IDT

Question 1

True or False -
GST is a destination based tax?

Answer 1

True

Question 2

What is cascading effect?

Answer 2

Avoidance of tax on tax or cascading of taxes, hence tax only on value added at each stage.

Question 3

Which goods are not subject to GST?

Answer 3

Alcoholic liquor for human consumption, ATF, Diesel, Petrol, Petroleum crude and Natural Gas.

Question 4

Is tobacco and tobacco products subject to GST? What about opium?

Answer 4

Yes they are subject to both GST and central excise duty.
Opium is subject to both GST and state excise duty.

Question 5

Special provision states

Answer 5

3M ne PAK mai business SHUT kiya –

Manipur, Meghalaya, Mizoram, Arunachal Pradesh, Assam, Jammu & Kashmir, Sikkim, Himachal Pradesh, Uttarakhand, Tripura.

Question 6

Maximum rate of CGST?

Answer 6

20%`

Question 7

Section 9?

Answer 7

Charge of Tax

Question 8

Section 7

Answer 8

Supply

Question 9

Are transactions in interest rate swaps or foreign exchange swaps liable for GST?
What about securities lending?

Answer 9

No. since they are securities.

However, Securities lending is not a txn between securities but it is facilitating or arranging txn in securities, hence taxable.

Question 10

Any transfer of right in goods/undivided share is to be treated as supply of goods or services?

Answer 10

Supply of services

Question 11

Grant of alcoholic liquor license is supply of good or services?

Answer 11

Generally it should be supply of services, but since as per Schedule 3, it is to be treated as neither.

Question 12

Section 8?

Answer 12

Composite or Mixed Supply

Question 13

Are services provided by Business facilitator and business correspond liable for RCM? And what about their agents.

Answer 13

Business facilitator providing service to banking co. in TT is RCM, Agent is not.
Business correspondent is not RCM but FC. But Agent of business correspondent is covered under RCM.

Question 14

Is ITC available to suppliers opting for composition scheme?

Answer 14

No

Question 15

Section 10?

Answer 15

Composition scheme

Question 16

Section 12 ?

Answer 16

Time of supply of goodse

Question 17

Section 13?

Answer 17

Time of supply of services

Question 18

Section 14?

Answer 18

Change in rate of tax while time of supply

Question 19

Section 15?

Answer 19

Value of supply

Question 20

What is the notification number for Exemptions of services ?

Answer 20

NN 12/2017

Question 21

Section 17?

Answer 21

Apportionment of credit and blocked credits.

Question 22

Section 22?

Answer 22

Person Liable for registration.

Question 23

Section 24?

Answer 23

Compulsory registration in certain cases

Question 24

Section 23?

Answer 24

Persons not liable for registration

Question 25

Section 25?

Answer 25

Procedure for registration

Question 26

Within how many days a person should apply for registration ? What about CTP or NRTP?

Answer 26

Within 30 days from date he becomes liable to registration.
CTP or NRTP shall at least 5 days prior to commencement of business.

Question 27

Are SEZ units and developers exempted from e invoicing?

Answer 27

SEZ units are exempted, not developers.

Question 28

What is default rate of tax and nature of supply if the same are not determinable?

Answer 28

Rate of tax - 18%
Nature of supply - Inter state

Question 29

What is TRANSIN in E way bill?

Answer 29

Unique number generated by EWB system for unregistered transporter.

Question 30

What is the rate of interest on delayed payment of tax?

Answer 30

18% calculated on daily basis.

Question 31

Section 54?

Answer 31

Refund of Tax

Question 32

Can unregistered person apply for refund?

Answer 32

Yes, by taking temporary registration. Also, he is not required to submit CA/CMA certificate for the same.

Question 33

Section 65 and section 66?

Answer 33

Audit and Special audit

Question 34

Section 69?

Answer 34

Power to Arrest

Question 35

Section 73?

Answer 35

Determination of tax not paid or short paid for reasons other than fraud.

Question 36

Section 74?

Answer 36

Determination of tax not paid or short paid for reasons relating to fraud.

Question 37

Section 79?

Answer 37

Mode of recovery of tax

Question 38

Rulings made under Advance ruling are binding? True or False?

Answer 38

True

Question 39

Which bench shall hear the appeal as AT in case of place of supply?

Answer 39

Principal bench and not state bench.