Page 70 - What Where Why - 7

GST
GST

Goods and Services Tax

Paying Tax

One of the most significant topics in economics is the Goods and Services Tax or GST. It is a multi-
stage tax imposed on every value addition, replacing multiple indirect taxes. The company includes
GST in the cost of goods, and the customer pays the cost price with the GST.

Choose the correct option for the following :
GST
1. What is the full form of GST?
(a) Goods and Supply Tax (b) Goods and Services Tax
(c) Gadget Sales Tax (d) Goodwill Sales Tax

2. GST was implemented in India from
(a) 1st May 2016 (b) 1st June 2018
(c) 1st August 2012 (d) 1st July 2017
3. In India, the GST is a dual model of

(a) UK (b) USA (c) Canada (d) France
4. GST is a consumption of Goods and Services Tax based on
(a) Destination (b) Dividend (c) Deficit (d) Duration
5. GST structure in India is based on how many structures?
(a) 6 (b) 4 (c) 3 (d) 5

6. What does “I” in IGST stands stand for?
(a) Internal (b) Institutional (c) Inaugural (d) Integrated
7. The value of supply of goods and services shall be the
(a) Transaction value (b) MRP

(c) Market Value (d) None of these
8. The time limit to pay the value of supply with taxes
(a) 190 days (b) 160 days (c) 180 days (d) 365 days
9. Which form is to be used for registration?
(a) Form GST REG-01 (b) Form GSTW – 2

(c) Form CSTR -1A (d) Form GST REG
10. What is the validity of registration certificate?
(a) Five years (b) Ten years
(c) No validity (d) Valid till it is cancelled

6868