GST MCQ Quiz - Objective Question with Answer for GST - Download Free PDF

The correct answer is New Delhi.

Key Points

• The Secretariat of the Goods and Services Tax (GST) Council is located in New Delhi, India.
• The GST Council Secretariat was established to assist the GST Council in the discharge of its functions.
• It plays a crucial role in coordinating between the central government and various state governments regarding GST matters.
• The Secretariat provides administrative and logistical support for the GST Council meetings and other related activities.

Additional Information

• Goods and Services Tax (GST)
  • GST is an indirect tax that has replaced many indirect taxes in India such as excise duty, VAT, services tax, etc.
  • It is a single tax on the supply of goods and services, right from the manufacturer to the consumer.
  • GST is a destination-based tax, meaning it is collected from the point of consumption rather than the point of origin.
  • There are three types of GST in India: CGST (Central GST), SGST (State GST), and IGST (Integrated GST).
• GST Council
  • The GST Council is a constitutional body for making recommendations to the Union and State Governments on issues related to GST.
  • The Council is chaired by the Union Finance Minister and includes the Union Minister of State for Finance and the Finance Ministers of all the states.
  • Decisions in the GST Council are taken by a three-fourth majority of the votes cast, with the central government having one-third of the votes and the state governments having two-thirds.
• GST Network (GSTN)
  • GSTN is a non-profit organization established to manage the entire IT system of the GST portal, which is the common and shared IT infrastructure between the central and state governments, taxpayers, and other stakeholders.
  • It facilitates the registration, payment, and return filing processes under GST.
  • GSTN ensures data security and confidentiality of taxpayer information.
• Impact of GST
  • GST has simplified the tax structure by subsuming various indirect taxes under a single regime.
  • It has helped in reducing the cascading effect of taxes, thereby lowering the overall tax burden on goods and services.
  • GST has improved the ease of doing business by providing a common national market and reducing complexities related to tax compliance.

The correct answer is 1 July 2017.Key Points

• ​GST was passed as the 101st Amendment Act of 2016.
• GST (Goods and Services Tax): is a comprehensive indirect tax on the manufacture, sale and consumption of goods and services throughout India.
• The four basic rate structures of GST are 5%. 12%, 18% and 28%.

Additional Information

• The motto of GST - is "One Nation, One Tax, One Market".
• Three types of taxes in Indian GST are State GST(SGST)/ Union Territory GST(UTGST), Central GST(CGST) and Integrated GST(IGST).
• GST bill was passed by Rajya Sabha on 3rd August 2016.
• GST bill was passed by Lok Sabha on 8th August 2016.
• GST bill was signed by President on 8th September 2016.
• GST came into effect from 1st July 2017.
• Articles deals with the formation of the GST council is 279A.
• The Chairman of the GST council is Union Finance Minister.
• The first Chairman of the GST council is Arun Jaitley. 
• The concept of GST was first presented in Parliament by P. Chidambaram in 2005. 
• India has chosen the Canadian model of dual GST. 
• The first country to introduce GST: France in 1954.

Key Points

• GSTR-3B is a monthly self-declaration return filed by GST taxpayers to declare their summary GST liabilities.
• It captures the consolidated summary of sales, purchases, and tax liabilities for a given period.
• The Finance Ministry of India introduced the option to file GSTR-3B returns in a staggered manner to reduce the load on the GSTN portal.
• This staggered filing method aims to ease compliance for taxpayers and improve the efficiency of the return filing process.

Additional Information

• GSTR-2A
  • GSTR-2A is an auto-populated return that contains details of all purchases made by a taxpayer.
  • This return is generated based on the information provided by the suppliers in their GSTR-1 returns.
  • It helps in reconciling the input tax credit (ITC) claimed by the taxpayer.
• GSTR-4/CMP-08
  • GSTR-4 is an annual return that composition scheme taxpayers need to file.
  • CMP-08 is a quarterly self-assessed statement-cum-challan that composition taxpayers file to pay their taxes.
  • These returns are meant for small taxpayers who have opted for the Composition Scheme under GST.
• GSTR-5
  • GSTR-5 is a return filed by non-resident foreign taxpayers who are registered under GST.
  • It contains details of all supplies made and received by the non-resident taxpayer during a tax period.
  • This return helps in ensuring that non-resident taxpayers comply with Indian GST laws.

The correct answer is option 4.

Key Points The GST Council is chaired by the Union Finance Minister. Hence option 4 is the correct answer. 

Additional Information

• The GST Council is a constitutional body under Article 279A of the Indian Constitution.
• It was formed to make decisions on matters related to the Goods and Services Tax (GST).
• The Chairperson is the Union Finance Minister, and its members include:
• State Finance Ministers or nominated ministers from each state.
• The Minister of State for Finance at the central level.

The correct answer is New Delhi.

Key Points

• The Secretariat of the Goods and Services Tax (GST) Council is located in New Delhi, India.
• The GST Council Secretariat was established to assist the GST Council in the discharge of its functions.
• It plays a crucial role in coordinating between the central government and various state governments regarding GST matters.
• The Secretariat provides administrative and logistical support for the GST Council meetings and other related activities.

Additional Information

• Goods and Services Tax (GST)
  • GST is an indirect tax that has replaced many indirect taxes in India such as excise duty, VAT, services tax, etc.
  • It is a single tax on the supply of goods and services, right from the manufacturer to the consumer.
  • GST is a destination-based tax, meaning it is collected from the point of consumption rather than the point of origin.
  • There are three types of GST in India: CGST (Central GST), SGST (State GST), and IGST (Integrated GST).
• GST Council
  • The GST Council is a constitutional body for making recommendations to the Union and State Governments on issues related to GST.
  • The Council is chaired by the Union Finance Minister and includes the Union Minister of State for Finance and the Finance Ministers of all the states.
  • Decisions in the GST Council are taken by a three-fourth majority of the votes cast, with the central government having one-third of the votes and the state governments having two-thirds.
• GST Network (GSTN)
  • GSTN is a non-profit organization established to manage the entire IT system of the GST portal, which is the common and shared IT infrastructure between the central and state governments, taxpayers, and other stakeholders.
  • It facilitates the registration, payment, and return filing processes under GST.
  • GSTN ensures data security and confidentiality of taxpayer information.
• Impact of GST
  • GST has simplified the tax structure by subsuming various indirect taxes under a single regime.
  • It has helped in reducing the cascading effect of taxes, thereby lowering the overall tax burden on goods and services.
  • GST has improved the ease of doing business by providing a common national market and reducing complexities related to tax compliance.

The correct answer is 1 July 2017.Key Points

• ​GST was passed as the 101st Amendment Act of 2016.
• GST (Goods and Services Tax): is a comprehensive indirect tax on the manufacture, sale and consumption of goods and services throughout India.
• The four basic rate structures of GST are 5%. 12%, 18% and 28%.

Additional Information

• The motto of GST - is "One Nation, One Tax, One Market".
• Three types of taxes in Indian GST are State GST(SGST)/ Union Territory GST(UTGST), Central GST(CGST) and Integrated GST(IGST).
• GST bill was passed by Rajya Sabha on 3rd August 2016.
• GST bill was passed by Lok Sabha on 8th August 2016.
• GST bill was signed by President on 8th September 2016.
• GST came into effect from 1st July 2017.
• Articles deals with the formation of the GST council is 279A.
• The Chairman of the GST council is Union Finance Minister.
• The first Chairman of the GST council is Arun Jaitley. 
• The concept of GST was first presented in Parliament by P. Chidambaram in 2005. 
• India has chosen the Canadian model of dual GST. 
• The first country to introduce GST: France in 1954.

The correct answer is 1 July 2017.Key Points

• ​GST was passed as the 101st Amendment Act of 2016.
• GST (Goods and Services Tax): is a comprehensive indirect tax on the manufacture, sale and consumption of goods and services throughout India.
• The four basic rate structures of GST are 5%. 12%, 18% and 28%.

Additional Information

• The motto of GST - is "One Nation, One Tax, One Market".
• Three types of taxes in Indian GST are State GST(SGST)/ Union Territory GST(UTGST), Central GST(CGST) and Integrated GST(IGST).
• GST bill was passed by Rajya Sabha on 3rd August 2016.
• GST bill was passed by Lok Sabha on 8th August 2016.
• GST bill was signed by President on 8th September 2016.
• GST came into effect from 1st July 2017.
• Articles deals with the formation of the GST council is 279A.
• The Chairman of the GST council is Union Finance Minister.
• The first Chairman of the GST council is Arun Jaitley. 
• The concept of GST was first presented in Parliament by P. Chidambaram in 2005. 
• India has chosen the Canadian model of dual GST. 
• The first country to introduce GST: France in 1954.

The correct answer is option 4.

Key Points The GST Council is chaired by the Union Finance Minister. Hence option 4 is the correct answer. 

Additional Information

• The GST Council is a constitutional body under Article 279A of the Indian Constitution.
• It was formed to make decisions on matters related to the Goods and Services Tax (GST).
• The Chairperson is the Union Finance Minister, and its members include:
• State Finance Ministers or nominated ministers from each state.
• The Minister of State for Finance at the central level.

The correct answer is New Delhi.

Key Points

• The Secretariat of the Goods and Services Tax (GST) Council is located in New Delhi, India.
• The GST Council Secretariat was established to assist the GST Council in the discharge of its functions.
• It plays a crucial role in coordinating between the central government and various state governments regarding GST matters.
• The Secretariat provides administrative and logistical support for the GST Council meetings and other related activities.

Additional Information

• Goods and Services Tax (GST)
  • GST is an indirect tax that has replaced many indirect taxes in India such as excise duty, VAT, services tax, etc.
  • It is a single tax on the supply of goods and services, right from the manufacturer to the consumer.
  • GST is a destination-based tax, meaning it is collected from the point of consumption rather than the point of origin.
  • There are three types of GST in India: CGST (Central GST), SGST (State GST), and IGST (Integrated GST).
• GST Council
  • The GST Council is a constitutional body for making recommendations to the Union and State Governments on issues related to GST.
  • The Council is chaired by the Union Finance Minister and includes the Union Minister of State for Finance and the Finance Ministers of all the states.
  • Decisions in the GST Council are taken by a three-fourth majority of the votes cast, with the central government having one-third of the votes and the state governments having two-thirds.
• GST Network (GSTN)
  • GSTN is a non-profit organization established to manage the entire IT system of the GST portal, which is the common and shared IT infrastructure between the central and state governments, taxpayers, and other stakeholders.
  • It facilitates the registration, payment, and return filing processes under GST.
  • GSTN ensures data security and confidentiality of taxpayer information.
• Impact of GST
  • GST has simplified the tax structure by subsuming various indirect taxes under a single regime.
  • It has helped in reducing the cascading effect of taxes, thereby lowering the overall tax burden on goods and services.
  • GST has improved the ease of doing business by providing a common national market and reducing complexities related to tax compliance.

The correct answer is 1 July 2017.Key Points

• ​GST was passed as the 101st Amendment Act of 2016.
• GST (Goods and Services Tax): is a comprehensive indirect tax on the manufacture, sale and consumption of goods and services throughout India.
• The four basic rate structures of GST are 5%. 12%, 18% and 28%.

Additional Information

• The motto of GST - is "One Nation, One Tax, One Market".
• Three types of taxes in Indian GST are State GST(SGST)/ Union Territory GST(UTGST), Central GST(CGST) and Integrated GST(IGST).
• GST bill was passed by Rajya Sabha on 3rd August 2016.
• GST bill was passed by Lok Sabha on 8th August 2016.
• GST bill was signed by President on 8th September 2016.
• GST came into effect from 1st July 2017.
• Articles deals with the formation of the GST council is 279A.
• The Chairman of the GST council is Union Finance Minister.
• The first Chairman of the GST council is Arun Jaitley. 
• The concept of GST was first presented in Parliament by P. Chidambaram in 2005. 
• India has chosen the Canadian model of dual GST. 
• The first country to introduce GST: France in 1954.

Key Points

• GSTR-3B is a monthly self-declaration return filed by GST taxpayers to declare their summary GST liabilities.
• It captures the consolidated summary of sales, purchases, and tax liabilities for a given period.
• The Finance Ministry of India introduced the option to file GSTR-3B returns in a staggered manner to reduce the load on the GSTN portal.
• This staggered filing method aims to ease compliance for taxpayers and improve the efficiency of the return filing process.

Additional Information

• GSTR-2A
  • GSTR-2A is an auto-populated return that contains details of all purchases made by a taxpayer.
  • This return is generated based on the information provided by the suppliers in their GSTR-1 returns.
  • It helps in reconciling the input tax credit (ITC) claimed by the taxpayer.
• GSTR-4/CMP-08
  • GSTR-4 is an annual return that composition scheme taxpayers need to file.
  • CMP-08 is a quarterly self-assessed statement-cum-challan that composition taxpayers file to pay their taxes.
  • These returns are meant for small taxpayers who have opted for the Composition Scheme under GST.
• GSTR-5
  • GSTR-5 is a return filed by non-resident foreign taxpayers who are registered under GST.
  • It contains details of all supplies made and received by the non-resident taxpayer during a tax period.
  • This return helps in ensuring that non-resident taxpayers comply with Indian GST laws.

The correct answer is New Delhi.

Key Points

• The Secretariat of the Goods and Services Tax (GST) Council is located in New Delhi, India.
• The GST Council Secretariat was established to assist the GST Council in the discharge of its functions.
• It plays a crucial role in coordinating between the central government and various state governments regarding GST matters.
• The Secretariat provides administrative and logistical support for the GST Council meetings and other related activities.

Additional Information

• Goods and Services Tax (GST)
  • GST is an indirect tax that has replaced many indirect taxes in India such as excise duty, VAT, services tax, etc.
  • It is a single tax on the supply of goods and services, right from the manufacturer to the consumer.
  • GST is a destination-based tax, meaning it is collected from the point of consumption rather than the point of origin.
  • There are three types of GST in India: CGST (Central GST), SGST (State GST), and IGST (Integrated GST).
• GST Council
  • The GST Council is a constitutional body for making recommendations to the Union and State Governments on issues related to GST.
  • The Council is chaired by the Union Finance Minister and includes the Union Minister of State for Finance and the Finance Ministers of all the states.
  • Decisions in the GST Council are taken by a three-fourth majority of the votes cast, with the central government having one-third of the votes and the state governments having two-thirds.
• GST Network (GSTN)
  • GSTN is a non-profit organization established to manage the entire IT system of the GST portal, which is the common and shared IT infrastructure between the central and state governments, taxpayers, and other stakeholders.
  • It facilitates the registration, payment, and return filing processes under GST.
  • GSTN ensures data security and confidentiality of taxpayer information.
• Impact of GST
  • GST has simplified the tax structure by subsuming various indirect taxes under a single regime.
  • It has helped in reducing the cascading effect of taxes, thereby lowering the overall tax burden on goods and services.
  • GST has improved the ease of doing business by providing a common national market and reducing complexities related to tax compliance.