Banking Awareness Quiz – Set 202(GST)

Hello Aspirants,
Welcome to Banking Awareness Quiz in AffairsCloud.com. Here we are creating quiz covering important questions which are common for all the bank exams and other competitive exams.

1. The known authorized capital of GSTN is _______
   A. 1 Crore
   B. 5 Crore
   C. 10 Crore
   D. 20 Crore
   E. None of these
   
   Answer & Explanation

   C. 10 Crore 
   Explanation:
   The known authorized capital of GSTN is 10 Crore.
   
   
2. Which of the following will be observed as GST Day?
   A. June 1
   B. June 30
   C. October 1
   D. October 31
   E. July 1
   
   Answer & Explanation

   E. July 1
   Explanation:
   July 1 will be observed as GST Day
   
   
3. Central Government holds _______ percent of shares in GSTN.
   A. 20.5%
   B. 24.5%
   C. 35.5%
   D. 40.5%
   E. None of these
   
   Answer & Explanation

   B. 24.5%
   Explanation:
   Central Government holds 24.5 percent of shares in GSTN.
   
   
4. State Government holds _______ percent of shares in GSTN.
   A. 20.5%
   B. 24.5%
   C. 35.5%
   D. 40.5%
   E. None of these
   
   Answer & Explanation

   B. 24.5%
   Explanation:
   State Government holds 24.5 percent of shares in GSTN.
   
   
5. Which taxes at the Centre level are being subsumed into GST?
   A. Central Excise Duty
   B. Service Tax
   C. Additional Excise Duty
   D. Both (A) and (B)
   E. All of these
   
   Answer & Explanation

   E. All of these
   Explanation:
   At the Central level, the following taxes are being subsumed:
   Central Excise Duty,
   Additional Excise Duty,
   Service Tax,
   Additional Customs Duty commonly known as Countervailing Duty, and
   Special Additional Duty of Customs.
   
   
6. Which taxes at the State level are being subsumed into GST?
   A. Octroi and Entry tax
   B. Luxury tax
   C. Entertainment Tax
   D. Both (B) and (C)
   E. All of these
   
   Answer & Explanation

   E. All of these 
   Explanation:
   At the State level, the following taxes are being subsumed:
   Subsuming of State Value Added Tax/Sales Tax,
   Entertainment Tax (other than the tax levied by the local bodies), Central Sales Tax (levied by the Centre and collected by the States),
   Octroi and Entry tax,
   Purchase Tax,
   Luxury tax, and
   Taxes on lottery, betting and gambling.
   
   
7. In case of Inter-State transactions, the Centre would levy and collect the _______ on all inter-State supplies of goods and services.
   A. CGST
   B. SGST
   C. IGST
   D. All of these
   E. None of these
   
   Answer & Explanation

   C. IGST
   Explanation:
   In case of Inter-State transactions, the Centre would levy and collect the IGST on all inter-State supplies of goods and services.
   
   
8. In IGST, “I” stands for _______
   A. International
   B. Inter-State
   C. Integrated
   D. All of these
   E. None of these
   
   Answer & Explanation

   C. Integrated
   Explanation:
   IGST – Integrated Goods and Services Tax.
   
   
9. In case of inter-State transactions, the Centre would levy and collect the IGST on all inter-State supplies of goods and services under ______ of the Constitution.
   A. Article 269A (1)
   B. Article 270A (1)
   C. Article 279A (1)
   D. Article 259A (1)
   E. None of these
   
   Answer & Explanation

   A. Article 269A (1)
   Explanation:
   In case of inter-State transactions, the Centre would levy and collect the IGST on all inter-State supplies of goods and services under Article 269A (1) of the Constitution.
   
   
10. The IGST would roughly be equal to ______
    A. CGST
    B. SGST
    C. (A) only
    D. Both (A) and (B)
    E. None of these
    
    Answer & Explanation

    D. Both (A) and (B)
    Explanation:
    The IGST would roughly be equal to CGST plus SGST