Banking Awareness Quiz – Set 210

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. Which of the following country has the second highest GST rate?
   A. France
   B. Canada
   C. Argentina
   D. Switzerland
   E. None of these
   
   Answer & Explanation

   C. Argentina
   Explanation:
   Argentina has the second highest GST rate
   
   
2. What are the taxes levied on an intra-State Supply?
   A. CGST
   B. SGST
   C. CGST and SGST
   D. IGST
   E. None of these
   
   Answer & Explanation

   C. CGST and SGST
   Explanation:
   CGST and SGST are levied on an intra-State Supply
   
   
3. What is the maximum rate prescribed under CGST?
   A. 12%
   B. 28%
   C. 20%
   D. 18%
   E. None of these
   
   Answer & Explanation

   C. 20%
   Explanation:
   20% is the maximum rate prescribed under CGST
   
   
4. Which of the following taxes will be levied on Imports?
   A. CGST
   B. SGST
   C. IGST
   D. Exempt
   E. None of these
   
   Answer & Explanation

   C. IGST
   Explanation:
   IGST will be levied on Imports.
   
   
5. Is there any maximum rate prescribed under UTGST?
   A. 14%
   B. 28%
   C. 20%
   D. 30%
   E. None of these
   
   Answer & Explanation

   C. 20%
   Explanation:
   Maximum rate prescribed under UTGST – 20%
   
   
6. Which of the following can be used for payment of GST?
   A. Payment by taxpayers through Internet Banking through authorized banks
   B. OTC through authorized banks
   C. Payment through NEFT/RTGS from any bank (including other than authorized banks)
   D. All of these
   E. None of these
   
   Answer & Explanation

   D. All of these
   Explanation:
   There are three payment modes.
   Payment by taxpayers through Internet Banking through authorized banks
   OTC through authorized banks
   Payment through NEFT/RTGS from any bank (including other than authorized banks)
   
   
   
7. What is the rate applicable under CGST to a registered person being a manufacturer opting to pay taxes under composition scheme?
   A. 2.5%
   B. 1%
   C. 0%
   D. No composition for manufacturer
   E. None of these
   
   Answer & Explanation

   B. 1%
   Explanation:
   1% is the rate applicable under CGST to a registered person being a manufacturer opting to pay taxes under composition scheme
   
   
8. What is the rate applicable under CGST to a registered person opting to taxes under composition scheme, not being a manufacturer or an hotelier?
   A. 1%
   B. 2.5%
   C. 0.5%
   D. 3%
   E. None of these
   
   Answer & Explanation

   C. 0.5%
   Explanation:
   0.5% is the rate applicable under CGST to a registered person opting to taxes under composition scheme, not being a manufacturer or an hotelier
   
   
9. What is the rate applicable under CGST to a registered person being an hotelier opting to pay taxes under composition scheme?
   A. 1%
   B. 0.5%
   C. 2.5%
   D. 3%
   E. None of these
   
   Answer & Explanation

   C. 2.5%
   Explanation:
   2.5% is the rate applicable under CGST to a registered person being an hotelier opting to pay taxes under composition scheme
   
   
10. According to the recovery of tax (Section 79 and 13 of UTGST Act), after how many days, the proper officer may cause the sale of the distressed property?
    A. 30 days
    B. 60 days
    C. 90 days
    D. 120 days
    E. None of these
    
    Answer & Explanation

    A. 30 days
    Explanation:
    According to the recovery of tax (Section 79 and 13 of UTGST Act), after 30 days, the proper officer may cause the sale of the distressed property