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c. 3%
d. 4%
7. VAT is introduced in India on:
a. 1st April 2005
b. 1st June 2005
c. 1st April 2006
d. 1st June 2006
11) The compulsory registration limit under VAT Act can be raised by states a
maximum of
a) Rs 15 lakhs
b) 10 lakhs
c) 7 lakhs
d) 12 lakhs
12) Number of new dealer is generally allowed days time from date of liability
to get registered under VAT Act:
a. 15 days
b. 10 days
c. 30 days
d. 12 days
TERMINAL TEST MARCH 2018
17) Service tax was initially levied in India by the Constitution vide entry No.
a. Union List
b. State List
c. Concurrent List
d. All of the above
c) 12.5%
d) 14.5%
20) Service tax is levied in India by following the:
a) Practical approach
b) Selective approach
c) Comprehensive approach
d) Assessment approach
21) Services provided by diplomatic mission of any country in India is covered
under:
a) Declared Service
b) Exception of declared service
c) Negative List
d) Mega Exemption Notification
22) Renting of immovable property for agriculture purpose is
a) Declared Service
b) Exception of declared service
c) Negative List
d) Mega Exemption
23) In case services are provided by an HUF to a business entity under works
contract, the service tax shall be paid by:
a) Service Provider
b) Service Receiver
c) Both (a) & (b)
d) none of the above
26) What is point of taxation if the invoice is issued within 30 days from
completion of service?
a) Date of service
TERMINAL TEST MARCH 2018
b) Date of invoice
c) Date of completion of the service
d) Date of advance payment
27) No service tax is levied on ________ Bank
a) Reserve
b) State
c) HDFC
d) None
1(a) 2(b) 3(d) 4(b) 5(c) 6 (b) 7(a) 8 (d) 9(b) 10(d)
11 (b) 12 (c) 13(d) 14(d) 15(a) 16(d) 17(a) 18 (b) 19(d) 20( c)
21 ( c) 22 (b) 23 (c) 24 (c) 25 ( c) 26 (b) 27 (a ) 28 (b) 29 (a) 30( b)
Short Notes
Compute the amount of total VAT collected by government and VAT liability on
each stage.
Q 3 What are declared services? Explain 10 categories covered under the negative
list.
Q.4 Explain the concept reverse charge mechanism. Explain one practical example
of reverse charge mechanism.
Q.5.Who is small service provider? Explain elaborately.
Q.6. Explain 10 categories under Mega Exemption Notification.
Q.7. (a) X purchases input worth Rs. 15,00,000 and record sales of rs.22,00,000 in
the month of January 2016. Input tax rate and output tax rate is 12.5 percent.
Calculate set-off in indirect tax.
(b) X purchases input worth Rs. 16,00,000 and records sales of Rs. 21,00,000 in
the month of January 2016. Input tax rate and output tax rate are 4 percent and
12.5% respectively. Calculate set-off in indirect tax.