IRMA/PRM39/FTA/QUIZ-01

IRMA/ PRM39/ FTA Class Quiz (11.03.2020): Answer Key

Total Marks: 20 (10Q x 2 = 20)

Q1: The OECD country which has not adopted

VAT/ GST is ___________ (France/ UK/ USA),
while the latest GST/ VAT implementing country
is ________________ (Malaysia/ UAE/ India).
Q6: IGST, equal to sum total of CGST and
Q2: Which statements are correct in relation SGST, is levied on
to VAT/GST in India (√ Pl.) – (a) Intra-State supplies & Exports
(a) It is destination based tax on (b) Inter-State supplies & Imports √
consumption √ (c) Online Internet data traffic
(b) It is applicable only to B2B and not (d) Only Imports & Exports
B2C
(c) It is levied by local government bodies Q7: The letter of Credit (LC) is the part of
(d) Exports are zero rated √ ____________ (two/ three/ four) independent
contracts in relation to international trade. For
Q3: Match the following: LC, which is the __________ (first/ second/
A. Customs Act (i) 1975 >> third) contract in the sequence, the Global
[B] Banking system, since _____________ (2005/
B. Customs Tariff Act (ii) 2017 >> 2007/ 2010) follows the U. C. P. D. C.
[D] ____________ (400/ 600/ 900) of I. C. C.
C. SEZ Act (iii) 1962 >>
[A] Q8: One test of goods or not being goods
D. CGST Act (iv) 2005 >> [ C (service) is whether it is tangible in nature or
] not. To determine it in finality what other
factors one need to consider? (√ Pl.) –
Q4: Mr. Ravi, a GSTIN registration holder,
has a potato wafers start-up in a rural taluka. (a) Transfer of Title
He buys potatoes from various agriculturists, (b) Ownership
who are not registered under GST. To avail (c) Right to use
credits of tax he should pay GST on reverse (d) All of above √
charge basis on the supplies received from (e) None of above
unregistered agriculturists. The statement is-
(a) True √ Q9: If import prices are given in FOB terms,
(b) Partly true one must add ________________ (Actual,
(c) False 20% of FOB, 20% of actual) Freight and
____________ (Actual, 1.125% of Actual,
Q5: State True or False: 1.125% of FOB) Insurance, to arrive at CIF
(a) The Supplies to SEZ are treated as price for Custom purpose valuation.
exports by domestic company [ T ]
Q10: In the GST Council the votes of the
(b) The Windows software sold on a pen Centre has __________________ (1/3, 1/2,
drive is service [ F ] 2/3, 3/4) weights, while that of States is
(c) The IGM relates to Exports, while the ________________ (1/3, 1/2, 2/3, 3/4) and
EGM relates to Imports [ F ] the quorum consist of _________________
(1/3, 1/2, 2/3, 3/4) members while to take a
(d) To calculate IGST on imports, the
decision ____________ (1/3, 1/2, 2/3, 3/4) of
value includes customs duties [
the weighted vote must be in the support.
T ]
 FTA20/IRMA/Quiz1/03-20/ Key

<The quiz-Key: Correct Answers Underlined and in Red Font>