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Input Tax Credit under GST

Quiz by Support - BusinessPromoted .com

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10 questions
Show answers
  • Q1
    What is the primary purpose of claiming Input Tax Credit (ITC) under GST?
    To increase the sales turnover of the business.
    To evade taxes legally.
    To reduce the tax liability by claiming credit for taxes paid on purchases.
    To obtain a refund from the government.
    30s
  • Q2
    Which form is primarily used to claim ITC in the GST regime?
    GSTR-1
    GSTR-4
    GSTR-3B
    GSTR-9
    30s
  • Q3
    What must be ensured about the purchase invoice before claiming ITC?
    The invoice should be sent by post.
    The invoice should be handwritten and signed.
    The invoice must be uploaded by the supplier in their GSTR-1.
    The invoice must be printed on colored paper.
    30s
  • Q4
    Which section of the CGST Act deals with the eligibility and conditions for taking ITC?
    Section 18
    Section 22
    Section 16
    Section 10
    30s
  • Q5
    What is the time limit for claiming ITC on an invoice or debit note?
    Within six months from the date of invoice.
    Within one month from the date of invoice.
    Before the due date of filing the return for September of the following financial year or the date of filing the annual return, whichever is earlier.
    Before the end of the calendar year.
    30s
  • Q6
    Which type of goods or services are ineligible for ITC claims under GST?
    Raw materials used for manufacturing.
    Goods used for personal consumption.
    Goods purchased for resale.
    Capital goods used in production.
    30s
  • Q7
    What is the role of GSTR-2A in the ITC claim process?
    It is used to calculate the total tax liability.
    It is an auto-populated form showing details of inward supplies as uploaded by the suppliers.
    It is used to declare outward supplies by the taxpayer.
    It is the final annual return form.
    30s
  • Q8
    Under which circumstances can the ITC be blocked and not be allowed?
    If the goods are delivered to a different address.
    If the recipient fails to pay the supplier within 180 days from the date of invoice.
    If the supplier and recipient are in different states.
    If the invoice is paid in cash.
    30s
  • Q9
    What action should a taxpayer take if ITC claimed is found to be ineligible?
    File a complaint with the GST authorities.
    Ignore the discrepancy as it will be auto-corrected.
    Claim a refund for the ineligible ITC.
    Reverse the ITC along with interest.
    30s
  • Q10
    What is the consequence of claiming ITC fraudulently under GST?
    A warning letter from GST authorities.
    Additional ITC allowance in the next financial year.
    Temporary suspension of GST registration.
    Penalties, interest, and possible prosecution.
    30s

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