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Internal Trade Test - 22

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Internal Trade Test - 22
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Weekly Quiz Competition
  • Question 1
    1 / -0
    The ________ is the key decision-making body that will take all important decisions regarding the GST.
    Solution
    The GST council is the key decision-making body that will take all important decisions regarding the GST. The GST Council dictates tax rate, tax exemption, the due date of forms, tax laws, and tax deadlines, keeping in mind special rates and provisions for some states. The predominant responsibility of the GST Council is to ensure to have one uniform tax rate for goods and services across the nation.
  • Question 2
    1 / -0
    Is there any time limit for issue of notice under section 76 in cases where tax collected but not paid?
    Solution
    Under section $$76$$ in cases where tax collected but not paid,
     The proper officer shall issue an order within one year from date of issue of the notice
  • Question 3
    1 / -0
    Suppose tax exempted goods under earlier law dispatched within 6 months prior to the appointed day are returned back within 6 months from the appointed day. How, the tax element involved in the return supply will be treated under GST?
    Solution
    If tax exempted identifiable goods under earlier law dispatched within 6 months prior to appointed day returned back after 6 months from appointed day,tax element involved in the return supply will be subjected to tax at the appropriate rate of GST.
  • Question 4
    1 / -0
    What will happen if the turnover of a registered person opting to pay taxes under composition scheme during the year 2017-18 crosses Rs.50 lakhs?
  • Question 5
    1 / -0
    What do you call a retailer who doesn't have a fixed location to sell the goods/services?
    Solution
    Itinerants refer to retailers who do not have a fixed place to sell. They move from one place to another in search of customers. They are also known as mobile vendors. Itinerants deal in low price non-standard items, usually daily-use items, and require a small investment.
  • Question 6
    1 / -0
    Goods with minor defects are sold at _______________.
    Solution
    Seconds shops sell goods that have manufacturing defects and do not comply with the required specifications. These are, usually, sold at a discounted price than the standard price of such goods.
  • Question 7
    1 / -0
    ___________________ manages all the administrative activities of the departmental store.
    Solution
    A departmental store is a large retail showroom having several departments under one roof, each department specializing in one line of product. Each of the departments is like a separate shop with centralized purchasing, selling, and accounting. Administrative activities of the departmental stores are managed by a General Manager.
  • Question 8
    1 / -0
    Which of the following is called a business representative body?
    Solution
    Chamber of commerce and industry is a voluntary and non-profit making organizations for all types of businessmen operating in a particular territory for the protection of their interests.
  • Question 9
    1 / -0
    Sushila orders a mixer based on an advertisement in a newspaper specifying the features, price, and delivery terms. It specified that the payment will be accepted by VPP only. Identify this type of retail business.
    Solution
    In mail-order, retailing, sellers contact the potential buyers through advertisements and mail publicity by sending circulars, catalogs, price lists, samples, booklets, etc. The customers are required to place their orders by post. They generally accept the payment by VPP only.
  • Question 10
    1 / -0
    A _____________ has several sections in the same premises selling different types of products.
    Solution
    A departmental store is a large retail showroom having several departments where each department specializes in a single line of products. Each department is like a separate shop with centralized purchasing, selling, and accounting.
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