GST Accounting
Commerce ⇒ Accountancy
GST Accounting starts at 12 and continues till grade 12.
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See sample questions for grade 12
Describe the accounting entry for GST paid on purchase of goods for business use.
Describe the process of availing Input Tax Credit under GST.
Describe the process of matching Input Tax Credit in GST accounting.
Explain the difference between CGST and SGST.
A business has Output IGST of Rs. 20,000, Input IGST of Rs. 12,000, and Input CGST of Rs. 5,000. What is the net IGST payable?
A business purchased goods worth Rs. 1,00,000 plus 12% GST and sold them for Rs. 1,50,000 plus 12% GST. Calculate the net GST payable.
A business sold goods worth Rs. 2,00,000 within the state at 12% GST. Calculate the amount of CGST and SGST to be collected.
A dealer in Delhi sells goods worth Rs. 1,00,000 to a dealer in Haryana. The applicable GST rate is 18%. Calculate the amount of IGST to be charged.
Input Tax Credit (ITC) can be claimed on which of the following? (1) Personal expenses (2) Business purchases (3) Gifts to employees (4) All of the above
What is the due date for filing monthly GSTR-3B return for regular taxpayers? (1) 10th of next month (2) 15th of next month (3) 20th of next month (4) 25th of next month
Which of the following is a mandatory field in a GST-compliant tax invoice? (1) HSN code (2) Customer's PAN (3) Bank account number (4) Place of supply
Which of the following is a valid GSTIN format? (1) 22AAAAA0000A1Z5 (2) 1234567890 (3) AAAAA0000A (4) 22-AAAAA-0000A-1Z5
Fill in the blank: The GST Council is chaired by the _______ of India.
Fill in the blank: The GST paid on goods destroyed by fire is _______ for Input Tax Credit.
Fill in the blank: The GST paid on purchase of a car for personal use is _______ for Input Tax Credit.
Fill in the blank: The threshold limit for mandatory GST registration for a business engaged exclusively in supply of goods is Rs. _______ lakh (as per current law).
State whether the following statement is True or False: Composition scheme dealers can collect tax from customers.
State whether the following statement is True or False: GST paid under Reverse Charge Mechanism is eligible for Input Tax Credit if used for business purposes.
State whether the following statement is True or False: IGST is applicable on inter-state supply of goods and services.
True or False: GST is applicable on both goods and services.
