Chap - ITC
46. Mr. Ramesh wants to change scheme from Composition scheme to Regular scheme can he be eligible for credit
on capital goods?
option (a) Not eligible
(b) Eligible during application for Regular scheme
(c) Yes, immediately before the date from which he becomes liable to pay tax under the Regular scheme
(d) None of the above
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Chap - ITC
47. Can the unutilized input tax credit be transferred in case of change in constitution of business?
option (a) It will be transferred only if it is shown in books of Accounts of transferor
(b) Yes, it will be transferred only if there is provision for transfer of liabilities
(c) Not possible
(d) No, it will be exhausted
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Chap - ITC
48. Is Input tax fully restricted in case of switchover from taxable to exempt supplies
option (a) Not restricted (b) Proportionately restricted
(c) No (d) Yes
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Chap - ITC
49. Is Input tax required to be paid in case of switchover from taxable to exempt supplies
option (a) Yes, full credit
(b) No, should be debited to electronic credit ledger
(c) No
(d) Yes, equivalent to the credit in respect of inputs held in stock (including semi-finished and finished goods)
and on capital goods held in stock
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Chap - ITC
50. Is it required to reverse input tax in case of supply of capital goods
option (a) Yes, to extent of credit taken as reduced by prescribed percentage or tax on transaction value whichever is
higher
(b) Yes, to the extent of transaction value of such goods
(c) Yes fully
(d) No
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51. The time limit beyond which if Inputs are not returned, the inputs sent for job work shall be treated as supply
option (a) Six months (b) One year
(c) Five years (d) Seven years
option (a) Six months (b) One year
(c) Five years (d) Seven years
52. The time limit beyond which if goods are not returned, the CG sent for job work shall be treated as supply
option (a) Seven years (b) Three Years
(c) Two years (d) One year
option (a) Seven years (b) Three Years
(c) Two years (d) One year
53. Let’s say Mr. X , Principal is entitled for input tax credit on inputs sent for job work to Mr.Y (Job Worker)
option (a) If goods sent are returned within six months
(b) If goods sent are returned within nine months
(c) If goods sent are returned within one year
(d) If goods sent are returned within three years
option (a) If goods sent are returned within six months
(b) If goods sent are returned within nine months
(c) If goods sent are returned within one year
(d) If goods sent are returned within three years
54. Let say Mr. Rohan Principal entitled for input tax credit on capital goods sent for job work to Mr.Q (Job Worker)
option (a) If goods sent are returned within six months
(b) If goods sent are returned within nine months
(c) If goods sent are returned within one year
(d) If goods sent are returned within three years
option (a) If goods sent are returned within six months
(b) If goods sent are returned within nine months
(c) If goods sent are returned within one year
(d) If goods sent are returned within three years
55. Let say Mr.Jaggu (Principal), is he entitled for credit of goods though he has not received the goods and has
been sent to job worker directly by vendor?
option (a) Yes, vendor should be located in same place
(b) Yes
(c) No
(d) None of the above
been sent to job worker directly by vendor?
option (a) Yes, vendor should be located in same place
(b) Yes
(c) No
(d) None of the above