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13 Jul 2018


GST - Expected Questions on Goods & Services Tax (GST Bill) l MCQ for upsc ssc bank railway
GST - Expected Questions on Goods & Services Tax (GST Bill) l MCQ for upsc ssc bank railway.

Hello Readers, In this post we are sharing MCQs on Goods and Services Tax (GST) -2. These all Important MCQ related to GST most important for UPSC, CGL, SSC, RAILWAYS ,PSUs and all state level competitive Exams.

Q.1. The Number of Digits in the PAN based GSTIN registration Number will be:
(A) 10 Digits
(B) 12 Digits
(C) 14 Digits
(D) 15 Digits

Q.2. The Issuance of the Invoice or Receipt of Payment is known as :
(A) Actual Tax Point
(B) Basic Tax Point
(C) Either of the above
(D) None of the Above

Q.3. What will be the Amount of TDS in GST?
(A) Full Tax Amount
(B) SGST Tax Only
(C) CGST Tax Only
(D) 1% of the Payment

Q.4. The Tax Collected by E-Commerce Operators from the actual Suppliers of Goods is
termed as:
(C) Service tax
(D) All of the Above

Q.5. The filing of Monthly Returns in GST will be:
(A) At a stretch
(B) Two Phases
(C) Three Phases
(D) Four Phases

Q.6. The number of Return to be filed by a Casual Trader
(A) GSTR-1 Only
(B) GSTR-2 Only
(C) Both GSTR-1 and 2
(D) GSTR-1, 2, and 3

Q.7. The basic nature of assessment in GST will be:
(A) Self assessment
(B) Provisional Assessment
(C) Best Judgment Assessment
(D) Protective Assessment

Q.8. The Special Audit report is to be submitted normally within a period of :
(A) 30 days
(B) 60 days
(C) 90 Days
(D) 180 days

Q.9. What is a serious case in GST?
(A) Disputed Tax of and above 25 Lakhs
(B) Disputed Tax of and above 50 Lakhs
(C) Disputed Tax of and above 25 Crores
(D) Disputed Tax of and above 25 Crores

Q.10. Who will be the final fact finding authority in a tax case?
(B) Tribunal
(C) HC
(D) SC

Answer Key:
1. d
2. a
3. d
4. b
5. c
6. d
7. a
8. c
9. c
10. b

10 Very Important GK Questions for Must for Every Competitive Exams
Q.No. 1. What is the full form of term 'GST'- Good and Services Tax

Q.No. 2. The GST is proposed to be implemented simultaneously in the whole of India by the Central Government- 1st July 2017

Q. No. 3. Who is the new chairperson of the State Bank of India (SBI) - Arundhati Bhattacharya

Q. No. 4. Who is the first woman to be appointed Chairman of the State Bank of India (SBI) - Arundhati Bhattacharya

Q. No. 5. Institute of Banking Personnel Selection (IBPS) founded in - 1975

Q. No. 6. Often we keep reading about 'JIO' in newspapers, what it is - LTE mobile network operator

Q. No. 7. In mobile technology term '4G' stand for - a mobile communications standard/fourth generation of mobile phone

Q, No. 8. What is Fifth Generation Wireless - 5G

Q. No. 9. The “G” in 5G stands for - generation

Q. No. 10. The smallest denomination note is in India - one rupee note

You can study more static gk for bank exams here

Thank You . All the Very Best

Banking regulation act, 1949 - Important General Knowledge (GK) Facts

The Banking Regulation Act 1949 is applicable throughout the country. In addition to this Act, all those who are involved in banking are acting as a supplementary act. Like the Negotiable Instrument Act, Company Act 1956, which was passed as the banking company Act 1949. This act, passed in the Banking Companies Act, 1949, came into light on 16 March 1949, and the same Act became changed on March 01, 1966 as the Banking Regulations Act 1949. It is important that this Act was effected in Jammu and Kashmir in the year 1956. Banking Regulation Act is not suitable in respect to primary agricultural, credit societies, non-agricultural committees and cooperative land mortgage banks.

Definitions :

Banking - Banking means accepting money from the public as a deposit amount. These deposits or investments, loan and demand etc. are done to fulfill the tasks. These currencies can be withdrawn through drafts or checks etc.

Banking company - The banking company is a company that completes banking business in India. This company resolves the issues of the states which have been given in the Companies Act,

Business permission for a banking company (Section 6)

• To lend security / unrecognized / and to get money on lending, issuing passenger checks and foreign currency notes. And, buying and transferring the deposit and transferring it and purchasing securities (bonds and other securities) from customers.
• Doing business of all types of guarantees and editing financial operations and indemnity business.
• Selling, managing the claims of the property of the bank, which is necessary to be obtained in the context of its occupation.
• Editing all the tasks of the Trust's undertakings.
• Editing the necessary tasks for the company's development and growth. Also work for his progress.
• To execute business activities which are given in government notifications and defined by it.

Prohibition on Trade (Section 8)

According to this clause no banking company can directly or indirectly manage the activities related to the purchase or sale of any item or its exchange.

Disposal of Non Banking Assets (Section 9)

In respect of the repayment of the bank borrowings, no bank can keep any property for a period of more than seven months in relation to the settlement of debts or liabilities. If considered necessary, this period can be extended by the Reserve Bank of India for this period again for 5 years.

Reserve Fund (Section 17)

Every banking company should save / produce more amount than the amount received in tax and interest. The reserve amount should be up to 20 percent at any rate of the benefit amount of the bank. If the cumulative amount of reserve fund and securities premium is more than the total paid up capital of the company, then this can be exempted in this regard.

Cash Reserve (Section 18)

About 3% of the total demand and liabilities should be secured in the current account in the form of cash reserve with Reserve Bank of India. This liability will not be included in the amount received from Reserve Bank of India / Exim Bank / Development Bank or any other bank. It should be noted that this amount should be kept / deposited on the last Friday of the second fortnight of every month. This withdrawal should be deposited by Reserve Bank of India before the twelfth day of every month.

Accounting & Balance Sheet (Section 29)

Banking companies should formulate a reference plan for the balance sheet and profit and loss account on the last working day of every accounting year for the prescribed forms in the third schedule. Above the account where there are three directors from the directors, the sign should be signed by the three directors. If the number of directors is up to three, then all the directors of the same position must be signed. In the case of a corporate banking company outside the nation, this signature should be signed by the head of the accounts or the manager of the company in India.

Audit of banking company (Section 30)

1. Accounts related to balance sheets and profits and losses should be audited in accordance with Article 29 by an auditor who is a qualified person under the law and ready to discharge his duties, should be audited.

2. Banking company has to get an approval from the Reserve Bank of India in respect of the appointment / re-appointment / auditors.

3. If the Reserve Bank of India is not satisfied with the financial facts of the bank, then it may order special order for the examination of the data related to the bank's account. And the total expenditure in this regard will be disbursed to the banking company itself.

4. The auditor's obligations, powers and subject areas are described in Section 227 of the Companies Act, 1956.

Additional disclosure requirements
·                     If the information given is correct and the transaction done by the company comes under the purview of the powers of the companies. So fair and right approach should be adopted by the company.
·                     asset protection
·                     If there is any other thing to be disclosed if needed
·                     This kind of report of the auditor should be presented to the Reserve Bank in three copies in a prescribed manner. If the Reserve Bank of India considers it appropriate, it can increase the return period of this equipment up to three months.

Thank You. All the Best.

General Knowledge Questions for IBPS/Competitive Exams (2017 Special)

This general knowledge quiz questions and answers may be useful for your IBPS Bank Exam preparations, and for any other competitive exams .

You can test your knowledge in GK or in many other topics such as - Latest Current Affairs/Events 2017, Static GK and other exam related questions.

(Under- GK Questions and Answers GK in Hindi General Knowledge Questions and Answers )

You can check here expected gk related with General Knowledge Questions and Answers , GK Questions and Answers , GK Quiz , GK in Hindi . there is a General Knowledge Questions and Answers Part - 00452B, almost every Competitive Exams. the no. of General Knowledge Questions and Answers we mean no. of GK Questions and Answers is 40 or 50 . in some Exams. this may be upto 80 or 100. so Dear friends it is compulsory to learn General Knowledge Questions and Answers we mean GK Questions and Answers. these GK Questions And Answers are very useful for everyone.

Q. 1. Which state of India celebrate the 'fair of groom'?
(1) Rajasthan
(2) Gujarat
(3) Bihar
(4) Madhya Pradesh
(5) Sikkim

Q. 2. What is the ratio of the Indian national flag length and width?
(1) 2: 1 
(2) 3: 2 
(3) 4: 3 
(4) 5: 4
(5) 6: 9

Q. 3. Who is the first person to receive Bharat Ratna award?
(1) Pandit Jawaharlal Nehru 
(2) Mohandas Karamchand Gandhi
(3) Chakravarti Rajagopalachari 
(4) Dr. Sarvapalli Radhakrishnan
(5) Pandit Bhimsen Joshi

Q.4. Is the slab in goods and service tax (GST) set by the GST Council on 20th May 2017?
(1) 5, 12, 18 and 28
(2) 4, 12, 16 and 28
(3) 5, 13, 18 and 24
(4) 5, 13, 16 and 24
(5) Only 18 and 24

Q. 5. The country's first train, which was completely secured with CCTV cameras?
(1) Shan-e-Punjab Express
(2) Rajdhani Express
(3) Hamasfer Express
(4) Tejas Express
(5) Meenakshi Express

Q. 6. Which international company is associated with "Express Wi-Fi"?
(1) Google
(2) Facebook
(3) Twitter
(4) Amazon
(5) None of the above

Q. 7. Jawahar Sagar Dam is on which river?
(1) Krishna 
(2) Chambal 
(3) Betwa 
(4) Sutlej
(5) None of the above

Q. 8. India's foreign intelligence agency?
(1) Research and Analysis Wing
(2) Intelligence Bureau
(3) Defense Intelligence Agency
(4) All of the above
(5) None of the above

Q. 9. Is the central government's tagline of the highly anticipated "Ujjwala Scheme"?
(1) Clean fuel, clean life
(2) Clean fuel, better life
(3) Clean fuel, healthy India
(4) Healthy Fuel, Clean India
(5) None of the above

Q. 10. On which river is India's longest cable based bridge?
(1) Hughli
(2) Narmada
(3) Ganges
(4) Mahanadi
(5) None of the above

Answer Key:
1. 3
2. 2
3. 4
4. 1
5. 1
6. 2
7. 2
8. 1
9. 2
10. 1

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