Solved Sales Tax Act and VAT Concepts (Taxation)

Sales Tax Act and VAT Concepts MCQs for Competitive Exams

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Topic Notes: Sales Tax Act and VAT Concepts

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Sales Tax Act and VAT Concepts MCQs in Commerce are useful for candidates who need targeted practice for CSS, PMS, FPSC, PPSC, NTS, entry tests, and other competitive exams in Pakistan. This topic page is designed for quick revision, repeated practice, and exam-focused preparation.

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In what circumstances is a 'Bill of Supply' issued for inter-State and intra-State transactions?

Supplies to unregistered persons;

None of the above.

Exempted supplies

Supplies by composition suppliers;

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Which taxes are applicable to purchases made within the same state?

SGST

IGST

None of the above

CGST and SGST

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For the purpose of GST registration and compliance, how is the aggregate turnover of a dealer calculated?

Region wise

State-wise

Pan India

It lies at the discretion of central government

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Is a taxpayer registered under the Composition Scheme eligible to claim input tax credit?

Yes

Input tax credit on inward supply of services only can be claimed

Input tax credit on inward supply of goods only can be claimed

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What is the maximum statutory tax rate prescribed under the Central Goods and Services Tax (CGST) Act?

20%

18%

12%

28%

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When must an invoice be issued for goods sent on a 'sale or return' or 'approval' basis?

while sending the goods; another Invoice has to be issued by the recipient while rejecting the goods;

when the recipient accepts the goods or six months from the date of supply whichever isearlier.

while sending the goods but the recipient can take credit only when the goods are accepted by him;

when the recipient accepts the goods or three months from the date of supply whichever is earlier.

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Which of the following scenarios constitutes an intra-state supply of goods?

Supplier of goods located in Nagpur and place of supply of goods SEZ located in Mumbai

Supplier of goods located in Goa and place of supply of goods in Goa

Supplier of good located in Kolkata and place of supply of goods in Bengaluru

All of the above

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Which of the following taxes is excluded from the scope of the Goods and Services Tax (GST) framework?

Entry Tax

Stamp Duty

VAT

Entertainment Tax

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In the context of the Goods and Services Tax (GST), what does the letter 'I' in IGST stand for?

None of the above

Intra

Integrated

Internal

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Is a principal entitled to claim input tax credit for goods that are delivered directly to a job worker by the vendor without first passing through the principal's premises?

Yes

Yes vendor should be located in same place

None of the above

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Sales Tax Act and VAT Concepts MCQs for Competitive Exams

Sales Tax Act and VAT Concepts MCQs for Competitive Exams

Topic Notes: Sales Tax Act and VAT Concepts

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