GST Business Concepts Quiz

In the GST regime, "supply" is the single taxable event replacing separate events like manufacturing, sale, and service rendering under previous laws.

Any movable property except money and securities, including things attached to land meant to be separated before or during supply.

Everything that isn't goods, money, or securities, including activities involving money conversion and facilitating transactions in securities.

The person on whose behalf an agent conducts business involving the supply or receipt of goods and/or services.

The authority designated by the government to administer and enforce various aspects of GST.

The GST law taxes the entire value of goods and services in a unified manner, unlike previous indirect taxes that were levied separately on manufacturing, sale, or services.

The GST regime simplifies taxation by replacing multiple taxable events with a single, all-encompassing event called "supply".

When a business provides goods or services to another entity for a price, it's considered a supply under GST.

Importing services, even if not done for business purposes, is considered a supply under GST.

Certain activities or transactions are specifically excluded from being considered as supply of goods or services under GST.

A list of activities that are neither considered as supply of goods nor as supply of services under GST.

Certain activities or transactions are classified as either supply of goods or services under GST. This is detailed in Schedule II.

The Government has the power to classify certain transactions as either supply of goods or supply of services, overriding the initial categorization.

The GST law provides specific details regarding the concept of supply, including various aspects mentioned above.

Includes the spouse and children of the person, as well as the parents, grandparents, brothers, and sisters of the person if they are entirely or primarily dependent on the person.

Refers specifically to the Central Government of India.

A Panchayat as defined in article 243 of the Constitution.

A Municipality as defined in article 243P of the Constitution.

Includes groups like Municipal Committees, Zilla Parishads, District Boards, and any other entity legally authorized by the Central or State Government to manage local funds.

A governing body as defined under the Cantonments Act, 2006.

A governing body established under the Sixth Schedule to the Constitution.

A Developmental Board set up by the Constitution.

A Regional Council established by the Constitution.

Any form of payment for goods or services, including monetary and non-monetary forms, but excluding government subsidies.

Any activity or transaction related to trade, commerce, manufacture, profession, vocation, adventure, wager, or any other similar activity. This also includes activities carried out by the Central Government, State Government, or local authority in their capacity as public authorities.

The supply of goods or services by a person in the course of their regular activities or trade, to earn a livelihood or profit. This includes activities like providing services, manufacturing, or selling goods.

A sale of goods or services made by an individual who is not engaging in a trade, commerce, or other business activity. This excludes activities done for profit or as part of a regular business.

Facilities offered by clubs or associations to their members for a fee, as it constitutes a business activity aimed at generating revenue.

The frequency, volume, continuity, or regularity of transactions is NOT a requirement for an activity to be considered 'business' under the GST.

The act of providing goods or services for a price, like selling a product or offering a service.

Any moveable property, except money and securities, that is bought and sold.

Any action, including actions related to goods, that is performed for a price.

Things that are not considered 'goods' or 'services' under GST. Includes money and securities.

An agreement to provide goods or services, even if they aren't delivered yet, for a price.

Selling a product or a service from one person to another (or giving them away).

Transferring ownership of a good or service, without necessarily involving money.

Exchanging goods or services for other goods or services, without money involved.