India – GST – Goods and Service Tax – Know About it


India – GST – Goods and Service Tax – Know About it

1). In India GST came effective from July 1st, 2017. India has chosen _________ model of dual – GST.
a) USA
b) UK
c) Canadian
d) China
e) Japan
Answer: (C).

2). How many countries have dual – GST model?
a) 5
b) 8
c) 10
d) 14
e) None of these
Answer: (E). Till now Canada only has dual GST model but now India also started to use dual-GST model.

3). Which of the following country is the first one to implement GST?
a) USA
b) France
c) China
d) Switzerland
e) Germany
Answer: (B). France implemented GST in 1954.

4). Around how many countries adopted GST?
a) 90
b) 120
c) 140
d) 160
e) 200
Answer: (D).

5). Which of the following country has the maximum GST tax slab?
a) Greece
b) China
c) USA
d) Australia
e) India
Answer: (E). India has the maximum tax slab (28%) compared to other countries.

6). Which of the following country has the second highest tax slab?
a) Australia
b) Netherland
c) Argentina
d) Ireland
e) South Korea
Answer: (C). Argentina has the second highest tax slab 27%

7). Indian GST model has _________rate structure.
a) 3
b) 4
c) 5
d) 6
e) 2
Answer: (B). In India GST model has 4 rate structure. They are 5%, 12%, 18% and 28%

8). How many types of taxes will be in Indian GST?
a) 2
b) 3
c) 4
d) 5
e) 6
Answer: (B). Central GST (CGST), State GST (SGST) and IGST are three types of taxes.

9). What does “I” stands for in IGST?
a) International
b) Internal
c) Integrated
d) Intra
e) Innovation
Answer: (C).

10). The tax IGST charged by _________Government.
a) Central
b) State
c) Concerned department
d) Both a and b
e) All a, b and c
Answer: (A).

11). The maximum rate prescribed under IGST is _________.
a) 5%
b) 12%
c) 18%
d) 28%
e) No such limit
Answer: (D).

12). In India GST was first proposed in _________.
a) 1993
b) 1996
c) 1999
d) 2000
e) 2002
Answer: (D).

13). GST is a _________ based tax on consumption of goods and services.
a) Duration
b) Destination
c) Dividend
d) Development
e) Destiny
Answer: (B). main objective of GST is eliminate excessive taxation

14). GST comes under which amendment bill?
a) 118
b) 120
c) 122
d) 115
e) 129
Answer: (C).

15). Under which Act GST was introduced?
a) 100
b) 101
c) 102
d) 103
e) 104
Answer: (B)

16). GST council formation based on Article number _________.
a) 279A
b) 289A
c) 266A
d) 255A
e) 286A
Answer: (A)

17). The headquarters of GST council is _________.
a) Mumbai
b) New Delhi
c) Ahmadabad
d) Hyderabad
e) Lucknow
Answer: (B).

18). Who is the chairman of GST council?
a) President of India
b) Prime Minister
c) Finance Minister
d) RBI Governor
e) Finance secretary
Answer: (C). Arun Jaitley is the current chairman of GST council

19). _________ is GST Finance Ministers Panel Chairman.
a) Amit Mishra
b) Amit Malhodra
c) Amit Chandresekar
d) Amit Sastri
e) Amit kohli
Answer: (A). Amit Mishra (West Bengal Finance Minister) is the Finance Ministers Panel Chairman.

20). _________ is the first state to ratify GST bill.
a) Andhra Pradesh
b) Assam
c) Arunachal Pradesh
d) Bihar
e) Telangana
Answer: (B)

21). _________ is the first state that passed GST Bill.
a) Andhra Pradesh
b) Gujarat
c) Uttar Pradesh
d) Bihar
e) Telangana
Answer: (E).

22). GST threshold limit of North Eastern States is _________ lakh
a) 5
b) 10
c) 12
d) 15
e) 20
Answer: (B).

23). GST threshold limit of Normal States is _________ lakh
a) 12
b) 15
c) 20
d) 25
e) 30
Answer: (C).

24). The Central Board of Excise and Customs (CBEC) announced that every year _________ will be considered as GST Day.
a) April 1
b) March 1
c) June 1
d) July 1
e) January 1
Answer: (D)

25). Smart Phones will be taxed at _________ under GST.
a) 0%
b) 5%
c) 12%
d) 18%
e) 28%
Answer: (C).

26). Under GST, Insurance is taxed _________ percent.
a) 0%
b) 5%
c) 12%
d) 18%
e) 28%
Answer: (D).

27). Which of the following comes under sin tax?
a) Pan Masala
b) Tobacco
c) Alcohol
d) Both a and c
e) All a, b and c
Answer: (E).

28). A special purpose vehicle _________ has been launched to cater the needs of GST.
a) GSTC
b) GSTN
c) GSTM
d) GSTR
e) GSTS
Answer: (B). GSTN – Goods and Service Tax Network.

29). GSTN comes under which Act?
a) Banking Regulation Act 1949
b) RBI Act 1934
c) Indian Partnership Act, 1932
d) Limitation Act, 1963
e) Companies Act, 2013
Answer: (E).

30). Combined Stake of Central and State Government in GSTN is _________.
a) 20%
b) 25%
c) 49%
d) 51%
e) 100%
Answer: (C). The remaining 51% stake is divided among five financial institutions—LIC Housing Finance with 11% stake and ICICI Bank, HDFC, HDFC Bank and NSE Strategic Investment Corporation Ltd with 10% stake each.

31). What does N stands for in HSN?
a) Network
b) Nationalization
c) Nominee
d) Nomenclature
e) Nomination
Answer: (D). HSN – Harmonized System of Nomenclature. HSN code will be used for classifying under the GST regime.

32). Coal comes under which rate Structure?
a) 0%
b) 5%
c) 12%
d) 18%
e) 28%
Answer: (C).

Oracle ERP – Interview Tips :  5 Tips for Oracle ERP Interview-


Oracle ERP – Interview Tips :  5 Tips for Oracle ERP Interview—-

  • Phone or Personal – Both are Important
  • Resume’ – be prepared with your story
  • Highlight your strengths, skills and work expertise
  • Practice Personal, common and general Questions
  • Listen to understand , Speak with genuine confidence
  • Consider it as discussion, -Make Notes after Interview

Oracle Cloud Financials – Period Close Steps


What is Period Close?

Closing is the process of accounting for all transactions at the end of each period so all supporting information is transferred to the General Ledger.

This whitepaper provides guidance on the period-end close procedures for Oracle Cloud Application modules, across Financials, Procurement, Projects, Inventory, and
Payroll.

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Oracle Cloud Financials- Assets – Setups/ Whitepaper


Content:

Getting Started
Where to start with the setup?
What are the general setup steps that need to be made in FSM?
1.    Key Flexfields
Key Flexfields in Fusion Assets
Asset Category Flexfield
Asset Key Flexfield
Location Flexfield
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3.    System Controls
4.    Fiscal Years
5.    Prorate and Depreciation Calendars
6.    Reference Data Set
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8.    Depreciation Methods
STL
Flat Rate
Table Based
Formula
Unit of Production
9.    Bonus Rules
10.    Ceilings
11.    Fixed Assets Lookups
12.    Asset Depreciation Book
13.    Cash Generating Units (CGUs)
14.    Distribution Sets
15.    Fixed Assets Profile Options
16.    Asset Categories
17-    Security