A. Conducted by the Comptroller and Auditor General only
B. Part of tax audit
C. Voluntary or mandated by specific statutes like Mahatma Gandhi NREGA
D. Legally mandatory for all companies
Answer: Option C
Solution (By JKSSB Mock Tests)
Social audit is mandated for certain government schemes (e.g., MGNREGA) and may be voluntary for others. It is not universally mandatory for all companies.
Explanation:
Input Tax Credit (ITC) is a mechanism under GST that allows businesses to claim credit for the tax paid on inputs against the tax payable on output.
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