GST is a destination-based tax. This means: MCQ with Answer and Explanation

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GST is a destination-based tax. This means:

A. Tax is retained by the centre

B. Tax accrues to the state where goods/services are consumed

C. Tax is divided equally among all states

D. Tax accrues to the origin state

Answer: Option B

Solution (By JKSSB Mock Tests)

Under destination principle, the consuming state gets the SGST portion.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

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Question #1

The 'Emphasis of Matter' paragraph in audit report is used to:

A. Draw attention to a matter appropriately presented or disclosed that is fundamental to users' understanding

B. Disclaim opinion

C. Give adverse opinion

D. Qualify the opinion

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Correct Answer: Option A

Explanation:
Emphasis of Matter does not affect the audit opinion; it highlights significant matters.

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Question #2

The 'Revised Return' under Income Tax can be filed:

A. Before the end of the assessment year or completion of assessment, whichever is earlier

B. Within one year

C. Any time

D. Only once

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Correct Answer: Option A

Explanation:
Revised return can be filed up to 3 months before the end of relevant assessment year or before completion of assessment, whichever is earlier.

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Question #3

When an auditor issues a 'Qualified Opinion', it implies that:

A. Except for specific issues, the statements present a true and fair view

B. The financial statements are completely false

C. The auditor could not gather any evidence

D. The auditor lacks independence

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Correct Answer: Option A

Explanation:
A qualified opinion means the statements are generally accurate, 'except for' certain matters detailed in the report.

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