In the context of GST, IGST is levied on: MCQ with Answer and Explanation

Question
In the context of GST, IGST is levied on:
A. Inter-state supply
B. Intra-state supply
C. Import of services only
D. Export of goods
Answer: Option A
Solution (By JKSSB Mock Tests)
Integrated GST (IGST) is levied on inter-state supply of goods and services, including imports, under the GST regime in India.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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Practice More Accountancy and Book Keeping Questions

Question #1
The 'Full Disclosure Principle' requires:
A. Disclosure of only assets
B. Disclosure of only profits
C. No disclosure
D. Disclosure of all material information in financial statements
Discuss
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Correct Answer: Option D

Explanation:
Full disclosure means all significant information should be reported in financial statements and notes.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
The 'Standard Deduction' for family pension under the new tax regime is:
A. ₹15,000 or one-third of pension, whichever is less
B. Not allowed
C. ₹25,000
D. ₹50,000
Discuss
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Correct Answer: Option A

Explanation:
Family pension deduction is available under both regimes at ₹15,000 or 1/3rd of pension, whichever is less.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
Which of the following is NOT an objective of Cost Accounting?
A. Cost control and reduction
B. Ascertaining profit for tax authorities
C. Assisting management in decision making
D. Determining selling price
Discuss
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Correct Answer: Option B

Explanation:
Tax authorities require financial accounting statements (P&L, Balance Sheet). Cost accounting is an internal management tool.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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