Input Tax Credit under GST is available for: MCQ with Answer and Explanation

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Input Tax Credit under GST is available for:

A. Goods and services used for business purposes

B. Personal consumption goods

C. Exempted supplies only

D. All goods and services

Answer: Option A

Solution (By JKSSB Mock Tests)

Input tax credit can be availed only on inputs used for business purposes, subject to conditions under GST law.

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

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Practice More Accountancy and Book Keeping Questions

Question #1

Who typically authorizes an accounting voucher before it is recorded?

A. The Cashier

B. The Junior Accountant

C. An Authorized Signatory or Manager

D. The Auditor

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Correct Answer: Option C

Explanation:
For internal control, vouchers must be signed and authorized by a designated manager or official before posting.

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Question #2

A 'Partner by Holding Out' is:

A. A minor admitted to benefits

B. A retired partner

C. A deceased partner's legal heir

D. A person who represents himself as a partner but is not

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Correct Answer: Option D

Explanation:
A person who by his conduct or words allows others to believe he is a partner may be held liable as partner by estoppel or holding out.

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Question #3

Income Tax is governed under which schedule of the Indian Constitution?

A. 7th Schedule (State List)

B. 8th Schedule

C. 7th Schedule (Concurrent List)

D. 7th Schedule (Union List)

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Correct Answer: Option D

Explanation:
Taxes on income other than agricultural income fall under Entry 82 of List I (Union List) in the Seventh Schedule.

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