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

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Input Tax Credit under GST is available only if:

A. Goods are purchased from unregistered dealer

B. Goods are exempted

C. Payment is made in cash

D. The supplier has uploaded the invoice in GSTR-1 and it appears in GSTR-2B

Answer: Option D

Solution (By JKSSB Mock Tests)

ITC can be claimed only if the invoice details are reflected in the recipient's GSTR-2B.

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

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Question #1

The 'Taxpayer's Charter' under Income Tax assures:

A. No scrutiny

B. Tax exemption to all

C. No penalty

D. Fair, courteous, and reasonable treatment

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Correct Answer: Option D

Explanation:
The charter enumerates rights of taxpayers and obligations of the tax department.

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Question #2

The 'P/V Ratio' (Profit Volume Ratio) is calculated as:

A. Variable cost / Sales

B. Contribution / Sales

C. Profit / Sales

D. Fixed cost / Sales

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Correct Answer: Option B

Explanation:
P/V Ratio = (Contribution / Sales) × 100.

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Question #3

A 'Partner by Holding Out' is:

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

B. A retired partner

C. A minor admitted to benefits

D. A deceased partner's legal heir

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Correct Answer: Option A

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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