S1: Under GST, the 'E-invoice' system generates an Invoice Reference Number (IRN) and a QR code. S2: The IRN is generated by the taxpayer's own accounting software without connecting to the government portal. Which statement(s) is/are correct? MCQ with Answer and Explanation

S1: Under GST, the 'E-invoice' system generates an Invoice Reference Number (IRN) and a QR code. S2: The IRN is generated by the taxpayer's own accounting software without connecting to the government portal. Which statement(s) is/are correct?
A. S2 only
B. Neither S1 nor S2
C. S1 only
D. Both S1 and S2
Answer: Option C
Solution (By JKSSB Mock Tests)
S1 is correct; e-invoicing generates an IRN and QR code. S2 is incorrect because the IRN is generated by the Invoice Registration Portal (IRP) of the government, not locally by the taxpayer's software without validation.

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Practice More Accountancy and Book Keeping Questions

Question #1
The 'Exempt Supply' under GST means:
A. Supply with 0% tax and ITC available
B. Supply with concessional rate
C. Supply not subject to GST
D. Supply on which no GST is payable but ITC not available

Correct Answer: Option D


Explanation:
Exempt supplies are not taxed and no credit of input tax is allowed.

Question #2
Depreciation is provided on:
A. Current assets
B. Intangible assets only
C. Fixed assets (tangible)
D. Fictitious assets

Correct Answer: Option C


Explanation:
Depreciation is charged on tangible fixed assets like machinery, buildings to reflect wear and tear.

Question #3
The 'Minimum Alternate Tax' (MAT) is applicable to:
A. Individuals
B. Companies paying low or no tax due to exemptions
C. Partnership firms
D. All taxpayers

Correct Answer: Option B


Explanation:
MAT ensures that companies with substantial book profits pay at least a minimum amount of tax.