The 'Advance Ruling' under GST provides: MCQ with Answer and Explanation

Question
The 'Advance Ruling' under GST provides:
A. Clarity on tax liability on proposed transactions
B. Penalty imposition
C. Audit report
D. Registration
Answer: Option A
Solution (By JKSSB Mock Tests)
Advance ruling helps businesses determine GST implications before undertaking a transaction.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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Question #1
A GST registered person purchased goods worth ₹1,18,000 (inclusive of GST @ 18%) and sold the same for ₹1,77,000 (inclusive of GST @ 18%). The net GST payable (output - input credit) is:
A. ₹10,800
B. ₹18,000
C. ₹9,000
D. ₹27,000
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Correct Answer: Option C

Explanation:
Input GST = 1,18,000 * 18/118 = ₹18,000. Output GST = 1,77,000 * 18/118 = ₹27,000. Net payable = 27,000 - 18,000 = ₹9,000.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
The 'Advance Tax' is payable if tax liability exceeds:
A. ₹10,000
B. ₹20,000
C. ₹5,000
D. ₹1,000
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Correct Answer: Option A

Explanation:
Advance tax is required to be paid if the net tax liability is ₹10,000 or more.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
A 'Voucher' that records a transaction involving both cash and bank is called:
A. Payment voucher
B. Contra voucher
C. Receipt voucher
D. Journal voucher
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Correct Answer: Option B

Explanation:
Contra vouchers record transactions like cash deposited into bank or withdrawn from bank.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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