The 'Composition Scheme' under GST is not available to: MCQ with Answer and Explanation

Question

Share Report Error

The 'Composition Scheme' under GST is not available to:

A. Service providers (except restaurant) with aggregate turnover above ₹50 lakh

B. Traders

C. Restaurants not serving alcohol

D. Manufacturers

Answer: Option A

Solution (By JKSSB Mock Tests)

Composition scheme for services is restricted to certain categories with turnover up to ₹50 lakh.

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

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Practice More Accountancy and Book Keeping Questions

Question #1

In Social Cost Benefit Analysis (SCBA), 'Shadow Pricing' is used to:

A. Assign a true economic value to goods when market prices are distorted or non-existent

B. Price products below cost to gain market share

C. Hide illicit profits

D. Calculate depreciation of intangibles

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Correct Answer: Option A

Explanation:
Shadow prices reflect the true opportunity cost of resources to society, used when market prices fail to reflect this true cost.

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

Question #2

The term 'Sweat Equity' refers to:

A. Shares issued to employees at discount or for consideration other than cash

B. Rights shares

C. Shares issued to promoters for their efforts

D. Bonus shares

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Correct Answer: Option A

Explanation:
Sweat equity shares are issued to employees or directors for providing know-how or value addition.

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Question #3

Which of the following is NOT a type of audit report?

A. Unqualified Report

B. Qualified Report

C. Profitable Report

D. Adverse Report

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Correct Answer: Option C

Explanation:
Audit reports can be unqualified (clean), qualified, adverse, or a disclaimer of opinion. There is no such thing as a 'Profitable Report'.

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