The 'Customs Act, 1962' empowers the Central Government to: MCQ with Answer and Explanation

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The 'Customs Act, 1962' empowers the Central Government to:

A. Collect income tax

B. Regulate imports and exports and levy customs duties

C. Regulate company law

D. Impose GST

Answer: Option B

Solution (By JKSSB Mock Tests)

Customs Act governs import and export of goods and levy of customs duties.

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

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Question #1

The 'Service Concession Arrangements' are dealt with by:

A. Ind AS 109

B. Ind AS 115

C. Appendix A of Ind AS 115 (IFRIC 12)

D. Ind AS 116

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Correct Answer: Option C

Explanation:
Service concession arrangements (like BOT projects) are addressed by IFRIC 12, incorporated as an appendix.

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Question #2

The 'Goods and Services Tax' on services provided by a director to a company is:

A. Not treated as supply

B. Taxable under reverse charge if the director is not an employee

C. Always exempt

D. Exempt

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Correct Answer: Option B

Explanation:
Services provided by a non-executive director are taxable under RCM.

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Question #3

A Value Added Statement is an important component of:

A. Social Accounting

B. Cash Flow Statement

C. Cost Sheet

D. Bank Reconciliation

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Correct Answer: Option A

Explanation:
A Value Added Statement shows how much wealth the company has created and how it is distributed among employees, government, providers of capital, and retained earnings.

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