The 'Deemed Exports' under GST are: MCQ with Answer and Explanation

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The 'Deemed Exports' under GST are:

A. Supplies that do not leave India but are treated as exports for certain benefits

B. All interstate supplies

C. High sea sales

D. Supplies to SEZ

Answer: Option A

Solution (By JKSSB Mock Tests)

Deemed exports are specified transactions where goods supplied do not leave India, but the supplier is entitled to refund of GST.

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

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Question #1

The 'Indian Accounting Standards' (Ind AS) are issued by:

A. MCA (Ministry of Corporate Affairs)

B. RBI

C. SEBI

D. ICAI

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Correct Answer: Option A

Explanation:
Ind AS are notified by the Ministry of Corporate Affairs under Companies Act.

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Question #2

The 'E-Way Bill' under GST is required for movement of goods of value exceeding:

A. ₹50,000

B. ₹10,000

C. ₹1,00,000

D. ₹5,000

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Correct Answer: Option A

Explanation:
E-way bill is mandatory for inter-state and intra-state movement of goods if consignment value exceeds ₹50,000.

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Question #3

Which of the following is an example of a capital receipt?

A. Commission received

B. Rent received

C. Sale of old newspapers

D. Loan received from bank

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Correct Answer: Option D

Explanation:
Loan is a capital receipt as it creates a liability. Others are revenue receipts.

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

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