The 'Dual GST' model in India comprises: MCQ with Answer and Explanation

Question
The 'Dual GST' model in India comprises:
A. CGST and IGST
B. Only CGST
C. Only IGST
D. CGST and SGST/UTGST
Answer: Option D
Solution (By JKSSB Mock Tests)
Dual GST includes Central GST and State GST simultaneously on intra-state supplies.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Request complete Subject PDF

Discuss this Question (0)

No comments yet. Be the first to start the discussion!

Practice More Accountancy and Book Keeping Questions

Question #1
In cost accounting, Idle Time wages are usually charged to:
A. Both B and C
B. Direct Labor Account
C. Profit & Loss Account (if abnormal)
D. Factory Overheads
Discuss
Get Complete Subject PDF for Accountancy and Statistics

Correct Answer: Option A

Explanation:
Normal idle time is charged to Factory Overheads, while abnormal idle time (e.g., strikes, power failure) is charged to the Costing P&L Account.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
Under Ind AS 16, if an item of PPE is revalued, how should the revaluation surplus be treated in the statement of cash flows?
A. It is a non-cash item and does not affect the cash flow statement
B. Shown as cash inflow from investing activities
C. Shown as cash inflow from operating activities
D. Deducted from financing activities
Discuss
Get Complete Subject PDF for Accountancy and Statistics

Correct Answer: Option A

Explanation:
Revaluation surplus is a non-cash adjustment that affects the carrying amount of the asset and equity, but it does not involve any actual cash flow. Therefore, it is not reflected in the cash flow statement.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
The 'e-assessment' scheme for income tax was launched to:
A. Increase tax rates
B. Eliminate digital filing
C. Reduce refunds
D. Faceless scrutiny
Discuss
Get Complete Subject PDF for Accountancy and Statistics

Correct Answer: Option D

Explanation:
E-assessment aims at faceless and paperless scrutiny of tax returns.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Explore All Accountancy and Book Keeping MCQs
Today's Top Topics
Accountancy and Book Keeping 1861 Statistics 1318
Explore Subjects
Accountancy and Statistics 3179 Economy GK 2220 English 15164 Computer 5279 Current Affairs 575
Practice Mix
Which of the following is an indirect tax in India?
The valve between the left atrium and left ventricle is the:
A person faces north. He turns 45° left, then 90° right, then 45° left. Which direction is he facing?
Under the Income Tax Act, the 'TDS' on the sale of an immovable property (other than agricultural land) by a resident is governed by which section, and what is the rate?
In 'Piecemeal Distribution' during dissolution, the first priority for payment of outside liabilities is: