The 'E-Commerce Operator' under GST is required to: MCQ with Answer and Explanation

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The 'E-Commerce Operator' under GST is required to:

A. Collect TDS under Section 51

B. Collect TCS (Tax Collected at Source) under Section 52

C. No obligation

D. Pay tax on behalf of sellers

Answer: Option B

Solution (By JKSSB Mock Tests)

E-commerce operators must collect TCS at 1% on net taxable supplies made through their platform.

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

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Question #1

The 'Recoverable Amount' of a cash-generating unit (CGU) is:

A. Replacement cost

B. Higher of fair value less costs of disposal and value in use

C. Current market price

D. Lower of cost and net realisable value

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Correct Answer: Option B

Explanation:
As per Ind AS 36, recoverable amount is the higher of FVLCD and VIU.

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

Question #2

The 'Tax Collected at Source' (TCS) applies to:

A. Certain specified transactions like sale of scrap, motor vehicles above ₹10 lakh, etc.

B. All payments

C. Dividends

D. Salary payments

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Correct Answer: Option A

Explanation:
TCS is collected by seller from buyer on specified goods.

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

Question #3

The 'Equalisation Levy 2.0' at 2% applies to:

A. All sales

B. E-commerce supply of goods or services by non-resident e-commerce operator

C. Online advertisement

D. All digital services

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Correct Answer: Option B

Explanation:
Finance Act 2020 expanded equalisation levy to e-commerce operators at 2%.

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

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