The 'Exempt Supply' under GST means: MCQ with Answer and Explanation

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The 'Exempt Supply' under GST means:

A. Supply not subject to GST

B. Supply with concessional rate

C. Supply with 0% tax and ITC available

D. Supply on which no GST is payable but ITC not available

Answer: Option D

Solution (By JKSSB Mock Tests)

Exempt supplies are not taxed and no credit of input tax is allowed.

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

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Practice More Accountancy and Book Keeping Questions

Question #1

Which of the following is not a feature of a partnership?

A. Agreement between partners

B. Unlimited liability

C. Sharing of profits

D. Separate legal entity

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Correct Answer: Option D

Explanation:
A partnership firm does not have a separate legal entity distinct from its partners (except limited liability partnerships).

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

Question #2

The 'Employee Provident Fund' (EPF) contribution is shared by:

A. Employee only

B. Government

C. Employer only

D. Both employee and employer

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Correct Answer: Option D

Explanation:
Employee and employer both contribute 12% of wages (basic + DA) to EPF.

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

Question #3

A budget that is designed to change in accordance with the level of activity actually attained is a:

A. Fixed Budget

B. Zero-based Budget

C. Flexible Budget

D. Rolling Budget

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Correct Answer: Option C

Explanation:
A flexible budget adjusts for varying levels of output, clearly separating fixed and variable costs.

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

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