The 'Export Promotion Capital Goods' (EPCG) scheme allows import of capital goods at: MCQ with Answer and Explanation

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The 'Export Promotion Capital Goods' (EPCG) scheme allows import of capital goods at:

A. Nil customs duty

B. Only GST exemption

C. High duty

D. Concessional rate of customs duty subject to export obligation

Answer: Option D

Solution (By JKSSB Mock Tests)

EPCG allows import of capital goods at reduced duty against export commitment.

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

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Question #1

Interest on drawings is charged to partners' capital/current accounts because:

A. It reduces partners' capital

B. It is an income for the firm

C. It is a liability

D. It is an expense for the firm

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Correct Answer: Option B

Explanation:
Interest on drawings is a gain for the firm, so it is credited to Profit & Loss Appropriation Account and debited to partners' capital accounts.

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

Question #2

The 'Krishi Kalyan Cess' was introduced for:

A. Agricultural development

B. Health

C. Education

D. Infrastructure

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Correct Answer: Option A

Explanation:
Krishi Kalyan Cess (0.5%) was levied on all taxable services for agriculture welfare, subsumed in GST.

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Question #3

Under GST, the 'Composition Scheme' is available to small taxpayers with aggregate turnover up to:

A. ₹1.5 crore

B. ₹50 lakh

C. ₹10 crore

D. ₹20 lakh

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Correct Answer: Option A

Explanation:
For goods, composition scheme limit is ₹1.5 crore (₹75 lakh for some states). For services, separate limit. The general limit for goods is ₹1.5 crore.

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

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