The 'Goods and Services Tax Appellate Tribunal' (GSTAT) deals with: MCQ with Answer and Explanation

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The 'Goods and Services Tax Appellate Tribunal' (GSTAT) deals with:

A. Income tax appeals

B. GST disputes

C. Customs matters

D. Company matters

Answer: Option B

Solution (By JKSSB Mock Tests)

GSTAT is the appellate authority for GST disputes.

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

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Question #1

Under Ind AS 37, a provision should be recognized when:

A. The entity has a general business policy to repair damages to its reputation.

B. It is probable that an outflow of resources will be required to settle a present obligation, and a reliable estimate can be made.

C. The amount of the obligation is contingent upon the occurrence of a future event.

D. There is a possible obligation arising from past events.

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Correct Answer: Option B

Explanation:
Ind AS 37 mandates that a provision is recognized only when there is a present obligation (legal or constructive) from a past event, an outflow of resources is probable, and a reliable estimate can be made.

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

Question #2

The 'Qualifying Asset' under Ind AS 23 includes:

A. All fixed assets

B. Assets that take a substantial period of time to get ready for their intended use or sale

C. All intangible assets

D. Inventories routinely manufactured in large quantities

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Correct Answer: Option B

Explanation:
Qualifying asset requires substantial time to get ready.

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Question #3

The 'Section 44ADA' presumptive income scheme for professionals applies to gross receipts up to:

A. ₹10 lakh

B. ₹25 lakh

C. ₹50 lakh (now ₹75 lakh if cash receipts ≤ 5%)

D. ₹1 crore

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Correct Answer: Option C

Explanation:
Presumptive income for professionals up to gross receipts ₹50 lakh (or ₹75 lakh if digital).

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

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