The 'Goods and Services Tax Network' (GSTN) is: MCQ with Answer and Explanation

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The 'Goods and Services Tax Network' (GSTN) is:

A. A not-for-profit non-government company providing IT infrastructure for GST

B. A tax tribunal

C. A government department

D. A bank

Answer: Option A

Solution (By JKSSB Mock Tests)

GSTN is a special purpose vehicle that provides the IT backbone for GST registration, return filing, etc.

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

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Question #1

The 'Deemed Exports' under GST are:

A. Supplies that do not leave India but are treated as exports for certain benefits

B. All interstate supplies

C. Supplies to SEZ

D. High sea sales

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Correct Answer: Option A

Explanation:
Deemed exports are specified transactions where goods supplied do not leave India, but the supplier is entitled to refund of GST.

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

Question #2

Cash basis accounting recognizes revenue when:

A. Sale invoice is raised

B. Services are performed

C. Order is received

D. Cash is received

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Correct Answer: Option D

Explanation:
Under cash basis, transactions are recorded only when cash is received or paid, not when accrued.

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

Question #3

The Consolidated Fund of India is formed by:

A. Only direct taxes

B. Only GST collections

C. All revenues received, loans raised, and repayments of loans

D. Disinvestment proceeds only

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Correct Answer: Option C

Explanation:
Consolidated Fund holds all government receipts, borrowings, and loan recoveries.

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

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