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

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

A. Government department

B. Public sector undertaking

C. Section 8 (not-for-profit) company

D. Private limited company

Answer: Option C

Solution (By JKSSB Mock Tests)

GSTN is a not-for-profit company under Section 8 of Companies Act.

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

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Question #1

Which of the following is considered an investing activity in a cash flow statement?

A. Issue of shares

B. Purchase of machinery

C. Cash received from customers

D. Payment of dividend

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Correct Answer: Option B

Explanation:
Investing activities involve the acquisition and disposal of long-term assets and other investments not included in cash equivalents.

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Question #2

The 'Goods and Services Tax' on ocean freight in case of imports is:

A. Not applicable

B. Exempt

C. Only CGST

D. Taxable under IGST (reverse charge for importer)

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Correct Answer: Option D

Explanation:
Ocean freight on imports is subject to GST under reverse charge mechanism.

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Question #3

Abnormal loss of stock by fire (fully uninsured) is treated by:

A. Only crediting Trading A/c

B. Crediting Trading A/c and Debiting P&L A/c

C. Crediting P&L A/c and Debiting Trading A/c

D. Only debiting P&L A/c

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Correct Answer: Option B

Explanation:
The loss reduces the stock (Credit Trading A/c). Being an uninsured abnormal loss, it is transferred entirely to the debit side of P&L A/c.

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