The 'GST Amnesty Scheme' provides: MCQ with Answer and Explanation

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The 'GST Amnesty Scheme' provides:

A. Exemption from all taxes

B. Reduction in tax rates

C. Waiver of late fees for non-filers of returns for past periods

D. No benefit

Answer: Option C

Solution (By JKSSB Mock Tests)

Amnesty schemes allow filing of pending returns with reduced/waived late fees.

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

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Question #1

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Under the concept of 'Triple Bottom Line' (TBL) reporting, a company focuses on:

A. Assets, Liabilities, and Equity

B. Revenues, Expenses, and Taxes

C. People, Planet, and Profit

D. Profits, Dividends, and Retained Earnings

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Correct Answer: Option C

Explanation:
TBL is a framework advocating that companies commit to social (People) and environmental (Planet) concerns just as they do on financial (Profit) goals.

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Question #2

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In a journal entry, a brief explanation of the transaction written below the entry is called:

A. Folio

B. Narration

C. Posting

D. Voucher

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Correct Answer: Option B

Explanation:
Narration is a short description of the transaction written in brackets immediately below the journal entry.

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Question #3

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In India, the 'Fiscal Responsibility and Budget Management (FRBM) Act' aims to:

A. Reduce fiscal deficit and improve fiscal discipline

B. Eliminate all taxes

C. Increase government borrowing

D. Increase fiscal deficit

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Correct Answer: Option A

Explanation:
FRBM Act sets targets for fiscal deficit and debt to ensure fiscal prudence.

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