The 'GST Compensation Cess' is levied to compensate states for: MCQ with Answer and Explanation

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The 'GST Compensation Cess' is levied to compensate states for:

A. Excess expenditure

B. Natural calamities

C. Loan repayment

D. Loss of revenue due to GST implementation

Answer: Option D

Solution (By JKSSB Mock Tests)

Compensation cess compensates states for revenue shortfall during the transition period.

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

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Question #1

The 'GST Council' is a constitutional body under:

A. Article 370

B. Article 279A

C. Article 324

D. Article 280

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Correct Answer: Option B

Explanation:
GST Council was created by Constitution (101st Amendment) Act, 2016, under Article 279A.

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Question #2

The term 'Amortization' refers to:

A. Depreciation of tangible assets

B. Obsolescence of machinery

C. Depletion of natural resources

D. Systematic write-off of intangible assets

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Correct Answer: Option D

Explanation:
Amortization is the process of systematically writing off the cost of an intangible asset over its useful life.

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Question #3

The 'Advance Tax' payment schedule for a non-corporate assessee is:

A. 15th March only

B. 15th June, 15th September, 15th December, 15th March

C. 31st March only

D. 15th September, 15th December, 15th March

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Correct Answer: Option B

Explanation:
For non-corporate taxpayers, advance tax is due in four instalments: 15th June (15%), Sept (45%), Dec (75%), March (100%) of tax due.

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