The 'GST Council' is a constitutional body under: MCQ with Answer and Explanation

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The 'GST Council' is a constitutional body under:

A. Article 370

B. Article 279A

C. Article 324

D. Article 280

Answer: Option B

Solution (By JKSSB Mock Tests)

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

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

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Question #1

The 'Cash Basis' of accounting is primarily used by:

A. Only non-profits

B. All entities

C. Government and small professionals

D. Large companies

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Correct Answer: Option C

Explanation:
Government accounts are cash-based; some small professionals may use it.

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Question #2

The 'Section 80GGC' deduction is available for:

A. Donations to charitable trusts

B. Donations to political parties by companies

C. Donations to political parties by individuals

D. All donations

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Correct Answer: Option C

Explanation:
Section 80GGC is for individuals to claim deduction for contributions to political parties. Companies claim under Section 80GGB.

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Question #3

A petty cashier is given Rs 2,000 as float. He spends Rs 1,750 during the month. Under the imprest system, how much will he receive at the start of the next month?

A. Rs 250

B. Rs 3,750

C. Rs 1,750

D. Rs 2,000

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Correct Answer: Option C

Explanation:
Reimbursement equals the exact amount spent (Rs 1,750) so the float is restored back to the imprest limit of Rs 2,000.

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