The GST 'E-invoicing' is mandatory for taxpayers with aggregate turnover above: MCQ with Answer and Explanation

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The GST 'E-invoicing' is mandatory for taxpayers with aggregate turnover above:

A. ₹1 crore

B. ₹10 crore

C. ₹20 crore

D. ₹5 crore

Answer: Option D

Solution (By JKSSB Mock Tests)

As per recent notifications, e-invoicing is applicable for turnover exceeding ₹5 crore.

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

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Question #1

Which of the following is shown on the credit side of Trading Account?

A. Sales

B. Opening stock

C. Wages

D. Purchases

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Correct Answer: Option A

Explanation:
Sales (net) appears on the credit side of Trading Account. Opening stock, purchases, wages appear on debit side.

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Question #2

Which of the following is an objective of conducting a Social Audit?

A. To compute corporate tax liability

B. To check arithmetical accuracy of the cash book

C. To evaluate if a program is achieving its stated social objectives transparently

D. To audit the personal wealth of directors

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Correct Answer: Option C

Explanation:
Social audits assess the social impact and ethical behavior of an organization relative to its aims, ensuring accountability to stakeholders.

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Question #3

In the context of PFMS, what does the term 'Plan' and 'Non-Plan' expenditure classification refer to, and what recent change was made to it?

A. It refers to recurring and non-recurring expenditure; it was replaced by the 'Revenue and Capital' classification.

B. It refers to development and non-development expenditure; it was abolished in 2017-18.

C. It refers to central and state schemes; it was retained for better tracking.

D. It refers to capital and revenue expenditure; it was merged into a single classification.

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Correct Answer: Option B

Explanation:
The distinction between Plan and Non-Plan expenditure was abolished in the Union Budget of 2017-18. It was replaced by a more meaningful classification of Capital and Revenue expenditure to improve the quality of government spending.

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