The 'GST on Education Services' provided by educational institutions is: MCQ with Answer and Explanation

Question
The 'GST on Education Services' provided by educational institutions is:
A. 18%
B. 12%
C. 5%
D. Exempt for specified services and institutions
Answer: Option D
Solution (By JKSSB Mock Tests)
Services provided by educational institutions to students/faculty are exempt.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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Practice More Accountancy and Book Keeping Questions

Question #1
The 'Modification of a Lease' is accounted for as:
A. No accounting
B. Termination of original lease
C. Original lease continues
D. A separate lease if it adds the right to use one or more underlying assets at a price commensurate with standalone price; otherwise remeasure
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Correct Answer: Option D

Explanation:
Ind AS 116 provides specific guidance for modifications.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
Under the concept of 'Social Return on Investment' (SROI), a ratio of 3:1 indicates:
A. Taxes are 300% of profit
B. Rs 3 of investment creates Rs 1 of social value
C. Financial profit is 3 times the social profit
D. Rs 1 of investment creates Rs 3 of social value
Discuss
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Correct Answer: Option D

Explanation:
SROI expresses the social value created for every unit of currency invested. A 3:1 ratio means Rs 3 of value is created per Rs 1 invested.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
The 'National Financial Reporting Authority' (NFRA) was established under:
A. Companies Act, 2013
B. SEBI Act
C. Chartered Accountants Act
D. Income Tax Act
Discuss
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Correct Answer: Option A

Explanation:
NFRA was constituted under Section 132 of Companies Act, 2013 to oversee audit quality.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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