The 'GST on Virtual Digital Assets' is: MCQ with Answer and Explanation

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The 'GST on Virtual Digital Assets' is:

A. 5%

B. Exempt

C. 28%

D. 18%

Answer: Option D

Solution (By JKSSB Mock Tests)

GST on services related to VDA is generally 18%.

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

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Question #1

A statutory audit is mandatory under:

A. Only for companies

B. Companies Act, 2013 for companies

C. Partnership Act

D. Income Tax Act only

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Correct Answer: Option B

Explanation:
Statutory audit is required by law, e.g., companies as per Companies Act 2013, and other entities as per relevant statutes.

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Question #2

The 'GST on Non-Affordable Housing' (other than affordable) is:

A. 28%

B. 5% without ITC

C. 18%

D. 12% with ITC

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Correct Answer: Option B

Explanation:
Non-affordable residential real estate projects are taxed at 5% without ITC.

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Question #3

The 'Section 194N' of Income Tax Act deals with TDS on:

A. Cash withdrawals exceeding certain limits from bank accounts

B. Commission

C. Rent

D. Professional fees

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Correct Answer: Option A

Explanation:
TDS at 2% on cash withdrawals exceeding ₹1 crore (or ₹20 lakh for non-filers of returns).

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

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