The 'GST Suvidha Providers' (GSPs) are: MCQ with Answer and Explanation

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The 'GST Suvidha Providers' (GSPs) are:

A. Banks

B. Private entities authorised to provide GST compliance services

C. Government agencies

D. Tax officials

Answer: Option B

Solution (By JKSSB Mock Tests)

GSPs facilitate taxpayers in filing returns and other GST compliances via software.

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 'Importer Exporter Code' (IEC) is mandatory for:

A. Only importers

B. All persons exporting or importing goods/services (with some exemptions)

C. Not required

D. Only exporters

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Correct Answer: Option B

Explanation:
IEC is a unique 10-digit code required for undertaking import/export, issued by DGFT.

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

Question #2

The 'Safeguards' against threats to independence may be:

A. None

B. Created by the profession, legislation, or within the client's organisation

C. Only internal

D. Only regulatory

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Correct Answer: Option B

Explanation:
Safeguards are measures that eliminate or reduce threats to an acceptable level.

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

Question #3

The 'Penalty' for not issuing a GST invoice is:

A. 100% of tax due or ₹10,000, whichever is higher

B. 25% of tax

C. No penalty

D. Fixed amount

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Correct Answer: Option A

Explanation:
Section 122 provides penalty of ₹10,000 or tax amount, whichever higher, for not issuing invoice.

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

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