The 'Nil-Rated Supply' under GST means: MCQ with Answer and Explanation

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The 'Nil-Rated Supply' under GST means:

A. Goods with 0% GST and no ITC on inputs (exempt)

B. Non-taxable supplies

C. Goods with 0% GST but ITC available

D. Zero-rated supplies

Answer: Option A

Solution (By JKSSB Mock Tests)

Nil-rated supplies are taxed at 0% but no input tax credit is available. Exempt supplies also fall here. Zero-rated (export) allows ITC.

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

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Question #1

The 'Advance Tax' payment schedule for a non-corporate assessee is:

A. 31st March only

B. 15th September, 15th December, 15th March

C. 15th June, 15th September, 15th December, 15th March

D. 15th March only

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Correct Answer: Option C

Explanation:
For non-corporate taxpayers, advance tax is due in four instalments: 15th June (15%), Sept (45%), Dec (75%), March (100%) of tax due.

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Question #2

The 'e-assessment' scheme for income tax was launched to:

A. Reduce refunds

B. Eliminate digital filing

C. Faceless scrutiny

D. Increase tax rates

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Correct Answer: Option C

Explanation:
E-assessment aims at faceless and paperless scrutiny of tax returns.

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Question #3

The 'Updated Return' (ITR-U) can be filed within:

A. 36 months

B. No time limit

C. 24 months from the end of the relevant assessment year

D. 12 months from the end of the relevant assessment year

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Correct Answer: Option C

Explanation:
Section 139(8A) allows filing updated return within 24 months from end of assessment year, with additional tax.

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