The 'Penalty' for not issuing a GST invoice is: MCQ with Answer and Explanation

Question

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

A. 25% of tax

B. Fixed amount

C. No penalty

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

Answer: Option D

Solution (By JKSSB Mock Tests)

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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Practice More Accountancy and Book Keeping Questions

Question #1

The 'Trial Balance' is prepared to:

A. Prepare cash flow

B. Check accuracy of posting

C. Determine financial position

D. Ascertain profit

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Correct Answer: Option B

Explanation:
Primary purpose is to verify arithmetical accuracy of ledger postings.

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Question #2

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 capital and revenue expenditure; it was merged into a single classification.

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

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

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

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Correct Answer: Option D

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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Question #3

The term 'Capitalisation' of reserves means:

A. Transfer of reserves to capital account

B. Writing off fictitious assets

C. Distributing reserves as dividend

D. Utilising reserves for issue of bonus shares

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Correct Answer: Option D

Explanation:
Capitalisation of reserves refers to converting reserves into share capital, i.e., bonus issue.

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