The 'Place of Supply' rules under GST determine: MCQ with Answer and Explanation

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The 'Place of Supply' rules under GST determine:

A. The value of supply

B. Exemption

C. Whether supply is intra-state or inter-state

D. The tax rate

Answer: Option C

Solution (By JKSSB Mock Tests)

Place of supply determines whether IGST or CGST+SGST applies.

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

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Question #1

The 'Going Concern Concept' implies:

A. The business will merge with another

B. The business is bankrupt

C. The business will be closed within a year

D. The business will continue for the foreseeable future

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Correct Answer: Option D

Explanation:
It assumes the entity will continue operations and not liquidate.

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Question #2

Which of the following is a direct tax?

A. Customs duty

B. Income tax

C. Excise duty

D. GST

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Correct Answer: Option B

Explanation:
Income tax is a direct tax as the burden falls directly on the taxpayer. GST, excise, customs are indirect taxes.

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Question #3

S1: ABC analysis is a technique of inventory control. S2: In ABC analysis, 'A' items represent high value and low quantity. Which statement(s) is/are correct?

A. S1 only

B. Both S1 and S2

C. Neither S1 nor S2

D. S2 only

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Correct Answer: Option B

Explanation:
ABC analysis classifies inventory based on usage value. 'A' items are the most valuable, typically representing a small percentage of total quantity but a large percentage of total inventory cost. Both statements are correct.

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