The 'Remission of Duties and Taxes on Exported Products' (RoDTEP) scheme replaced: MCQ with Answer and Explanation

Question
The 'Remission of Duties and Taxes on Exported Products' (RoDTEP) scheme replaced:
A. Advance Authorisation
B. Merchandise Exports from India Scheme (MEIS)
C. SEZ scheme
D. EPCG
Answer: Option B
Solution (By JKSSB Mock Tests)
RoDTEP replaced MEIS to ensure WTO compliance, refunding embedded taxes not refunded through GST.
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 'Business Intelligence Unit' in tax department uses:
A. Physical surveillance
B. Only newspaper reports
C. Data analytics to identify tax evasion
D. Manual intelligence
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Correct Answer: Option C

Explanation:
BIU uses big data and analytics to detect non-compliance.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
Which of the following is an extraordinary item?
A. Loss due to fire in a factory (not regular)
B. Salary paid
C. Purchase of raw material
D. Sale of goods
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Correct Answer: Option A

Explanation:
Extraordinary items are unusual and infrequent, e.g., loss from natural disaster, expropriation.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
A discount received from creditors is recorded in:
A. Sales Book
B. Journal Proper
C. Purchases Book
D. Cash Book
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Correct Answer: Option D

Explanation:
Discount received is a cash/bank related item and is recorded in the Discount Received column of the Cash Book.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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