The 'Reverse Charge Mechanism' under GST means: MCQ with Answer and Explanation

Question

Share Report Error

The 'Reverse Charge Mechanism' under GST means:

A. Tax is paid by the supplier

B. Tax is deferred

C. Tax is paid by the recipient of supply

D. Tax is exempt

Answer: Option C

Solution (By JKSSB Mock Tests)

Under reverse charge, the liability to pay GST shifts from the supplier to the recipient.

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

Request complete Subject PDF

Discuss this Question (0)

No comments yet. Be the first to start the discussion!

Practice More Accountancy and Book Keeping Questions

Question #1

PFMS facilitates 'Just-in-Time' release of funds. This means:

A. Funds are released in advance

B. Funds are released when required, minimising idle balances

C. Funds are released annually

D. Funds are never released

View Answer & Solution Discuss

Get Complete Subject PDF for Accountancy and Statistics

Correct Answer: Option B

Explanation:
Just-in-Time in PFMS reduces float and improves cash management for government.

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

Question #2

The 'Accounting for Taxes on Income' (AS 22) requires:

A. Deferred tax accounting for timing differences

B. Ignoring tax

C. Only MAT

D. Only current tax

View Answer & Solution Discuss

Get Complete Subject PDF for Accountancy and Statistics

Correct Answer: Option A

Explanation:
AS 22 mandates recognition of deferred tax assets/liabilities for timing differences.

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

Question #3

Money kept in Provident Funds and small savings schemes forms part of the:

A. Consolidated Fund of India

B. Public Account of India

C. Contingency Fund of India

D. RBI Reserves

View Answer & Solution Discuss

Get Complete Subject PDF for Accountancy and Statistics

Correct Answer: Option B

Explanation:
The Public Account holds money acting as a banker (e.g., provident funds) and does not require parliamentary vote for disbursements.

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

Explore All Accountancy and Book Keeping MCQs