The 'Sabka Vishwas' scheme for indirect taxes was for: MCQ with Answer and Explanation

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The 'Sabka Vishwas' scheme for indirect taxes was for:

A. Income tax disputes

B. Resolution of legacy disputes under excise and service tax

C. Customs only

D. GST disputes

Answer: Option B

Solution (By JKSSB Mock Tests)

It was a dispute resolution scheme for pre-GST indirect tax matters.

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

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Question #1

The 'Central Board of Direct Taxes' (CBDT) is responsible for:

A. GST administration

B. Foreign trade

C. Customs

D. Direct tax policy and administration

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Correct Answer: Option D

Explanation:
CBDT oversees income tax and other direct taxes.

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

Question #2

Income received in advance is a:

A. Fixed Asset

B. Current Asset

C. Fictitious Asset

D. Current Liability

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Correct Answer: Option D

Explanation:
Money received for services yet to be performed creates an obligation to provide the service, thus it is a liability.

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Question #3

The 'Swachh Bharat Cess' was a cess on:

A. All taxable services (during pre-GST era)

B. Income tax

C. Corporate profits

D. GST

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Correct Answer: Option A

Explanation:
Swachh Bharat Cess at 0.5% was levied on taxable services before GST.

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

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