The 'Swachh Bharat Cess' was a cess on: MCQ with Answer and Explanation

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The 'Swachh Bharat Cess' was a cess on:

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

B. GST

C. Income tax

D. Corporate profits

Answer: Option A

Solution (By JKSSB Mock Tests)

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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Question #1

The 'Correction of an Error' (Ind AS 8) is done:

A. Prospectively

B. Retrospectively by restating comparative amounts

C. By creating a provision

D. By charging to current year

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Correct Answer: Option B

Explanation:
Material prior period errors are corrected retrospectively.

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Question #2

The 'Loss from House Property' can be carried forward for how many years?

A. Not allowed

B. Indefinitely

C. 8 years

D. 4 years

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Correct Answer: Option C

Explanation:
House property loss can be carried forward for 8 assessment years.

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Question #3

Under GST, the 'Composition Scheme' is not available to a person who:

A. Makes inter-state supplies

B. All of the above

C. Is engaged in the manufacture of ice cream and pan masala

D. Is engaged in the supply of services

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Correct Answer: Option B

Explanation:
The Composition Scheme is barred for suppliers of services (except restaurants), those making inter-state supplies, casual/non-resident taxable persons, and manufacturers of specified goods like ice cream, pan masala, and tobacco. Therefore, all options apply.

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

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