Under GST, IGST revenue is: MCQ with Answer and Explanation

Question

Share Report Error

Under GST, IGST revenue is:

A. Apportioned between the Central and the Destination State Government

B. Deposited into the RBI reserves

C. Kept entirely by the State Government

D. Kept entirely by the Central Government

Answer: Option A

Solution (By JKSSB Mock Tests)

Being a destination-based tax, IGST is collected by the Centre and shared with the destination state where the goods are consumed.

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

Share Report

The 'Derecognition of Financial Assets' under Ind AS 109 is based on:

A. Possession

B. Legal ownership

C. Transfer of risks and rewards of ownership

D. Title

View Answer & Solution Discuss

Get Complete Subject PDF for Accountancy and Statistics

Correct Answer: Option C

Explanation:
Derecognition occurs when risks and rewards are substantially transferred.

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

Question #2

Share Report

The 'Special Economic Zone' (SEZ) supplies are treated as:

A. Inter-state supply

B. Zero-rated supply

C. Exempt supply

D. Intra-state supply

View Answer & Solution Discuss

Get Complete Subject PDF for Accountancy and Statistics

Correct Answer: Option B

Explanation:
Supply to SEZ is zero-rated, allowing input tax credit refund.

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

Question #3

Share Report

The 'Provision for Bad Debts' is created by:

A. Crediting Cash Account

B. Debiting Debtors Account

C. Debiting Sales Account

D. Debiting Profit & Loss Account and crediting Provision for Bad Debts

View Answer & Solution Discuss

Get Complete Subject PDF for Accountancy and Statistics

Correct Answer: Option D

Explanation:
The adjusting entry: P&L A/c Dr. To Provision for Bad Debts.

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

Explore All Accountancy and Book Keeping MCQs