Under GST, the 'Composition Scheme' is not available to a person who:
A. All of the above
B. Is engaged in the supply of services
C. Is engaged in the manufacture of ice cream and pan masala
D. Makes inter-state supplies
Answer: Option A
Solution (By JKSSB Mock Tests)
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.
S1: The Profit and Loss Account shows the financial position of the business. S2: The Balance Sheet shows the financial position of the business. Which statement(s) is/are correct?
Explanation:
The Profit and Loss Account shows the financial performance (profit or loss) over a period. The Balance Sheet shows the financial position (assets and liabilities) at a specific point in time.
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