Under GST, the 'E-way bill' is not required for the movement of goods: MCQ with Answer and Explanation

Under GST, the 'E-way bill' is not required for the movement of goods:
A. Both A and B
B. None of the above
C. Where the consignment value is less than ₹50,000
D. From the consignor's place of business to the transporter's place of business for transportation
Answer: Option A
Solution (By JKSSB Mock Tests)
An e-way bill is not required if the consignment value is below ₹50,000, or for specific movements like goods being sent to a transporter for the purpose of transportation from the consignor's place of business.

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Practice More Accountancy and Book Keeping Questions

Question #1
An unregistered partnership firm cannot sue third parties, but:
A. It can be sued
B. It cannot be sued
C. It cannot enter contracts
D. It has no legal existence

Correct Answer: Option A


Explanation:
An unregistered firm cannot sue, but third parties can sue the firm.

Question #2
The 'Expected Credit Loss' model (Ind AS 109) requires recognition of impairment on:
A. Only when default occurs
B. 12-month expected credit losses or lifetime expected credit losses depending on credit risk
C. Only incurred losses
D. No provision

Correct Answer: Option B


Explanation:
ECL model recognises either 12-month ECL (Stage 1) or lifetime ECL (Stage 2/3) based on deterioration in credit risk.

Question #3
A partner's current account will have a credit balance if:
A. His share of profit and interest on capital exceed his drawings
B. His drawings exceed his share of profit
C. He has withdrawn all profits
D. Firm incurs loss

Correct Answer: Option A


Explanation:
Current account credit balance indicates net amount owed by firm to partner, i.e., profits and interest etc. exceed drawings.