Under GST, what does HSN stand for? MCQ with Answer and Explanation

Question
Under GST, what does HSN stand for?
A. Home State Number
B. Harmonized Service Number
C. Harmonized System of Nomenclature
D. Highly Sensitive Network
Answer: Option C
Solution (By JKSSB Mock Tests)
HSN is an internationally accepted system of naming, classifying, and coding goods, widely used for calculating GST and Customs duties.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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Question #1
Cost Accounting defines 'Cost Centre' as:
A. The bank account where funds are kept
B. The total profit of the organization
C. A unit of product ready for sale
D. A person, location, or item of equipment for which costs may be ascertained for control
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Correct Answer: Option D

Explanation:
A cost centre is a logical segment (like a department or machine) used to accumulate and trace costs for management purposes.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
Capital loss can be carried forward for:
A. 4 years
B. 8 years
C. 16 years
D. Indefinitely
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Correct Answer: Option B

Explanation:
Capital losses (short-term and long-term) can be carried forward for 8 years.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
The 'Form 10IE' is to be filed for:
A. Opting for new income tax regime
B. TDS return
C. GST registration
D. Tax audit
Discuss
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Correct Answer: Option A

Explanation:
Form 10IE is filed by individuals/HUFs to opt for the new tax regime.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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