What is the maximum rate of CGST prescribed under the CGST Act? MCQ with Answer and Explanation

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What is the maximum rate of CGST prescribed under the CGST Act?

A. 28%

B. 18%

C. 14%

D. 20%

Answer: Option D

Solution (By JKSSB Mock Tests)

The maximum rate of CGST is capped at 20% by the Act, making the combined maximum GST (CGST + SGST) 40%.

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Question #1

A change in depreciation method is treated as:

A. Error

B. Change in accounting policy

C. Extraordinary item

D. Prior period item

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Correct Answer: Option B

Explanation:
Change in depreciation method is a change in accounting policy, requiring retrospective application as per AS 5.

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Question #2

The 'Surcharge' on income tax is levied for:

A. All taxpayers

B. Companies only

C. High-income individuals/entities

D. Senior citizens only

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Correct Answer: Option C

Explanation:
Surcharge is additional tax on income above specified thresholds for individuals, HUFs, companies.

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Question #3

Zero Base Budgeting requires:

A. Only incremental changes

B. No justification

C. Using last year's budget as base

D. Justification of every budget item from scratch

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Correct Answer: Option D

Explanation:
ZBB starts from a 'zero base', and every function and expenditure must be justified.

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

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