Which body is responsible for making recommendations on GST rates, exemptions, and thresholds? MCQ with Answer and Explanation

Question
Which body is responsible for making recommendations on GST rates, exemptions, and thresholds?
A. GST Council
B. Finance Commission
C. CBDT
D. NITI Aayog
Answer: Option A
Solution (By JKSSB Mock Tests)
Formed under Article 279A, the GST Council is chaired by the Union Finance Minister and comprises state finance ministers.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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Practice More Accountancy and Book Keeping Questions

Question #1
Social accounting is mandatory for:
A. All banks
B. All public sector units
C. No universal mandate, but some large entities voluntarily disclose
D. All companies
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Correct Answer: Option C

Explanation:
Social accounting is largely voluntary except for some mandated disclosures like CSR.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
The 'Business Combinations' (Ind AS 103) require acquisition method. It involves:
A. Pooling of interests
B. Only merger accounting
C. No goodwill
D. Identifying acquirer, determining acquisition date, recognising and measuring identifiable assets, liabilities, and non-controlling interest, and recognising goodwill or bargain purchase
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Correct Answer: Option D

Explanation:
Ind AS 103 mandates the acquisition method for business combinations.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
The 'Actuarial Gains and Losses' on defined benefit plans are recognised in:
A. Other Comprehensive Income (OCI) and not reclassified to profit or loss
B. Deferred over period
C. Balance sheet
D. Profit or loss immediately
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Correct Answer: Option A

Explanation:
Ind AS 19 requires actuarial gains/losses to be recognised in OCI.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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