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

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Which body is responsible for making recommendations on GST rates, exemptions, and thresholds?

A. CBDT

B. Finance Commission

C. NITI Aayog

D. GST Council

Answer: Option D

Solution (By JKSSB Mock Tests)

Formed under Article 279A, the GST Council is chaired by the Union Finance Minister and comprises state finance ministers.

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Question #1

The 'Section 115BAC' relates to:

A. Tax on dividends

B. Alternate Minimum Tax

C. New tax regime for individuals and HUFs

D. Minimum Alternate Tax

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Correct Answer: Option C

Explanation:
Section 115BAC provides the concessional tax regime for individuals/HUFs.

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Question #2

The 'Closing Stock' is valued on the basis of:

A. Cost or market price whichever is higher

B. Cost or net realizable value whichever is lower

C. Net realizable value only

D. Market price only

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Correct Answer: Option B

Explanation:
Prudence convention and AS 2 require lower of cost and NRV.

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Question #3

The 'Assembly of the Final Audit File' should be completed within:

A. 30 days of auditor's report

B. 60 days of auditor's report (as per SA 230)

C. 90 days

D. No time limit

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Correct Answer: Option B

Explanation:
The final file should be assembled within 60 days from the date of auditor's report.

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