Which of the following taxes is subsumed under GST? MCQ with Answer and Explanation

Question
Which of the following taxes is subsumed under GST?
A. Value Added Tax (VAT)
B. Stamp Duty
C. Customs Duty
D. Income Tax
Answer: Option A
Solution (By JKSSB Mock Tests)
State VAT, Central Excise, and Service Tax were among the major indirect taxes subsumed into GST.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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Practice More Accountancy and Book Keeping Questions

Question #1
Which working capital financing approach uses short-term funds to finance temporary current assets and long-term funds to finance permanent current assets?
A. Matching (Hedging) Approach
B. Conservative Approach
C. Zero Working Capital Approach
D. Aggressive Approach
Discuss
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Correct Answer: Option A

Explanation:
The matching approach synchronizes the maturity of the financing source with the life of the asset being financed.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
The 'Input Service Distributor' (ISD) under GST distributes:
A. Cash
B. Goods
C. Stock
D. Input tax credit on services received by the head office to branches
Discuss
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Correct Answer: Option D

Explanation:
ISD is an office that receives invoices for services and distributes credit to various units.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
'Substance over Form' is a concept that means:
A. Form is more important
B. Transactions should be accounted for based on their legal form
C. Legal form prevails
D. Transactions should be accounted for according to their economic reality
Discuss
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Correct Answer: Option D

Explanation:
Substance over form emphasizes economic substance rather than merely legal form.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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