The 'Advance Ruling' under GST provides: MCQ with Answer and Explanation

Question Report Error
The 'Advance Ruling' under GST provides:
A. Clarity on tax liability on proposed transactions
B. Audit report
C. Registration
D. Penalty imposition
Answer: Option A
Solution (By JKExamLibrary)
Advance ruling helps businesses determine GST implications before undertaking a transaction.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

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Practice More Accountancy and Book Keeping Questions

Question #1 Report Error
The 'Statement of Changes in Equity' as per Ind AS 1 includes:
A. Only reserves
B. Total comprehensive income, transactions with owners, and reconciliation of equity components
C. Only dividends
D. Only share capital
Discuss

Correct Answer: Option B

Explanation:
It shows all changes in equity, including profit/loss, OCI, capital transactions, dividends.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2 Report Error
Which of the following is true regarding a Trial Balance?
A. It detects errors of principle.
B. It is prepared at the end of every month.
C. It is a part of the double entry system.
D. It proves the arithmetical accuracy of books.
Discuss

Correct Answer: Option D

Explanation:
Trial balance only checks arithmetical accuracy; it does not detect all errors, especially errors of principle.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3 Report Error
The 'Alternate Minimum Tax' (AMT) applies to:
A. All companies
B. All individuals
C. Foreign companies
D. Non-corporate taxpayers claiming deductions under certain sections
Discuss

Correct Answer: Option D

Explanation:
AMT is for non-corporate assessees having adjusted total income exceeding ₹20 lakhs and claiming specified deductions.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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