The 'Constitutional Amendment' that paved way for GST was: MCQ with Answer and Explanation

The 'Constitutional Amendment' that paved way for GST was:
A. 101st Amendment
B. 73rd Amendment
C. 122nd Amendment
D. 42nd Amendment
Answer: Option A
Solution (By JKExamLibrary)
The Constitution (One Hundred and First Amendment) Act, 2016 introduced GST.

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Practice More Accountancy and Book Keeping Questions

Question #1 Report Error
Internal audit is conducted by:
A. Employees of the company
B. External auditor
C. Statutory auditor
D. Government auditor

Correct Answer: Option A


Explanation:
Internal audit is an independent appraisal function within the organization, performed by internal staff or outsourced, but it's internal to the management.

Question #2 Report Error
The 'Customs Act, 1962' levies duty on:
A. Services
B. Goods manufactured in India
C. Income
D. Imported and exported goods

Correct Answer: Option D


Explanation:
Customs duty is on imports and exports.

Question #3 Report Error
The 'Directorate General of Foreign Trade' (DGFT) is under:
A. Ministry of External Affairs
B. Ministry of Commerce and Industry
C. Ministry of Finance
D. RBI

Correct Answer: Option B


Explanation:
DGFT is the nodal agency for foreign trade policy under Ministry of Commerce.