The 'Equalisation Levy' was expanded in 2020 to cover: MCQ with Answer and Explanation
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Question #1
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The 'Composition Scheme' under GST is optional for:
Correct Answer: Option A
Explanation:
Small taxpayers can opt for composition levy to reduce compliance burden.
Small taxpayers can opt for composition levy to reduce compliance burden.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #2
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The mechanism by which a business can reduce its tax liability by claiming credit for taxes paid on purchases is called:
Correct Answer: Option B
Explanation:
ITC avoids the cascading effect of taxes by allowing a set-off of tax paid on inputs against tax payable on output.
ITC avoids the cascading effect of taxes by allowing a set-off of tax paid on inputs against tax payable on output.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
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The Indian Financial Management System (IFMS) integrates:
Correct Answer: Option C
Explanation:
IFMS is a comprehensive system covering all aspects of government financial management including budget, expenditure, receipts, and debt.
IFMS is a comprehensive system covering all aspects of government financial management including budget, expenditure, receipts, and debt.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
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