The GST Composition Scheme is designed primarily to benefit: MCQ with Answer and Explanation

Question Report Error

The GST Composition Scheme is designed primarily to benefit:

A. Small taxpayers by reducing compliance burden

B. Large multinational corporations

C. Exporters

D. E-commerce operators

Answer: Option A

Solution (By JKExamLibrary)

It allows small businesses (up to a certain turnover) to pay a fixed percentage of turnover as tax and file simpler, less frequent returns.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

Discuss this Question (0)

No comments yet. Be the first to start the discussion!

Practice More Accountancy and Book Keeping Questions

Question #1 Report Error

Net loss for a period is ultimately adjusted against:

A. Capital

B. Liabilities

C. Assets

D. Sales

View Answer & Solution Discuss

Correct Answer: Option A

Explanation:
Net loss reduces owner's equity/capital.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

Question #2 Report Error

The 'Employees' State Insurance' (ESI) scheme provides:

A. Medical, sickness, maternity, disablement, and dependent benefits

B. Pension only

C. Education loan

D. Housing loan

View Answer & Solution Discuss

Correct Answer: Option A

Explanation:
ESI is a social security scheme offering comprehensive medical and cash benefits.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

Question #3 Report Error

Under 'Operating Lease', the asset is shown in the books of:

A. Both

B. Lessee

C. Lessor

D. None

View Answer & Solution Discuss

Correct Answer: Option C

Explanation:
In operating lease, lessor retains ownership and asset is in his books.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

Explore All Accountancy and Book Keeping MCQs