The 'Provisional Assessment' under GST can be requested when: MCQ with Answer and Explanation

The 'Provisional Assessment' under GST can be requested when:
A. Return is delayed
B. Value of supply or rate of tax cannot be determined at the time of supply
C. Audit is pending
D. Tax rate is not known
Answer: Option B
Solution (By JKExamLibrary)
Provisional assessment under Section 60 allows payment of tax on a provisional basis when valuation/rate is uncertain.

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Practice More Accountancy and Book Keeping Questions

Question #1 Report Error
The 'Ind AS 24' on Related Party Disclosures requires disclosure of:
A. Only transactions with key management personnel
B. Only parent-subsidiary relationships
C. Only compensation of key management personnel
D. Relationships, transactions, and outstanding balances with related parties

Correct Answer: Option D


Explanation:
Ind AS 24 requires disclosure of related party relationships, transactions, and balances.

Question #2 Report Error
The 'Component Accounting' is required under:
A. AS 2
B. AS 13
C. Ind AS 16 / AS 10
D. AS 15

Correct Answer: Option C


Explanation:
Ind AS 16 requires significant parts of an asset to be depreciated separately.

Question #3 Report Error
In the Indian Financial System, Treasury Bills (T-Bills) are issued by:
A. Commercial Banks
B. SEBI
C. State Governments
D. RBI on behalf of the Central Government

Correct Answer: Option D


Explanation:
T-Bills are short-term debt instruments issued by the Reserve Bank of India on behalf of the Government of India to meet short-term liquidity needs.