Under GST, which constitutional amendment act was passed to implement it? MCQ with Answer and Explanation

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Under GST, which constitutional amendment act was passed to implement it?

A. 100th Amendment Act

B. 102nd Amendment Act

C. 103rd Amendment Act

D. 101st Amendment Act

Answer: Option D

Solution (By JKExamLibrary)

The Constitution (101st Amendment) Act, 2016 paved the way for the introduction of GST in India.

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

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Question #1 Report Error

The primary objective of PFMS in India is to facilitate:

A. Collection of corporate taxes

B. Stock market regulation

C. Printing of currency notes

D. Just-in-time release of funds and end-to-end tracking of public funds

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Correct Answer: Option D

Explanation:
PFMS ensures transparency, tracking of fund utilization down to the lowest level, and Direct Benefit Transfers directly into beneficiaries' accounts.

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

Question #2 Report Error

In the absence of a Partnership Deed, what is the rate of interest on capital provided to partners?

A. No interest is allowed

B. 9% p.a.

C. 6% p.a.

D. 12% p.a.

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Correct Answer: Option A

Explanation:
According to the Indian Partnership Act, 1932, if there is no deed, no interest on capital is allowed to any partner.

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

Question #3 Report Error

S1: In the context of PFMS, the 'Direct Benefit Transfer' (DBT) scheme mandates the use of Aadhaar for authentication. S2: DBT transfers funds directly from the government treasury to the beneficiary's bank account. Which statement(s) is/are correct?

A. Neither S1 nor S2

B. Both S1 and S2

C. S2 only

D. S1 only

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Correct Answer: Option B

Explanation:
Both statements are correct. DBT aims to eliminate leakages by transferring funds directly to beneficiaries' accounts via PFMS, and it heavily relies on Aadhaar seeding and authentication for identity verification.

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

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