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Theory Base of Accounting Test - 55

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Theory Base of Accounting Test - 55
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  • Question 1
    1 / -0
    GST is proposed to be levied at all stages right from _____________ up to the final consumption.
    Solution
    GST is a consumption based tax which is levied on the basis of “Destination principle.” 
    The concept relates to taxing the supply of goods or services at the point of consumption. It is a comprehensive tax regime covering both goods and services, and is collected on value-added at each stage of the supply chain. 
    The essence of GST is in removing the cascading effects i.e., tax on tax of both Central and State taxes by allowing setting-off of taxes throughout the value chain, right from the original producer and service provider’s point, up to the consumer level.
  • Question 2
    1 / -0
    GST is implemented to accomplish the objective of one nation ________ tax.
    Solution
    GST is implemented to accomplish the objective of "one nation one tax". This is the idea behind implementing the GST which was taken into action.
  • Question 3
    1 / -0
    GST is a _____________ based tax and levied at a single point at the time of ___________ of goods and services.
    Solution
    The Full form of GST is Goods and Service Tax.
    It is an Indirect tax that is levied on the supply of goods and services.
    GST is a destination-based tax and levied at a single point at the time of consumption of goods and services.
  • Question 4
    1 / -0
    The prime objective of GST implementation is to ________ the multiple levy of tax on goods and services. 
    Solution
    As the GST was introduced, many multiple levy taxes were abolished in India.
    France was the first country to implement GST which results in reducing tax evasion. Since then, more than 140 countries have implemented GST with some countries having Dual-GST (e.g. Brazil, Canada etc.)
  • Question 5
    1 / -0
    Accounting Standard 2 deals with valuation of ____________.
    Solution
    AS-2: Valuation of inventories: This standard deals with accounting treatment for inventories and sets the guidelines for the valuation of the inventories.
    The accounting treatment for inventories has been prescribed by this Accounting Standard. 
    It explains how to value inventories in financial statements.
  • Question 6
    1 / -0
    When does the liability to pay GST arise in case of supply of goods?
    Solution
    At the time of supply of goods,  the liability to pay GST arise in case of supply of goods.
    GST stands for Goods and Services Tax. 
    France was the first country to implement GST which results in reducing tax evasion. Since then, more than 140 countries have implemented GST with some countries having Dual-GST (e.g. Brazil, Canada etc.)
  • Question 7
    1 / -0
    Which of the following was the first country to implement GST to reduce tax-evasion?
    Solution
    France was the first country to implement GST which results in reducing tax evasion. Since then, more than 140 countries have implemented GST with some countries having Dual-GST (e.g. Brazil, Canada etc.)
    The Full Form of GST is Goods and Service Tax. 
  • Question 8
    1 / -0
    GST is basically designed to:
    1. Enhance manufacturing system
    2. Reduce the tax base
    3. Expand the distribution system
    4. Increase the revenue from taxes
    Of the above ___________.
    Solution
    GST is basically designed to
    1. Enhance manufacturing System
    2. Expand the distribution system
    4. Increase the revenue from taxes.
    Statement 2 is incorrect GST expand the tax base. 
  • Question 9
    1 / -0
    GST widens the _______ base which accordingly increases the _______ for government.
    Solution
    GST has increased the tax base for sale of goods and service which has increased the income for the government.
  • Question 10
    1 / -0
    The subsumption of which taxes will make the GST-a pucca Destination based Consumption Tax _________________.
    Solution
    Destination based tax or consumption tax are levied where goods and services are consumed.
    France was the first country to implement GST which results in reducing tax evasion. Since then, more than 140 countries have implemented GST with some countries having Dual-GST (e.g. Brazil, Canada etc.)
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