GST & Taxation Basics
JKSSB Finance Accounts Assistant · Accountancy & Book-Keeping · 26 practice questions with answers and explanations: 8 Easy, 11 Medium, 7 Hard.
Sample questions
Sample Easy question 1
GST in India replaced which of the following indirect taxes (among others)?
- VAT and Service Tax
- Income Tax
- Corporate Tax
- Wealth Tax
Show answer
Answer: A. GST subsumed indirect taxes such as VAT, Service Tax, and Excise Duty.
Sample Medium question 2
Which GST components are levied on intra-state supply of goods and services?
- CGST and SGST
- IGST only
- Only CGST
- Only SGST
Show answer
Answer: A. Intra-state supplies attract both CGST (central) and SGST (state) simultaneously.
Sample Hard question 3
What does 'input tax credit' under GST allow a business to do?
- Reduce its tax liability by the tax already paid on purchases
- Get a refund of income tax
- Avoid paying any tax
- Delay tax payments indefinitely
Show answer
Answer: A. Input tax credit lets a business offset the GST it paid on inputs against the GST it collects on sales.
More Accountancy & Book-Keeping topics for JKSSB Finance Accounts Assistant
- Bank Reconciliation
- Banking Awareness
- Basic Accounting Concepts
- Cost Accounting & Budgetary Control
- Depreciation
- Financial Statements
- Government Accounting & Budgeting
- Journal & Ledger
- Partnership Accounts
- Public Finance
- Public Financial Management System (PFMS)
- Social Accounting & Audit
- Trial Balance & Rectification