Question
Which statement is not correct with respect to the goods
and services tax (GST)?Solution
• GST: • It is known as One Hundred and First Amendment Act, 2016. • GST was in effect in India from 1 July 2017. • It is an Indirect Tax which replaced many Indirect Taxes in India. • Salient features of GST:  GST will be collected by VAT method  States will get compensation for the loss of revenue for a period of five years arising on account of implementation of the Goods and Services Tax. Integrated GST (IGST) will be levied and administered by the centre on every inter- state supply of goods and services.
Advance amount received from customers is not considered as sale. It is based on which concept?
Which report is issued after completion of statutory audit of a PSU?
An enterprise consumes 25,600 units of a component annually. The order cost is ₹600 per order, and carrying cost is ₹12/unit/year. A supplier offers...
The coefficient of correlation takes the value in which of the following ranges?
Which of the following is shown under investing activities in the cash flow statement ?
_______ refers to the information collected by an auditor to ascertain the accuracy and compliance of a company's financial statements.
Which accounting standard provides guidance on how to account for foreign currency transactions and the effects of changes in foreign exchange rates on...
Which of the following expenditure should NOT be recognized as intangible asset as per AS 26?
Under Ind AS 116, which of the following is true for lessees?
While finalizing the current year’s profit, the company realized that there was an error in the valuation of closing inventory of the previous year. I...
