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Accounting of goods and services tax (GST) Quiz-2 Index => Accounting of goods and services tax (GST) Quiz-2 Quiz Show all questions <=   => Reverse charge mechanism under GST means: ?   The buyer pays GST directly to the government instead of the seller. ?   The seller is exempted from paying GST. ?   Both the buyer and seller pay half of the GST amount. ?   GST is not applicable on reverse transactions. Which sector of the economy was outside the purview of GST upon its implementation? ?   Manufacturing ?   Services ?   Agriculture ?   All sectors were brought under GST What is the current rate of GST on essential commodities like rice, wheat, and other cereals? ?   0% ?   5% ?   12% ?   18% What is the purpose of the GST Composition Scheme? ?   To simplify the GST return filing process ?   To exempt small businesses from paying GST ?   To allow businesses to pay GST at a reduce

Accounting of goods and services tax (GST) Quiz-1 Index => Accounting of goods and services tax (GST) Quiz-1 Quiz Show all questions <=   => When did GST come into effect in India? ?   August 1, 2017 ?   April 1, 2017 ?   July 1, 2017 ?   None of the above What is the e-way bill under GST? ?   An electronic document that is required to be generated for the movement of goods across state borders ?   An electronic document that is required to be generated for the movement of goods within a state ?   An electronic document that is required to be generated for the movement of goods in the country ?   None of the above What is the threshold limit for registration under GST? ?   20 lakh for goods and 10 lakh for services ?   40 lakh for goods and 20 lakh for services ?   60 lakh for goods and 30 lakh for services ?   None of the above Which type of GST is charged on the intra-state supp