A
2 only
B
Both 1 and 2
C
Neither 1 nor 2
D
1 only
Correct answer: (d) 1 only
Explanation
Statement 1 is correct; GST registration is mandatory for businesses crossing threshold limits or engaging in inter-state supplies. Statement 2 is incorrect because taxpayers under the composition scheme pay a fixed turnover tax rate and are explicitly barred from claiming input tax credit.
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2018 · Q26 · General Studies · 2 marks
India enacted the Geographical Indications of Goods (Registration and Protection) Act, 1999 in order to comply with the obligations to -
2015 · Q74 · General Studies · 2 marks
With reference to 'Forest Carbon Partnership Facility', which of the following statements is/are correct? 1. It is a global partnership of governments, businesses, civil society and indigenous peoples. 2. It provides financial aid to universities, individual scientists and institutions involved in scientific forestry research to develop eco-friendly and climate adaptation technologies for sustainable forest management. 3. It assists the countries in their 'REDD+ (Reducing Emissions from Deforestation +)' efforts by providing them financial and technical assistance. Select the correct answer using the code given below