Which of the following shall be exempt from value-added-tax? I. Sales by agricultural cooperatives to their members as well as sale of their products, whether in its original state or processed form, to non-members; II. Gross receipts from lending activities by credit or multi-purpose cooperatives duly registered with the Cooperative Department Authority; III. Sales by non-agricultural, non-electric, and non-credit cooperatives duly registered with the Cooperative Department Authority I and II only I only II only III only I, II and III
Which of the following shall be exempt from value-added-tax? I. Sales by agricultural cooperatives to their members as well as sale of their products, whether in its original state or processed form, to non-members; II. Gross receipts from lending activities by credit or multi-purpose cooperatives duly registered with the Cooperative Department Authority; III. Sales by non-agricultural, non-electric, and non-credit cooperatives duly registered with the Cooperative Department Authority I and II only I only II only III only I, II and III
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Which of the following shall be exempt from value-added-tax? I. Sales by agricultural cooperatives to their members as well as sale of their products, whether in its original state or processed form, to non-members; II. Gross receipts from lending activities by credit or multi-purpose cooperatives duly registered with the Cooperative Department Authority; III. Sales by non-agricultural, non-electric, and non-credit cooperatives duly registered with the Cooperative Department Authority
I and II only
I only
II only
III only
I, II and III
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