Economy Set 1 MCQs

Economy GK

Economy Set 1 MCQs

Practice Economy GK MCQs on basic economic concepts including economy, economics, microeconomics, macroeconomics, goods and services, demand and supply, factors of production, opportunity cost, economic activities, sectors of economy and other fundamental concepts frequently asked in SSC, Railway, Banking, UPSC, JKSSB, JKPSC, Police, Defence and other competitive examinations.

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Total Questions

Practice Questions

Page 100 of 111
Question #1981
The 'GST Network' was incorporated in which year?
A. 2012
B. 2014
C. 2013
D. 2016
Discuss
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Correct Answer: Option C

Explanation:
GSTN was incorporated in 2013.
This question belongs to: Economy GK Economy Set 1
Question #1982
The 'GST Network' is a:
A. private limited company
B. statutory body
C. public sector undertaking
D. government department
Discuss
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Correct Answer: Option A

Explanation:
GSTN is a Section 8 private limited company.
This question belongs to: Economy GK Economy Set 1
Question #1983
The 'GST' regime in India has subsumed which of the following state taxes?
A. Entry tax
B. Customs duty
C. Wealth tax
D. Income tax
Discuss
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Correct Answer: Option A

Explanation:
GST subsumed state taxes like entry tax, purchase tax and VAT.
This question belongs to: Economy GK Economy Set 1
Question #1984
The 'GST' regime has subsumed which of the following central taxes?
A. Central Excise Duty
B. Corporate tax
C. Customs duty
D. Income tax
Discuss
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Correct Answer: Option A

Explanation:
GST subsumed central excise duty, service tax, additional customs duty, etc.
This question belongs to: Economy GK Economy Set 1
Question #1985
The 'GST' regime has not subsumed which central tax?
A. Basic customs duty
B. Special additional customs duty
C. Additional excise duty
D. Service tax
Discuss
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Correct Answer: Option A

Explanation:
Basic customs duty remains outside GST.
This question belongs to: Economy GK Economy Set 1
Question #1986
The 'GST' compensation cess was collected to compensate states for how many years from 2017?
A. 10 years
B. 5 years
C. 2 years
D. 15 years
Discuss
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Correct Answer: Option B

Explanation:
Compensation cess was initially for five years (2017-2022), later extended.
This question belongs to: Economy GK Economy Set 1
Question #1987
The 'GST' is a comprehensive indirect tax that replaced how many central and state taxes?
A. about 10
B. about 17 central and state taxes and multiple cesses
C. about 100
D. about 50
Discuss
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Correct Answer: Option B

Explanation:
GST subsumed around 17 central and state indirect taxes and cesses.
This question belongs to: Economy GK Economy Set 1
Question #1988
The 'GST' has helped in creating a unified national market by:
A. removing cascading taxes and multiple state-level barriers
B. increasing entry taxes
C. increasing check posts
D. raising state VAT rates
Discuss
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Correct Answer: Option A

Explanation:
GST removed cascading taxes and state barriers, creating a unified market.
This question belongs to: Economy GK Economy Set 1
Question #1989
The 'reverse charge mechanism' under GST is applicable when:
A. goods are exported
B. a registered supplier sells to an unregistered recipient
C. the recipient is required to pay tax instead of the supplier
D. goods are imported only
Discuss
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Correct Answer: Option C

Explanation:
Under reverse charge, the recipient pays GST instead of the supplier.
This question belongs to: Economy GK Economy Set 1
Question #1990
The 'GST practitioner' is a person who:
A. assists taxpayers in filing GST returns and compliance
B. audits GST revenue
C. sets GST rates
D. collects taxes
Discuss
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Correct Answer: Option A

Explanation:
A GST practitioner assists taxpayers in GST compliance and returns.
This question belongs to: Economy GK Economy Set 1
Question #1991
The 'GST Suvidha Provider' is an entity that:
A. collects GST
B. provides IT solutions for GST compliance
C. sets GST rates
D. makes GST law
Discuss
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Correct Answer: Option B

Explanation:
GST Suvidha Providers offer IT applications for GST compliance.
This question belongs to: Economy GK Economy Set 1
Question #1992
The 'National Anti-profiteering Authority' under GST was headed by a:
A. Secretary-level officer
B. Finance Minister
C. Supreme Court judge
D. RBI Governor
Discuss
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Correct Answer: Option A

Explanation:
NAA was headed by a Secretary-level officer.
This question belongs to: Economy GK Economy Set 1
Question #1993
The 'GST Appellate Tribunal' is also known as:
A. Central Board of Indirect Taxes and Customs
B. GST Council
C. Competition Commission of India
D. Goods and Services Tax Appellate Tribunal
Discuss
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Correct Answer: Option D

Explanation:
GST Appellate Tribunal hears appeals under GST.
This question belongs to: Economy GK Economy Set 1
Question #1994
The 'Central Board of Indirect Taxes and Customs' administers:
A. GST, customs and indirect taxes
B. wealth tax
C. income tax
D. corporate tax
Discuss
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Correct Answer: Option A

Explanation:
CBIC administers GST, customs and other indirect taxes.
This question belongs to: Economy GK Economy Set 1
Question #1995
The 'Central Board of Direct Taxes' administers:
A. customs duty
B. income tax and corporate tax
C. excise duty
D. GST
Discuss
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Correct Answer: Option B

Explanation:
CBDT administers direct taxes like income tax and corporate tax.
This question belongs to: Economy GK Economy Set 1
Question #1996
The 'Income Tax Department' in India works under:
A. Ministry of Finance
B. RBI
C. SEBI
D. NITI Aayog
Discuss
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Correct Answer: Option A

Explanation:
Income Tax Department is under the Ministry of Finance.
This question belongs to: Economy GK Economy Set 1
Question #1997
The 'Income Tax Act' in India was enacted in which year?
A. 1965
B. 1961
C. 1956
D. 1972
Discuss
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Correct Answer: Option B

Explanation:
The Income Tax Act was enacted in 1961.
This question belongs to: Economy GK Economy Set 1
Question #1998
The 'Income Tax Return' in India is filed by individuals whose income exceeds:
A. Rs 5 lakh
B. Rs 1 lakh
C. the basic exemption limit
D. Rs 10 lakh
Discuss
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Correct Answer: Option C

Explanation:
Individuals must file ITR if income exceeds the basic exemption limit.
This question belongs to: Economy GK Economy Set 1
Question #1999
The 'Permanent Account Number' in India is issued by:
A. RBI
B. SEBI
C. Income Tax Department
D. Ministry of Corporate Affairs
Discuss
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Correct Answer: Option C

Explanation:
PAN is issued by the Income Tax Department.
This question belongs to: Economy GK Economy Set 1
Question #2000
The 'Aadhaar' number in India is issued by:
A. Unique Identification Authority of India
B. Ministry of Finance
C. Income Tax Department
D. RBI
Discuss
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Correct Answer: Option A

Explanation:
Aadhaar is issued by UIDAI.
This question belongs to: Economy GK Economy Set 1
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