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.

2220
Total Questions

Practice Questions

Page 110 of 111
Question #2181
The 'Goods and Services Tax' on services by the United Nations and international organizations is:
A. exempt
B. 5%
C. 0%
D. 18%
Discuss
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Correct Answer: Option A

Explanation:
Services by UN and specified international organizations are exempt from GST.
This question belongs to: Economy GK Economy Set 1
Question #2182
The 'Goods and Services Tax' on services by foreign diplomatic mission in India is:
A. 0%
B. exempt
C. 5%
D. 18%
Discuss
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Correct Answer: Option B

Explanation:
Services by foreign diplomatic missions are exempt from GST.
This question belongs to: Economy GK Economy Set 1
Question #2183
The 'Goods and Services Tax' on electricity transmission and distribution is:
A. 0%
B. 18%
C. 5%
D. not under GST
Discuss
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Correct Answer: Option D

Explanation:
Electricity transmission and distribution are outside GST.
This question belongs to: Economy GK Economy Set 1
Question #2184
The 'Goods and Services Tax' on petroleum and natural gas is:
A. not under GST
B. 18%
C. 5%
D. 0%
Discuss
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Correct Answer: Option A

Explanation:
Petroleum products and natural gas are outside GST.
This question belongs to: Economy GK Economy Set 1
Question #2185
The 'Goods and Services Tax' on alcohol for human consumption is:
A. 0%
B. 18%
C. not under GST
D. 5%
Discuss
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Correct Answer: Option C

Explanation:
Alcoholic liquor for human consumption is outside GST.
This question belongs to: Economy GK Economy Set 1
Question #2186
The 'Goods and Services Tax' on land and property is:
A. 5%
B. 18%
C. 0%
D. not applicable
Discuss
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Correct Answer: Option D

Explanation:
Sale of land and completed buildings is not subject to GST.
This question belongs to: Economy GK Economy Set 1
Question #2187
The 'Goods and Services Tax' on electricity is:
A. 5%
B. 18%
C. not under GST
D. 0%
Discuss
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Correct Answer: Option C

Explanation:
Electricity is outside GST.
This question belongs to: Economy GK Economy Set 1
Question #2188
The 'Goods and Services Tax' on water is:
A. 0%
B. 18%
C. exempt for water supply through public taps
D. 5%
Discuss
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Correct Answer: Option C

Explanation:
Water supply through public taps is exempt from GST.
This question belongs to: Economy GK Economy Set 1
Question #2189
The 'Goods and Services Tax' on healthcare and education being exempt is intended to:
A. increase tax burden
B. promote imports
C. make essential services affordable
D. increase government revenue
Discuss
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Correct Answer: Option C

Explanation:
Exempting essential services like health and education makes them affordable.
This question belongs to: Economy GK Economy Set 1
Question #2190
The 'Goods and Services Tax' has subsumed taxes like entry tax, which has helped reduce:
A. customs duty
B. income tax
C. check posts and barriers at state borders
D. direct tax
Discuss
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Correct Answer: Option C

Explanation:
Subsuming entry tax reduced state border check posts and barriers.
This question belongs to: Economy GK Economy Set 1
Question #2191
The 'Goods and Services Tax' is collected by the central government under which component?
A. SGST
B. SGST only
C. UTGST only
D. CGST and IGST
Discuss
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Correct Answer: Option D

Explanation:
The central government collects CGST and IGST.
This question belongs to: Economy GK Economy Set 1
Question #2192
The 'Goods and Services Tax' collected by state governments is:
A. UTGST
B. SGST
C. CGST
D. IGST
Discuss
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Correct Answer: Option B

Explanation:
State governments collect SGST.
This question belongs to: Economy GK Economy Set 1
Question #2193
The 'Goods and Services Tax' on intra-state supply comprises:
A. CGST and SGST/UTGST
B. CGST only
C. SGST only
D. IGST
Discuss
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Correct Answer: Option A

Explanation:
Intra-state supplies attract both CGST and SGST/UTGST.
This question belongs to: Economy GK Economy Set 1
Question #2194
The 'Goods and Services Tax' on inter-state supply is:
A. UTGST
B. CGST
C. IGST
D. SGST
Discuss
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Correct Answer: Option C

Explanation:
Inter-state supplies attract IGST.
This question belongs to: Economy GK Economy Set 1
Question #2195
The 'Goods and Services Tax' compensation cess is collected by:
A. GST council
B. state governments
C. central government
D. local bodies
Discuss
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Correct Answer: Option C

Explanation:
Compensation cess is collected by the central government.
This question belongs to: Economy GK Economy Set 1
Question #2196
The 'Goods and Services Tax' revenue from IGST is shared between:
A. states only
B. centre and states as per GST law
C. local bodies
D. centre only
Discuss
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Correct Answer: Option B

Explanation:
IGST is collected by the centre and apportioned between centre and states.
This question belongs to: Economy GK Economy Set 1
Question #2197
The 'Goods and Services Tax' revenue from CGST is credited to:
A. Public Account
B. Consolidated Fund of India
C. state governments
D. Contingency Fund
Discuss
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Correct Answer: Option B

Explanation:
CGST revenue is credited to the Consolidated Fund of India.
This question belongs to: Economy GK Economy Set 1
Question #2198
The 'Goods and Services Tax' revenue from SGST is credited to:
A. Contingency Fund
B. Consolidated Fund of India
C. Consolidated Fund of the state
D. Public Account
Discuss
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Correct Answer: Option C

Explanation:
SGST revenue goes to the state's Consolidated Fund.
This question belongs to: Economy GK Economy Set 1
Question #2199
The 'Goods and Services Tax' Council decisions are implemented by:
A. SEBI
B. RBI
C. central and state governments through respective GST laws
D. Supreme Court
Discuss
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Correct Answer: Option C

Explanation:
Central and state governments implement GST Council recommendations through their GST laws.
This question belongs to: Economy GK Economy Set 1
Question #2200
The 'Goods and Services Tax' law in India comprises:
A. one Act
B. CGST Act, SGST Acts, UTGST Act and IGST Act
C. only IGST Act
D. only CGST Act
Discuss
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Correct Answer: Option B

Explanation:
GST law comprises CGST, SGST, UTGST and IGST Acts.
This question belongs to: Economy GK Economy Set 1
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