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 97 of 111
Question #1921
The 'Goods and Services Tax' Council was constituted in which year?
A. 2018
B. 2017
C. 2014
D. 2016
Discuss
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Correct Answer: Option D

Explanation:
The GST Council was constituted in 2016.
This question belongs to: Economy GK Economy Set 1
Question #1922
The 'Goods and Services Tax' Council has how many members?
A. 20
B. 33
C. 100
D. 50
Discuss
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Correct Answer: Option B

Explanation:
GST Council has 33 members, including the Chairperson.
This question belongs to: Economy GK Economy Set 1
Question #1923
The 'Goods and Services Tax' Council chairperson is:
A. RBI Governor
B. Union Finance Minister
C. Prime Minister
D. President
Discuss
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Correct Answer: Option B

Explanation:
GST Council is chaired by the Union Finance Minister.
This question belongs to: Economy GK Economy Set 1
Question #1924
The 'Goods and Services Tax' is applicable in:
A. only states
B. only union territories
C. all states and union territories
D. only special economic zones
Discuss
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Correct Answer: Option C

Explanation:
GST applies throughout India including states and union territories.
This question belongs to: Economy GK Economy Set 1
Question #1925
The 'Goods and Services Tax' does not apply to:
A. goods and services
B. alcoholic liquor for human consumption
C. imports
D. interstate supplies
Discuss
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Correct Answer: Option B

Explanation:
Alcoholic liquor for human consumption is outside GST.
This question belongs to: Economy GK Economy Set 1
Question #1926
The 'Goods and Services Tax' rate on essential food items is:
A. 5%
B. 12%
C. 0%
D. 18%
Discuss
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Correct Answer: Option C

Explanation:
Essential food items are often at 0% GST.
This question belongs to: Economy GK Economy Set 1
Question #1927
The 'Goods and Services Tax' rate on gold in India is:
A. 12%
B. 5%
C. 0%
D. 3%
Discuss
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Correct Answer: Option D

Explanation:
Gold and jewellery attract 3% GST.
This question belongs to: Economy GK Economy Set 1
Question #1928
The 'Goods and Services Tax' rate on most services is:
A. 28%
B. 18%
C. 5%
D. 0%
Discuss
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Correct Answer: Option B

Explanation:
Most services attract 18% GST.
This question belongs to: Economy GK Economy Set 1
Question #1929
The 'Goods and Services Tax' rate on luxury cars is:
A. 18%
B. 28%
C. 12%
D. 5%
Discuss
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Correct Answer: Option B

Explanation:
Luxury cars attract 28% GST plus cess.
This question belongs to: Economy GK Economy Set 1
Question #1930
The 'Goods and Services Tax' on tobacco products is:
A. 12%
B. 28% plus cess
C. 0%
D. 18%
Discuss
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Correct Answer: Option B

Explanation:
Tobacco products attract 28% GST plus additional cess.
This question belongs to: Economy GK Economy Set 1
Question #1931
The 'Goods and Services Tax' exemption limit for registration of service providers is:
A. Rs 20 lakh
B. Rs 50 lakh
C. Rs 10 lakh
D. Rs 40 lakh
Discuss
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Correct Answer: Option A

Explanation:
General GST registration threshold for services is Rs 20 lakh (Rs 10 lakh in special category states).
This question belongs to: Economy GK Economy Set 1
Question #1932
The 'Goods and Services Tax' registration threshold for goods suppliers is generally:
A. Rs 1 crore
B. Rs 50 lakh
C. Rs 40 lakh
D. Rs 20 lakh
Discuss
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Correct Answer: Option C

Explanation:
The GST threshold for goods is Rs 40 lakh (Rs 20 lakh in special category states).
This question belongs to: Economy GK Economy Set 1
Question #1933
The 'Composition Scheme' under GST is available for goods suppliers with turnover up to:
A. Rs 1.5 crore
B. Rs 10 crore
C. Rs 5 crore
D. Rs 40 lakh
Discuss
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Correct Answer: Option A

Explanation:
Composition scheme for goods is available up to Rs 1.5 crore.
This question belongs to: Economy GK Economy Set 1
Question #1934
The 'Composition Scheme' under GST is available for service providers with turnover up to:
A. Rs 1.5 crore
B. Rs 20 lakh
C. Rs 50 lakh
D. Rs 75 lakh
Discuss
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Correct Answer: Option C

Explanation:
Composition scheme for services is available up to Rs 50 lakh.
This question belongs to: Economy GK Economy Set 1
Question #1935
The 'e-invoicing' under GST is mandatory for businesses with turnover above:
A. Rs 1 crore
B. Rs 5 crore
C. Rs 20 crore
D. Rs 10 crore
Discuss
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Correct Answer: Option B

Explanation:
E-invoicing is mandatory for businesses above a specified turnover threshold, currently Rs 5 crore.
This question belongs to: Economy GK Economy Set 1
Question #1936
The 'Goods and Services Tax' return for monthly filing by regular dealers is:
A. GSTR-3B
B. GSTR-1
C. GSTR-9
D. GSTR-4
Discuss
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Correct Answer: Option A

Explanation:
GSTR-3B is a monthly summary return for regular dealers.
This question belongs to: Economy GK Economy Set 1
Question #1937
The 'Goods and Services Tax' annual return is filed in:
A. GSTR-9
B. GSTR-4
C. GSTR-1
D. GSTR-3B
Discuss
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Correct Answer: Option A

Explanation:
GSTR-9 is the annual return.
This question belongs to: Economy GK Economy Set 1
Question #1938
The 'Goods and Services Tax' audit by tax authorities was replaced by:
A. CAG audit
B. no audit
C. reconciliation statements
D. GST audit
Discuss
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Correct Answer: Option C

Explanation:
Annual audit by GST authorities was replaced by self-certified reconciliation statements.
This question belongs to: Economy GK Economy Set 1
Question #1939
The 'Goods and Services Tax' rate on education services is:
A. 0%
B. 5%
C. 12%
D. 18%
Discuss
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Correct Answer: Option A

Explanation:
Education services provided by educational institutions are exempt from GST.
This question belongs to: Economy GK Economy Set 1
Question #1940
The 'Goods and Services Tax' rate on health care services is:
A. 5%
B. 0%
C. 18%
D. 12%
Discuss
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Correct Answer: Option B

Explanation:
Health care services are exempt from GST.
This question belongs to: Economy GK Economy Set 1
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