In the context of the Indian economy, GST is best described as: MCQ with Answer and Explanation

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In the context of the Indian economy, GST is best described as:

A. A corporate tax levied only on companies

B. A comprehensive indirect tax on the supply of goods and services with a dual structure

C. A direct tax on income

D. A wealth tax

Answer: Option B

Solution (By JKSSB Mock Tests)

GST is a destination-based, multi-stage indirect tax levied on the supply of goods and services, administered jointly by the Centre and the States.

This question belongs to: Economy GK Economy Set 1

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Question #1

The 'Goods and Services Tax' rate on tea and coffee is:

A. 12%

B. 18%

C. 5%

D. 0%

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Correct Answer: Option C

Explanation:
Tea and coffee attract 5% GST.

This question belongs to: Economy GK Economy Set 1

Question #2

The main emphasis of the Second Five Year Plan was:

A. reduction of population growth

B. rapid development of agriculture

C. rapid industrialization with emphasis on basic and heavy industries

D. eradication of illiteracy

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Correct Answer: Option C

Explanation:
The Second Plan emphasized rapid industrialization, especially basic and heavy industries.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'personal consumption expenditure price index' is commonly used in which country?

A. India

B. Japan

C. United States

D. China

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Correct Answer: Option C

Explanation:
The PCE price index is a primary inflation measure in the US.

This question belongs to: Economy GK Economy Set 1

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