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

Question
In the context of the Indian economy, GST is best described as:
A. A comprehensive indirect tax on the supply of goods and services with a dual structure
B. A direct tax on income
C. A corporate tax levied only on companies
D. A wealth tax
Answer: Option A
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
Request complete Subject PDF

Discuss this Question (0)

No comments yet. Be the first to start the discussion!

Practice More Economy Set 1 Questions

Question #1
Which of the following is a feature of the 'Quantity Theory of Money' in its modern restatement by Friedman?
A. Velocity is highly unstable and unpredictable
B. Interest rates do not affect money demand
C. Money demand is a stable function of a limited number of variables and the velocity is predictable
D. Only the transactions motive matters
Discuss
Get Complete Subject PDF for Economy GK

Correct Answer: Option C

Explanation:
Friedman’s restatement treats the demand for money as a stable function of permanent income, interest rates and other variables, implying that velocity, while not constant, is predictable.
This question belongs to: Economy GK Economy Set 1
Question #2
The 'Goods and Services Tax' on luxury cars is:
A. 18%
B. 28% plus cess
C. 5%
D. 12%
Discuss
Get Complete Subject PDF for Economy GK

Correct Answer: Option B

Explanation:
Luxury cars attract 28% GST plus cess.
This question belongs to: Economy GK Economy Set 1
Question #3
PM-KISAN provides income support to farmer families of how much per year?
A. Rs 6,000
B. Rs 2,000
C. Rs 10,000
D. Rs 12,000
Discuss
Get Complete Subject PDF for Economy GK

Correct Answer: Option A

Explanation:
PM-KISAN provides Rs 6,000 per year in three equal instalments to eligible farmer families.
This question belongs to: Economy GK Economy Set 1
Explore All Economy Set 1 MCQs
Today's Top Topics
Economy Set 1 2220
Explore Subjects
Accountancy and Statistics 3179 English 15164 Computer 5279 Geography GK 6121 Reasoning 2064
Practice Mix
Which of the following is the primary reason for the high rainfall in the Eastern Ghats?
In Access, which of the following is a valid way to import data from an Excel spreadsheet?
Find the error: 'She has a beautiful hair.'
The shortcut to open the 'Find' dialog in MS Excel is:
The noun 'news' is singular, so we say: