The 'base erosion and profit shifting' framework is an initiative of: MCQ with Answer and Explanation

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The 'base erosion and profit shifting' framework is an initiative of:

A. OECD and G20

B. WTO

C. IMF

D. World Bank

Answer: Option A

Solution (By JKSSB Mock Tests)

BEPS is an OECD/G20 initiative against tax avoidance by multinational enterprises.

This question belongs to: Economy GK Economy Set 1

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Question #1

The 'Goods and Services Tax' on petroleum and natural gas is:

A. 18%

B. 5%

C. not under GST

D. 0%

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Correct Answer: Option C

Explanation:
Petroleum products and natural gas are outside GST.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Goods and Services Tax' has enabled seamless input tax credit across states, which has eliminated:

A. customs duty

B. tax cascading and barriers to interstate trade

C. direct taxes

D. income tax

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Correct Answer: Option B

Explanation:
Seamless ITC has removed cascading and eased interstate trade.

This question belongs to: Economy GK Economy Set 1

Question #3

Tenancy reforms in India primarily aim to:

A. provide security of tenure and fair rent to tenants

B. increase rent burden on tenants

C. abolish all tenancy

D. increase landowner rights only

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Correct Answer: Option A

Explanation:
Tenancy reforms aim to provide security of tenure and fair rents to tenants.

This question belongs to: Economy GK Economy Set 1

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