The 'Central Board of Direct Taxes' is a part of: MCQ with Answer and Explanation

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The 'Central Board of Direct Taxes' is a part of:

A. RBI

B. SEBI

C. Ministry of Finance

D. NITI Aayog

Answer: Option C

Solution (By JKSSB Mock Tests)

CBDT is part of the Ministry of Finance.

This question belongs to: Economy GK Economy Set 1

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Question #1

Which of the following is a feature of a mixed economy?

A. Complete government ownership of resources

B. Absence of government intervention

C. Complete private ownership of resources

D. Coexistence of public and private sectors

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Correct Answer: Option D

Explanation:
A mixed economy is characterised by the coexistence of both public and private sectors, with government intervention to correct market failures.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Goods and Services Tax' is often described as a game-changing reform because it:

A. unified the Indian market and simplified indirect taxes

B. increased direct tax

C. removed all taxes

D. increased many taxes

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Correct Answer: Option A

Explanation:
GST unified the Indian market and simplified indirect taxation.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Goods and Services Tax' on construction services is:

A. 18% for commercial construction

B. 5%

C. 12%

D. 28%

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Correct Answer: Option A

Explanation:
Commercial construction services attract 18% GST.

This question belongs to: Economy GK Economy Set 1

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