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

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The 'Central Board of Indirect Taxes and Customs' is a part of:

A. Ministry of Finance

B. RBI

C. SEBI

D. Ministry of Commerce

Answer: Option A

Solution (By JKSSB Mock Tests)

CBIC is part of the Ministry of Finance.

This question belongs to: Economy GK Economy Set 1

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Question #1

The 'Goods and Services Tax' revenue from SGST is credited to:

A. Contingency Fund

B. Consolidated Fund of India

C. Consolidated Fund of the state

D. Public Account

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Correct Answer: Option C

Explanation:
SGST revenue goes to the state's Consolidated Fund.

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. removed all taxes

B. increased direct tax

C. increased many taxes

D. unified the Indian market and simplified indirect taxes

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Correct Answer: Option D

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

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Form 16' is issued by an employer to an employee and shows:

A. stock holdings

B. bank account balance

C. salary paid and tax deducted

D. loan details

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Correct Answer: Option C

Explanation:
Form 16 shows salary and TDS details.

This question belongs to: Economy GK Economy Set 1

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