The 'Central Goods and Services Tax' is levied by: MCQ with Answer and Explanation

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The 'Central Goods and Services Tax' is levied by:

A. GST Council

B. state governments

C. central government

D. local bodies

Answer: Option C

Solution (By JKSSB Mock Tests)

CGST is levied by the central government on intra-state supply.

This question belongs to: Economy GK Economy Set 1

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Question #1

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The 'Fiscal Responsibility and Budget Management Act' originally targeted elimination of revenue deficit by which year?

A. 2008-09

B. 2006-07

C. 2010-11

D. 2013-14

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Correct Answer: Option A

Explanation:
FRBM aimed to eliminate revenue deficit by 2008-09.

This question belongs to: Economy GK Economy Set 1

Question #2

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The 'Union Budget' of India is the annual financial statement under:

A. Article 110

B. Article 280

C. Article 112

D. Article 265

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Correct Answer: Option C

Explanation:
Union Budget is the Annual Financial Statement under Article 112.

This question belongs to: Economy GK Economy Set 1

Question #3

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The value of the investment multiplier is equal to:

A. MPS divided by MPC

B. MPC divided by MPS

C. 1 divided by MPS

D. 1 divided by MPC

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Correct Answer: Option C

Explanation:
The investment multiplier is 1/MPS, or 1/(1 - MPC).

This question belongs to: Economy GK Economy Set 1

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