The 'Composition Scheme' under GST does not allow: MCQ with Answer and Explanation

Question

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The 'Composition Scheme' under GST does not allow:

A. filing of returns

B. collection of tax from customers

C. input tax credit

D. payment of tax

Answer: Option C

Solution (By JKSSB Mock Tests)

Composition dealers cannot claim input tax credit.

This question belongs to: Economy GK Economy Set 1

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Question #1

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Which of the following bodies was responsible for approving five year plans in India before the establishment of NITI Aayog?

A. Cabinet Committee on Economic Affairs

B. National Development Council

C. Finance Ministry

D. Parliament

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Correct Answer: Option B

Explanation:
The National Development Council approved the Five Year Plans before NITI Aayog was formed.

This question belongs to: Economy GK Economy Set 1

Question #2

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Which of the following best describes the concept of 'Cross Elasticity of Demand'?

A. Responsiveness of supply to a change in price

B. Responsiveness of quantity demanded of a good to a change in the price of another good

C. Responsiveness of quantity demanded to a change in income

D. Responsiveness of quantity demanded of a good to a change in its own price

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Correct Answer: Option B

Explanation:
Cross elasticity of demand measures how the quantity demanded of one good responds to a change in the price of another related good. It is positive for substitutes and negative for complements.

This question belongs to: Economy GK Economy Set 1

Question #3

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The 'Samagra Shiksha Abhiyan' integrates which three schemes?

A. SSA, RMSA, Teacher Education

B. Teacher Education, PMKVY, UJALA

C. RMSA, ICDS, NSAP

D. SSA, MGNREGA, PMAY

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Correct Answer: Option A

Explanation:
Samagra Shiksha Abhiyan integrates Sarva Shiksha Abhiyan, Rashtriya Madhyamik Shiksha Abhiyan and Teacher Education.

This question belongs to: Economy GK Economy Set 1

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