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

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The 'Composition Scheme' under GST does not allow:

A. filing of returns

B. payment of tax

C. collection of tax from customers

D. input tax credit

Answer: Option D

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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Practice More Economy Set 1 Questions

Question #1

In the context of money, 'Near Money' refers to:

A. Gold and silver only

B. Currency notes and coins

C. Highly liquid assets that can be quickly converted into money

D. Demand deposits only

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Correct Answer: Option C

Explanation:
Near money refers to highly liquid assets such as time deposits, treasury bills and savings bonds that can be easily converted into cash with little loss of value.

This question belongs to: Economy GK Economy Set 1

Question #2

The Multidimensional Poverty Index used by NITI Aayog includes which dimensions?

A. Health, education and standard of living

B. Employment and wages

C. Income and wealth

D. Agriculture and industry

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Correct Answer: Option A

Explanation:
The MPI has three dimensions: health, education and standard of living.

This question belongs to: Economy GK Economy Set 1

Question #3

In the context of digital finance, 'Central Bank Digital Currency' (CBDC) refers to:

A. Only privately issued cryptocurrencies

B. Only commercial-bank deposits

C. Only physical cash

D. A digital form of central-bank money that is a direct liability of the central bank

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Correct Answer: Option D

Explanation:
A central-bank digital currency is a digital payment instrument denominated in the national unit of account that is a direct liability of the central bank, distinct from both physical cash and commercial-bank deposits.

This question belongs to: Economy GK Economy Set 1

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