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. collection of tax from customers

B. payment of tax

C. input tax credit

D. filing of returns

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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Practice More Economy Set 1 Questions

Question #1

The 'European Central Bank' headquarters is in:

A. Berlin

B. Brussels

C. Frankfurt

D. Paris

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Correct Answer: Option C

Explanation:
ECB headquarters is in Frankfurt.

This question belongs to: Economy GK Economy Set 1

Question #2

In the context of money, 'Near Money' includes:

A. Time deposits, savings deposits and other highly liquid assets

B. Only gold reserves

C. Only demand deposits

D. Currency notes and coins only

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Correct Answer: Option A

Explanation:
Near money refers to assets that are highly liquid and can be converted into cash quickly with minimal loss of value, such as time deposits and certain money market instruments.

This question belongs to: Economy GK Economy Set 1

Question #3

Which of the following is a feature of the long-run average cost curve under increasing returns to scale?

A. It is horizontal

B. It is upward sloping

C. It is U-shaped only due to fixed factors

D. It is downward sloping

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Correct Answer: Option D

Explanation:
Under increasing returns to scale, long-run average cost falls as output expands, resulting in a downward-sloping LAC curve over the relevant range.

This question belongs to: Economy GK Economy Set 1

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