The 'Composition Scheme' under GST is available for goods suppliers with turnover up to: MCQ with Answer and Explanation

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The 'Composition Scheme' under GST is available for goods suppliers with turnover up to:

A. Rs 5 crore

B. Rs 10 crore

C. Rs 1.5 crore

D. Rs 40 lakh

Answer: Option C

Solution (By JKSSB Mock Tests)

Composition scheme for goods is available up to Rs 1.5 crore.

This question belongs to: Economy GK Economy Set 1

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Question #1

Which of the following is a characteristic of a progressive tax system?

A. Tax rate increases as income rises

B. Tax rate decreases as income rises

C. Tax is levied at a flat rate on all incomes

D. Tax rate remains constant as income rises

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Correct Answer: Option A

Explanation:
In a progressive tax system, the tax rate increases with an increase in the taxable income, placing a higher burden on higher-income groups.

This question belongs to: Economy GK Economy Set 1

Question #2

Which of the following is NOT a measure of economic inequality?

A. Gini coefficient

B. Theil index

C. Lorenz curve

D. Human Development Index as a pure inequality measure

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Correct Answer: Option D

Explanation:
HDI is a composite measure of development (health, education, income). Gini coefficient, Lorenz curve and Theil index are specific measures of inequality.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Pradhan Mantri Ujjwala Yojana' was launched in:

A. 2018

B. 2017

C. 2014

D. 2016

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Correct Answer: Option D

Explanation:
PMUY was launched in 2016.

This question belongs to: Economy GK Economy Set 1

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