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

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The 'Composition Scheme' under GST is available for service providers with turnover up to:

A. Rs 1.5 crore

B. Rs 20 lakh

C. Rs 50 lakh

D. Rs 75 lakh

Answer: Option C

Solution (By JKSSB Mock Tests)

Composition scheme for services is available up to Rs 50 lakh.

This question belongs to: Economy GK Economy Set 1

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Practice More Economy Set 1 Questions

Question #1

MGNREGA was enacted in which year?

A. 2005

B. 2003

C. 2010

D. 2007

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Correct Answer: Option A

Explanation:
MGNREGA was enacted in 2005.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'National Income' in India is now compiled by:

A. Ministry of Finance

B. NITI Aayog

C. RBI

D. National Statistical Office

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Correct Answer: Option D

Explanation:
National income is compiled by the National Statistical Office.

This question belongs to: Economy GK Economy Set 1

Question #3

Which of the following is a major objective of the Goods and Services Tax in India?

A. To eliminate all central taxes

B. To increase cascading of taxes

C. To increase the number of indirect taxes

D. To create a unified national market and reduce cascading effect

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Correct Answer: Option D

Explanation:
GST aims to create a common national market, eliminate the cascading effect of taxes through input tax credit, and simplify the indirect tax structure.

This question belongs to: Economy GK Economy Set 1

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