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

Question

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

A. Rs 75 lakh

B. Rs 1.5 crore

C. Rs 20 lakh

D. Rs 50 lakh

Answer: Option D

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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Question #1

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Which of the following is a major reason for the growth of the service sector in India?

A. Only agricultural growth

B. Liberalisation, IT revolution and rising incomes

C. Decline in demand for services

D. Complete absence of industrial growth

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Correct Answer: Option B

Explanation:
The service sector in India has grown rapidly due to economic liberalisation, the information technology revolution, rising incomes and global demand for services such as software and BPO.

This question belongs to: Economy GK Economy Set 1

Question #2

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The 'Monetary Policy Committee' consists of how many members?

A. 10

B. 6

C. 8

D. 4

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Correct Answer: Option B

Explanation:
The Monetary Policy Committee has six members, including the RBI Governor.

This question belongs to: Economy GK Economy Set 1

Question #3

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The 'multidimensional poverty index' considers how many equally weighted dimensions?

A. Ten

B. Five

C. Three

D. Two

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Correct Answer: Option C

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

This question belongs to: Economy GK Economy Set 1

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