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 50 lakh

B. Rs 75 lakh

C. Rs 1.5 crore

D. Rs 20 lakh

Answer: Option A

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

The 'Goods and Services Tax' rate on automobiles is generally:

A. 5%

B. 12%

C. 28% plus cess

D. 18%

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Correct Answer: Option C

Explanation:
Automobiles generally attract 28% GST plus compensation cess.

This question belongs to: Economy GK Economy Set 1

Question #2

Average product is obtained by dividing total product by:

A. fixed input

B. marginal product

C. units of variable input

D. total cost

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Correct Answer: Option C

Explanation:
Average product is total product divided by the units of the variable input used.

This question belongs to: Economy GK Economy Set 1

Question #3

Which of the following is NOT a component of the capital account of Balance of Payments?

A. External commercial borrowings

B. Remittances from abroad

C. Portfolio investment

D. Foreign direct investment

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Correct Answer: Option B

Explanation:
Remittances from abroad are unilateral transfers and form part of the current account. Capital account includes FDI, portfolio investment and external borrowings.

This question belongs to: Economy GK Economy Set 1

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