The 'Composition Scheme' under GST is available to small taxpayers with turnover up to: MCQ with Answer and Explanation

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The 'Composition Scheme' under GST is available to small taxpayers with turnover up to:

A. Rs 1.5 crore

B. Rs 5 crore

C. Rs 10 crore

D. Rs 50 lakh

Answer: Option A

Solution (By JKSSB Mock Tests)

The composition scheme is available to taxpayers with annual turnover up to Rs 1.5 crore.

This question belongs to: Economy GK Economy Set 1

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Practice More Economy Set 1 Questions

Question #1

The 'Ricardo equivalence' proposition states that:

A. government spending is always contractionary

B. deficit-financed spending does not affect aggregate demand if households anticipate future taxes

C. government borrowing is always expansionary

D. taxes have no effect

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Correct Answer: Option B

Explanation:
Ricardian equivalence argues that public borrowing is offset by higher private saving in anticipation of future taxes.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Finance Secretary' in India is under the:

A. Ministry of Finance

B. RBI

C. NITI Aayog

D. Ministry of Commerce

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Correct Answer: Option A

Explanation:
Finance Secretary is the administrative head of the Ministry of Finance.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'National Consumer Price Index' in India uses which base year?

A. 2019

B. 2016

C. 2010

D. 2012

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Correct Answer: Option D

Explanation:
CPI-Combined uses base year 2012.

This question belongs to: Economy GK Economy Set 1

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