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 10 crore

C. Rs 5 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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Question #1

The concept of 'Time Preference' is related to the theory of:

A. Rent

B. Interest

C. Wages

D. Profit

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Correct Answer: Option B

Explanation:
The time preference theory of interest (associated with Böhm-Bawerk and others) explains interest as arising from the preference for present goods over future goods.

This question belongs to: Economy GK Economy Set 1

Question #2

In the context of economic growth models, the Harrod-Domar model emphasises:

A. Only labour force growth

B. Only technological progress

C. Only natural resource endowment

D. The role of savings rate and capital-output ratio in determining growth

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Correct Answer: Option D

Explanation:
The Harrod-Domar model states that the growth rate of output depends on the savings rate and the capital-output ratio (or the productivity of capital).

This question belongs to: Economy GK Economy Set 1

Question #3

The 'National Commission for Scheduled Castes' is constituted under which article?

A. Article 341

B. Article 338

C. Article 340

D. Article 342

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Correct Answer: Option B

Explanation:
The National Commission for Scheduled Castes is constituted under Article 338.

This question belongs to: Economy GK Economy Set 1

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