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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Practice More Economy Set 1 Questions

Question #1

The 'Goods and Services Tax' on sugar confectionery is:

A. 12%

B. 28%

C. 5%

D. 18%

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Correct Answer: Option D

Explanation:
Sugar confectionery attracts 18% GST.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Swachh Bharat Mission' consists of two components: rural and:

A. industrial

B. urban

C. defence

D. agricultural

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Correct Answer: Option B

Explanation:
Swachh Bharat Mission has rural and urban components.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Bretton Woods twins' refer to:

A. WTO and UNCTAD

B. IMF and World Bank

C. ILO and WHO

D. UNESCO and FAO

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Correct Answer: Option B

Explanation:
The IMF and World Bank are known as the Bretton Woods twins.

This question belongs to: Economy GK Economy Set 1

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