The Fifteenth Finance Commission was headed by: MCQ with Answer and Explanation

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The Fifteenth Finance Commission was headed by:

A. C. Rangarajan

B. Vijay Kelkar

C. Y.V. Reddy

D. N.K. Singh

Answer: Option D

Solution (By JKSSB Mock Tests)

The Fifteenth Finance Commission was headed by N.K. Singh.

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 feature of the Indian tax system after the introduction of GST?

A. Persistence of multiple cascading taxes

B. Complete elimination of all state-level taxes without dual structure

C. A unified destination-based tax on goods and services with input tax credit mechanism

D. Only origin-based taxation

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Correct Answer: Option C

Explanation:
GST replaced a large number of cascading central and state taxes with a unified destination-based tax that permits seamless input tax credit.

This question belongs to: Economy GK Economy Set 1

Question #2

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The 'Public Accounts Committee' is chaired by a member of:

A. ruling party

B. NITI Aayog

C. opposition party

D. RBI

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Correct Answer: Option C

Explanation:
The PAC is traditionally chaired by a member of the opposition.

This question belongs to: Economy GK Economy Set 1

Question #3

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An 'export subsidy' is a payment to domestic producers that:

A. increases their exports

B. increases imports

C. raises domestic prices only

D. reduces their exports

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Correct Answer: Option A

Explanation:
Export subsidies lower costs for exporters, enabling them to sell abroad at competitive prices.

This question belongs to: Economy GK Economy Set 1

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