The 'good and services tax' regime in India is a 'one nation one tax' system. MCQ with Answer and Explanation

Question

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The 'good and services tax' regime in India is a 'one nation one tax' system.

A. True

B. Only for goods

C. False

D. Only for services

Answer: Option A

Solution (By JKSSB Mock Tests)

GST is a unified indirect tax system for goods and services across India.

This question belongs to: Economy GK Economy Set 1

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Question #1

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Which of the following is the correct classification of loans under the Pradhan Mantri Mudra Yojana?

A. Primary, Secondary, Tertiary

B. Small, Medium, Large

C. Shishu, Kishor, Tarun

D. Start-up, Growth, Mature

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Correct Answer: Option C

Explanation:
MUDRA loans are classified as Shishu, Kishor and Tarun.

This question belongs to: Economy GK Economy Set 1

Question #2

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The 'Goods and Services Tax' on land and property is:

A. 18%

B. 5%

C. not applicable

D. 0%

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Correct Answer: Option C

Explanation:
Sale of land and completed buildings is not subject to GST.

This question belongs to: Economy GK Economy Set 1

Question #3

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Which of the following is an example of a public good?

A. Private car

B. National defence

C. Cinema ticket

D. Restaurant meal

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Correct Answer: Option B

Explanation:
Public goods are non-excludable and non-rivalrous. National defence is a classic example as one person's consumption does not reduce availability for others and people cannot be easily excluded from its benefits.

This question belongs to: Economy GK Economy Set 1

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