The 'Goods and Services Tax' audit by tax authorities was replaced by: MCQ with Answer and Explanation

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The 'Goods and Services Tax' audit by tax authorities was replaced by:

A. reconciliation statements

B. CAG audit

C. GST audit

D. no audit

Answer: Option A

Solution (By JKSSB Mock Tests)

Annual audit by GST authorities was replaced by self-certified reconciliation statements.

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' rate on postal services is:

A. 5%

B. 12%

C. 0%

D. 18%

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Correct Answer: Option C

Explanation:
Postal services by the Department of Posts are exempt from GST.

This question belongs to: Economy GK Economy Set 1

Question #2

Which of the following is a major source of revenue for the Central Government of India?

A. Only professional tax

B. Only state GST

C. Corporation tax, income tax and GST (central share)

D. Only property tax

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Correct Answer: Option C

Explanation:
Major sources of central government revenue include corporation tax, personal income tax, and the central share of GST, along with customs and other duties.

This question belongs to: Economy GK Economy Set 1

Question #3

The Reserve Bank of India was nationalized in the year:

A. 1935

B. 1955

C. 1949

D. 1947

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Correct Answer: Option C

Explanation:
The RBI was nationalized in 1949.

This question belongs to: Economy GK Economy Set 1

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