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. GST audit

B. reconciliation statements

C. no audit

D. CAG audit

Answer: Option B

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

Which of the following is a standard classification of unemployment based on cause?

A. Only natural rate as the sole category

B. Only disguised unemployment as the sole category

C. Frictional, structural, cyclical and seasonal

D. Only voluntary unemployment

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Correct Answer: Option C

Explanation:
Unemployment is commonly classified by cause into frictional, structural, cyclical and seasonal categories.

This question belongs to: Economy GK Economy Set 1

Question #2

Which of the following is a feature of a public good?

A. Rivalrous and excludable

B. Non-rivalrous and excludable

C. Non-rivalrous and non-excludable

D. Rivalrous and non-excludable

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Correct Answer: Option C

Explanation:
Public goods are non-rivalrous and non-excludable.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'core inflation' measure excludes:

A. imports

B. food and fuel

C. manufactured goods

D. services

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Correct Answer: Option B

Explanation:
Core inflation excludes volatile food and fuel prices.

This question belongs to: Economy GK Economy Set 1

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