The 'Goods and Services Tax' collected by state governments is: MCQ with Answer and Explanation

Question

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The 'Goods and Services Tax' collected by state governments is:

A. SGST

B. CGST

C. IGST

D. UTGST

Answer: Option A

Solution (By JKSSB Mock Tests)

State governments collect SGST.

This question belongs to: Economy GK Economy Set 1

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Question #1

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The 'Bombay Stock Exchange' is the oldest stock exchange in Asia and was established in:

A. 1900

B. 1947

C. 1875

D. 1850

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Correct Answer: Option C

Explanation:
BSE was established in 1875.

This question belongs to: Economy GK Economy Set 1

Question #2

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The 'Goods and Services Tax' revenue from SGST is credited to:

A. Public Account

B. Consolidated Fund of the state

C. Consolidated Fund of India

D. Contingency Fund

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Correct Answer: Option B

Explanation:
SGST revenue goes to the state's Consolidated Fund.

This question belongs to: Economy GK Economy Set 1

Question #3

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The Gadgil formula was used for:

A. sharing of income tax

B. allocation of bank credit

C. determining agricultural prices

D. distribution of central plan assistance among states

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Correct Answer: Option D

Explanation:
The Gadgil formula was used to allocate central plan assistance among states.

This question belongs to: Economy GK Economy Set 1

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