The 'Goods and Services Tax' compensation cess is collected by: MCQ with Answer and Explanation

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The 'Goods and Services Tax' compensation cess is collected by:

A. GST council

B. state governments

C. local bodies

D. central government

Answer: Option D

Solution (By JKSSB Mock Tests)

Compensation cess is collected by the central government.

This question belongs to: Economy GK Economy Set 1

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Practice More Economy Set 1 Questions

Question #1

Internal economies of scale arise due to:

A. expansion of the firm itself

B. government subsidies

C. increase in demand

D. expansion of the industry

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Correct Answer: Option A

Explanation:
Internal economies of scale arise from the expansion of the individual firm itself.

This question belongs to: Economy GK Economy Set 1

Question #2

The term 'Repo Rate' refers to the rate at which:

A. RBI lends to commercial banks against securities

B. Government borrows from RBI

C. Commercial banks lend to RBI

D. RBI borrows from commercial banks

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Correct Answer: Option A

Explanation:
Repo rate is the rate at which the Reserve Bank of India lends money to commercial banks against government securities for short-term needs.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'International Atomic Energy Agency' is headquartered in:

A. Geneva

B. Paris

C. New York

D. Vienna

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Correct Answer: Option D

Explanation:
The International Atomic Energy Agency is headquartered in Vienna, Austria.

This question belongs to: Economy GK Economy Set 1

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