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. local bodies

B. GST council

C. state governments

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

Operation Flood is associated with:

A. milk production and dairy development

B. wheat production

C. fish farming

D. poultry development

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Correct Answer: Option A

Explanation:
Operation Flood was a dairy development programme for increasing milk production.

This question belongs to: Economy GK Economy Set 1

Question #2

Which of the following is an example of Foreign Portfolio Investment?

A. Acquiring a 51% stake in an Indian company

B. Establishing a joint venture

C. Setting up a wholly owned subsidiary

D. Buying equity shares in Indian companies without acquiring control

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Correct Answer: Option D

Explanation:
Buying shares without acquiring control is portfolio investment.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Money Bill' under Article 110 includes matters related to:

A. taxation, borrowing, expenditure from Consolidated Fund

B. police

C. foreign affairs

D. defence

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Correct Answer: Option A

Explanation:
Money Bill deals with taxes, borrowing, custody of Consolidated Fund, etc.

This question belongs to: Economy GK Economy Set 1

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