The 'Goods and Services Tax Compensation Cess' is levied to compensate states for: MCQ with Answer and Explanation

Question

Share Report Error

The 'Goods and Services Tax Compensation Cess' is levied to compensate states for:

A. loss of import revenue

B. loss due to bank failures

C. loss of revenue due to GST implementation for a transition period

D. loss due to natural calamities

Answer: Option C

Solution (By JKSSB Mock Tests)

GST Compensation Cess compensates states for revenue loss due to GST implementation for five years.

This question belongs to: Economy GK Economy Set 1

Request complete Subject PDF

Discuss this Question (0)

No comments yet. Be the first to start the discussion!

Practice More Economy Set 1 Questions

Question #1

TRIPS is an agreement of the WTO dealing with:

A. trade in services

B. anti-dumping measures

C. agricultural subsidies

D. intellectual property rights

View Answer & Solution Discuss

Get Complete Subject PDF for Economy GK

Correct Answer: Option D

Explanation:
TRIPS deals with Trade-Related Aspects of Intellectual Property Rights.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Goods and Services Tax' on digital advertising is:

A. 12%

B. 28%

C. 18%

D. 5%

View Answer & Solution Discuss

Get Complete Subject PDF for Economy GK

Correct Answer: Option C

Explanation:
Digital advertising services attract 18% GST.

This question belongs to: Economy GK Economy Set 1

Question #3

The Negotiable Instruments Act was enacted in which year?

A. 1934

B. 1872

C. 1881

D. 1949

View Answer & Solution Discuss

Get Complete Subject PDF for Economy GK

Correct Answer: Option C

Explanation:
The Negotiable Instruments Act was enacted in 1881 and governs cheques, bills of exchange and promissory notes.

This question belongs to: Economy GK Economy Set 1

Explore All Economy Set 1 MCQs