The 'Goods and Services Tax' Composition Scheme is designed to: MCQ with Answer and Explanation

Question
The 'Goods and Services Tax' Composition Scheme is designed to:
A. reduce compliance burden for small taxpayers
B. eliminate input tax credit for large taxpayers
C. increase compliance burden
D. increase tax rates
Answer: Option A
Solution (By JKSSB Mock Tests)
Composition scheme reduces compliance burden for small taxpayers.
This question belongs to: Economy GK Economy Set 1
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Practice More Economy Set 1 Questions

Question #1
The 'Goods and Services Tax' is considered a destination-based tax because:
A. tax is collected where goods are produced
B. tax accrues to the state where goods are consumed
C. tax is collected only at the port
D. tax is paid by the exporter
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Correct Answer: Option B

Explanation:
GST is destination-based, so tax revenue goes to the consuming state.
This question belongs to: Economy GK Economy Set 1
Question #2
The 'Atal New India Challenge' is an initiative of:
A. Atal Innovation Mission, NITI Aayog
B. SEBI
C. Ministry of Defence
D. Ministry of Finance
Discuss
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Correct Answer: Option A

Explanation:
Atal New India Challenge is an initiative of Atal Innovation Mission under NITI Aayog.
This question belongs to: Economy GK Economy Set 1
Question #3
Which of the following is NOT a type of deposit accepted by commercial banks?
A. Time deposits
B. Equity deposits
C. Demand deposits
D. Saving deposits
Discuss
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Correct Answer: Option B

Explanation:
Commercial banks accept demand deposits (current accounts), savings deposits and time (fixed) deposits. Equity deposits are not a standard category of bank deposits.
This question belongs to: Economy GK Economy Set 1
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