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

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The 'Goods and Services Tax' Composition Scheme is designed to:

A. eliminate input tax credit for large taxpayers

B. increase tax rates

C. increase compliance burden

D. reduce compliance burden for small taxpayers

Answer: Option D

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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Question #1

The 'International Finance Corporation' is a member of the:

A. World Bank Group

B. IMF

C. WTO

D. United Nations only

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Correct Answer: Option A

Explanation:
IFC is a member of the World Bank Group.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Special Drawing Rights' allocated by IMF are recorded in which part of a country's balance of payments?

A. Visible trade

B. Invisibles

C. Capital account or reserve assets

D. Current account

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Correct Answer: Option C

Explanation:
SDR allocations are recorded as reserve assets in the balance of payments.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Sixth Five Year Plan' period was:

A. 1980-1985

B. 1978-1983

C. 1975-1980

D. 1985-1990

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Correct Answer: Option A

Explanation:
The Sixth Five Year Plan covered 1980-1985.

This question belongs to: Economy GK Economy Set 1

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