The 'Goods and Services Tax' Council chairperson is: MCQ with Answer and Explanation

Question

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The 'Goods and Services Tax' Council chairperson is:

A. Prime Minister

B. President

C. RBI Governor

D. Union Finance Minister

Answer: Option D

Solution (By JKSSB Mock Tests)

GST Council is chaired by the Union Finance Minister.

This question belongs to: Economy GK Economy Set 1

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Question #1

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The 'dependency theory' of economic development argues that developing countries are:

A. growing faster than developed countries

B. dependent on developed countries and face unequal exchange

C. unaffected by global trade

D. independent and self-sufficient

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Correct Answer: Option B

Explanation:
Dependency theory argues developing countries are economically dependent on developed countries.

This question belongs to: Economy GK Economy Set 1

Question #2

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The 'GST' regime in India has subsumed which of the following state taxes?

A. Customs duty

B. Income tax

C. Entry tax

D. Wealth tax

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Correct Answer: Option C

Explanation:
GST subsumed state taxes like entry tax, purchase tax and VAT.

This question belongs to: Economy GK Economy Set 1

Question #3

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The 'intermediate consumption' in national accounting refers to:

A. final goods bought by households

B. capital goods

C. goods and services used up in production

D. export goods

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Correct Answer: Option C

Explanation:
Intermediate consumption is the value of goods and services used as inputs in production.

This question belongs to: Economy GK Economy Set 1

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