The 'Goods and Services Tax' Council decisions are implemented by: MCQ with Answer and Explanation

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The 'Goods and Services Tax' Council decisions are implemented by:

A. central and state governments through respective GST laws

B. SEBI

C. RBI

D. Supreme Court

Answer: Option A

Solution (By JKSSB Mock Tests)

Central and state governments implement GST Council recommendations through their GST laws.

This question belongs to: Economy GK Economy Set 1

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Question #1

The law of variable proportions is associated with the:

A. all time periods equally

B. very long run

C. long run

D. short run

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Correct Answer: Option D

Explanation:
The law of variable proportions operates in the short run when at least one factor is fixed.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Goods and Services Tax' rate on construction of residential property in an affordable housing project is:

A. 5% without ITC

B. 1% without ITC

C. 18%

D. 12%

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Correct Answer: Option B

Explanation:
Affordable housing construction attracts 1% GST without input tax credit.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'GST' is a comprehensive indirect tax that replaced how many central and state taxes?

A. about 17 central and state taxes and multiple cesses

B. about 50

C. about 100

D. about 10

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Correct Answer: Option A

Explanation:
GST subsumed around 17 central and state indirect taxes and cesses.

This question belongs to: Economy GK Economy Set 1

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