The 'Goods and Services Tax' Council was constituted in which year? MCQ with Answer and Explanation

Question

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The 'Goods and Services Tax' Council was constituted in which year?

A. 2018

B. 2014

C. 2017

D. 2016

Answer: Option D

Solution (By JKSSB Mock Tests)

The GST Council was constituted in 2016.

This question belongs to: Economy GK Economy Set 1

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Question #1

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The 'GST Council' is chaired by the Union Finance Minister and includes which other representatives?

A. all state chief ministers

B. SEBI chairman

C. RBI governor

D. state finance ministers

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Correct Answer: Option D

Explanation:
The GST Council includes state finance ministers as members, chaired by the Union Finance Minister.

This question belongs to: Economy GK Economy Set 1

Question #2

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The 'Goods and Services Tax' on intellectual property rights services is:

A. 28%

B. 12%

C. 5%

D. 18%

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Correct Answer: Option D

Explanation:
IPR services attract 18% GST.

This question belongs to: Economy GK Economy Set 1

Question #3

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Which of the following is NOT a function of the stock exchange?

A. Providing liquidity to securities

B. Issuing new currency notes

C. Price discovery of securities

D. Mobilising savings for investment

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Correct Answer: Option B

Explanation:
Issuing currency notes is the function of the central bank. Stock exchanges provide liquidity, facilitate price discovery and help mobilise savings for productive investment.

This question belongs to: Economy GK Economy Set 1

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