The 'Goods and Services Tax' does not apply to: MCQ with Answer and Explanation

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The 'Goods and Services Tax' does not apply to:

A. imports

B. interstate supplies

C. alcoholic liquor for human consumption

D. goods and services

Answer: Option C

Solution (By JKSSB Mock Tests)

Alcoholic liquor for human consumption is outside GST.

This question belongs to: Economy GK Economy Set 1

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Practice More Economy Set 1 Questions

Question #1

The 'Disposable Personal Income' is personal income minus:

A. customs duty

B. corporate tax

C. indirect taxes

D. direct personal taxes and other deductions

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Correct Answer: Option D

Explanation:
Disposable personal income is personal income after direct personal taxes and other deductions.

This question belongs to: Economy GK Economy Set 1

Question #2

In the context of production, the stage of diminishing returns begins when:

A. Marginal product is negative

B. Marginal product starts declining

C. Average product is zero

D. Total product is maximum

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Correct Answer: Option B

Explanation:
The stage of diminishing returns starts when the marginal product of the variable factor begins to decline, although it may still be positive.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Deen Dayal Upadhyaya Gram Jyoti Yojana' aims at:

A. LPG distribution

B. rural electrification and feeder separation

C. road construction

D. urban water supply

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Correct Answer: Option B

Explanation:
DDUGJY aims at rural electrification and separation of agricultural and non-agricultural feeders.

This question belongs to: Economy GK Economy Set 1

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