The 'Goods and Services Tax' excludes which of the following from its purview? MCQ with Answer and Explanation

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The 'Goods and Services Tax' excludes which of the following from its purview?

A. Manufactured goods

B. Imported goods

C. Services

D. Alcoholic liquor for human consumption

Answer: Option D

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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Question #1

The 'Goods and Services Tax' on digital products such as e-books is:

A. 0%

B. 12%

C. 18%

D. 5%

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Correct Answer: Option D

Explanation:
E-books and digital products attract 5% GST.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Insolvency and Bankruptcy Board of India' regulates:

A. insolvency professionals and agencies

B. banks only

C. insurance companies

D. stock exchanges

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Correct Answer: Option A

Explanation:
IBBI regulates insolvency professionals, agencies and information utilities.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Goods and Services Tax Compensation Cess' is levied to compensate states for:

A. loss due to natural calamities

B. loss due to bank failures

C. loss of import revenue

D. loss of revenue due to GST implementation for a transition period

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Correct Answer: Option D

Explanation:
GST Compensation Cess compensates states for revenue loss due to GST implementation for five years.

This question belongs to: Economy GK Economy Set 1

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