The 'Goods and Services Tax' exemption limit for registration of service providers is: MCQ with Answer and Explanation

Question

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The 'Goods and Services Tax' exemption limit for registration of service providers is:

A. Rs 50 lakh

B. Rs 20 lakh

C. Rs 40 lakh

D. Rs 10 lakh

Answer: Option B

Solution (By JKSSB Mock Tests)

General GST registration threshold for services is Rs 20 lakh (Rs 10 lakh in special category states).

This question belongs to: Economy GK Economy Set 1

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Practice More Economy Set 1 Questions

Question #1

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Which of the following is a characteristic of the 'Green New Deal' type of policy proposals?

A. Only market-based carbon pricing without public investment

B. Only austerity measures

C. Only voluntary private-sector initiatives

D. Large-scale public investment programmes aimed at simultaneously addressing climate change, economic inequality and job creation

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Correct Answer: Option D

Explanation:
Green New Deal proposals typically combine ambitious climate targets with large public investment in clean energy and infrastructure, together with social policies intended to ensure a just transition.

This question belongs to: Economy GK Economy Set 1

Question #2

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In the context of public goods, the free-rider problem arises because:

A. Public goods are excludable

B. Individuals can benefit without paying

C. Markets always provide public goods efficiently

D. Public goods are rivalrous

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Correct Answer: Option B

Explanation:
Because public goods are non-excludable, individuals have an incentive to free-ride — enjoy the benefits without contributing to the cost — leading to under-provision by the market.

This question belongs to: Economy GK Economy Set 1