The 'Goods and Services Tax' has a threshold exemption for small businesses to reduce: MCQ with Answer and Explanation

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The 'Goods and Services Tax' has a threshold exemption for small businesses to reduce:

A. compliance burden

B. imports

C. revenue

D. exports

Answer: Option A

Solution (By JKSSB Mock Tests)

Threshold exemption reduces compliance burden for small businesses.

This question belongs to: Economy GK Economy Set 1

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Question #1

The 'International Court of Justice' is located in:

A. Geneva

B. New York

C. The Hague

D. Vienna

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Correct Answer: Option C

Explanation:
ICJ is located in The Hague.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Fifth Five Year Plan' period was:

A. 1980-1985

B. 1974-1979

C. 1971-1976

D. 1969-1974

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Correct Answer: Option B

Explanation:
The Fifth Five Year Plan covered 1974-1979.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Goods and Services Tax' on two-wheelers is:

A. 28%

B. 28% plus cess

C. 12%

D. 18%

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Correct Answer: Option A

Explanation:
Two-wheelers attract 28% GST.

This question belongs to: Economy GK Economy Set 1

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