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. revenue

B. imports

C. compliance burden

D. exports

Answer: Option C

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

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The 'Pradhan Mantri Shram Yogi Maandhan' is a pension scheme for unorganized workers with monthly contribution of:

A. Rs 200 to Rs 1,000

B. Rs 50 to Rs 100

C. Rs 55 to Rs 200

D. Rs 100 to Rs 500

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Correct Answer: Option C

Explanation:
PM-SYM contribution ranges from Rs 55 to Rs 200 depending on age.

This question belongs to: Economy GK Economy Set 1

Question #2

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The 'Index of Industrial Production' covers which sectors?

A. Agriculture and forestry

B. Services

C. Only manufacturing

D. Mining, manufacturing and electricity

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Correct Answer: Option D

Explanation:
IIP covers mining, manufacturing and electricity.

This question belongs to: Economy GK Economy Set 1

Question #3

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The term 'Base Year' in the context of national income statistics is important because:

A. It determines the fiscal deficit

B. It is used to calculate real GDP by providing constant prices

C. It determines the tax rates

D. It fixes the exchange rate

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Correct Answer: Option B

Explanation:
The base year provides the constant price structure used to calculate real (inflation-adjusted) GDP and other national income aggregates, enabling comparison over time.

This question belongs to: Economy GK Economy Set 1

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