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. exports

D. revenue

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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Practice More Economy Set 1 Questions

Question #1

The 'Goods and Services Tax' rate on telecom services is:

A. 12%

B. 18%

C. 28%

D. 5%

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Correct Answer: Option B

Explanation:
Telecom services attract 18% GST.

This question belongs to: Economy GK Economy Set 1

Question #2

In the quantity theory of money, the equation MV = PT was given by:

A. John Maynard Keynes

B. Alfred Marshall

C. Milton Friedman

D. Irving Fisher

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Correct Answer: Option D

Explanation:
Irving Fisher formulated the equation of exchange MV = PT, where M is money supply, V is velocity of money, P is price level and T is volume of transactions.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'NEFT' settlement in India has been made available on a:

A. batch basis only on weekdays

B. only at branches

C. monthly basis

D. 24x7 basis since December 2019

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Correct Answer: Option D

Explanation:
NEFT is available 24x7 since December 2019.

This question belongs to: Economy GK Economy Set 1

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