The 'Goods and Services Tax' has enabled seamless input tax credit across states, which has eliminated: MCQ with Answer and Explanation

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The 'Goods and Services Tax' has enabled seamless input tax credit across states, which has eliminated:

A. tax cascading and barriers to interstate trade

B. income tax

C. direct taxes

D. customs duty

Answer: Option A

Solution (By JKSSB Mock Tests)

Seamless ITC has removed cascading and eased interstate trade.

This question belongs to: Economy GK Economy Set 1

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Question #1

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The 'Educational loan' under Pradhan Mantri Vidya Lakshmi Yojana is provided by:

A. NABARD

B. SEBI

C. banks and financial institutions

D. RBI

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Correct Answer: Option C

Explanation:
Vidya Lakshmi is a portal for education loans from banks and financial institutions.

This question belongs to: Economy GK Economy Set 1

Question #2

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The 'Goods and Services Tax' rate applicable to a supply is determined by:

A. President

B. GST Council

C. SEBI

D. RBI

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Correct Answer: Option B

Explanation:
GST rates are recommended by the GST Council.

This question belongs to: Economy GK Economy Set 1

Question #3

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The 'industrial licensing' after 1991 was retained for certain industries related to:

A. consumer goods

B. textiles

C. security, strategic and environmental concerns

D. food processing

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Correct Answer: Option C

Explanation:
Licensing was retained for industries related to security, strategic and environmental concerns.

This question belongs to: Economy GK Economy Set 1

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