The 'Goods and Services Tax' has increased tax compliance through: MCQ with Answer and Explanation

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The 'Goods and Services Tax' has increased tax compliance through:

A. IT-based systems like e-invoicing and input tax credit matching

B. no returns

C. only annual filing

D. manual returns only

Answer: Option A

Solution (By JKSSB Mock Tests)

GST compliance is enhanced by e-invoicing, electronic returns and input tax credit matching.

This question belongs to: Economy GK Economy Set 1

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Practice More Economy Set 1 Questions

Question #1

The concept of 'Opportunity Cost of Holding Money' refers to:

A. The cost of producing goods and services

B. The interest income forgone by holding cash instead of interest-bearing assets

C. The cost of banking services only

D. The cost of printing currency notes

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Correct Answer: Option B

Explanation:
The opportunity cost of holding money is the interest that could have been earned by holding bonds or other interest-bearing assets instead of cash.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Global Gender Gap Report' is published by:

A. World Economic Forum

B. World Bank

C. UN Women

D. UNDP

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Correct Answer: Option A

Explanation:
The Global Gender Gap Report is published by the World Economic Forum.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Goods and Services Tax' on carbonated water is:

A. 12%

B. 28% plus cess

C. 18%

D. 5%

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Correct Answer: Option B

Explanation:
Carbonated water and aerated drinks attract 28% GST plus cess.

This question belongs to: Economy GK Economy Set 1

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