The 'Goods and Services Tax' has subsumed taxes like entry tax, which has helped reduce: MCQ with Answer and Explanation

Question
The 'Goods and Services Tax' has subsumed taxes like entry tax, which has helped reduce:
A. income tax
B. direct tax
C. customs duty
D. check posts and barriers at state borders
Answer: Option D
Solution (By JKSSB Mock Tests)
Subsuming entry tax reduced state border check posts and barriers.
This question belongs to: Economy GK Economy Set 1
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Practice More Economy Set 1 Questions

Question #1
The four labour codes in India consolidate how many existing central labour laws?
A. 44
B. 29
C. 100
D. 10
Discuss
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Correct Answer: Option B

Explanation:
The four labour codes consolidate 29 central labour laws.
This question belongs to: Economy GK Economy Set 1
Question #2
In the context of the Indian economy, the 'Twin Deficit' problem refers to:
A. Budget surplus and trade surplus
B. Simultaneous existence of fiscal deficit and current account deficit
C. Only revenue and primary deficits
D. Capital account surplus and fiscal surplus
Discuss
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Correct Answer: Option B

Explanation:
The twin deficit hypothesis refers to the co-existence of a fiscal deficit and a current account deficit, which can be linked through the absorption approach or saving-investment identity.
This question belongs to: Economy GK Economy Set 1
Question #3
The 'RoDTEP' scheme remits which taxes on exported products?
A. income tax
B. duties and taxes levied at central, state and local levels on inputs
C. direct taxes
D. wealth tax
Discuss
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Correct Answer: Option B

Explanation:
RoDTEP remits embedded central, state and local duties/taxes on exported products.
This question belongs to: Economy GK Economy Set 1
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