The 'Goods and Services Tax Identification Number' is a: MCQ with Answer and Explanation

The 'Goods and Services Tax Identification Number' is a:
A. 15-digit number
B. 10-digit number
C. 16-digit number
D. 12-digit number
Answer: Option A
Solution (By JKSSB Mock Tests)
GSTIN is a 15-digit PAN-based number.

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Practice More Economy Set 1 Questions

Question #1
Which of the following is a feature of the Indian fiscal federalism?
A. Absence of any sharing of taxes
B. Division of tax powers between Centre and States with Finance Commission recommendations
C. Only states collect all major taxes
D. Complete centralisation of all taxes

Correct Answer: Option B


Explanation:
Indian fiscal federalism involves constitutional division of tax bases between the Centre and States, with the Finance Commission recommending the sharing of divisible taxes and grants.

This question belongs to: Economy GK Economy Set 1
Question #2
The 'Financial Stability and Development Council' is chaired by:
A. Prime Minister
B. RBI Governor
C. Union Finance Minister
D. SEBI Chairman

Correct Answer: Option C


Explanation:
The Financial Stability and Development Council is chaired by the Union Finance Minister.

This question belongs to: Economy GK Economy Set 1
Question #3
In the context of public finance, the 'Median Voter Theorem' predicts that:
A. Voting never produces consistent outcomes
B. Only unanimous decisions are possible
C. The outcome always reflects the preference of the richest voter
D. Under certain conditions, the outcome of majority voting will reflect the preference of the median voter

Correct Answer: Option D


Explanation:
The median voter theorem states that if preferences are single-peaked, majority rule yields the outcome most preferred by the median voter.

This question belongs to: Economy GK Economy Set 1