The 'Goods and Services Tax' input tax credit is claimed by: MCQ with Answer and Explanation

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The 'Goods and Services Tax' input tax credit is claimed by:

A. the final consumer

B. registered businesses on their purchases

C. the government

D. unregistered dealers

Answer: Option B

Solution (By JKSSB Mock Tests)

Registered businesses can claim input tax credit on their purchases.

This question belongs to: Economy GK Economy Set 1

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Practice More Economy Set 1 Questions

Question #1

The value added method of measuring national income is primarily used to:

A. estimate depreciation

B. avoid double counting

C. measure informal sector output

D. include transfer payments

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Correct Answer: Option B

Explanation:
The value added method avoids double counting by measuring only the addition to value at each stage of production.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'GeM' portal is operated by which organization?

A. NITI Aayog

B. Ministry of Finance

C. Ministry of Commerce and Industry

D. RBI

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Correct Answer: Option C

Explanation:
Government e-Marketplace is operated under the Ministry of Commerce and Industry.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Goods and Services Tax' on hotel accommodation above Rs 7,500 is:

A. 5%

B. 18%

C. 28%

D. 12%

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Correct Answer: Option B

Explanation:
Hotel rooms above Rs 7,500 attract 18% GST.

This question belongs to: Economy GK Economy Set 1

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