The 'Goods and Services Tax' is a consumption-based tax because it is levied at: MCQ with Answer and Explanation

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The 'Goods and Services Tax' is a consumption-based tax because it is levied at:

A. the point of supply for final consumption

B. export stage

C. production stage only

D. import stage only

Answer: Option A

Solution (By JKSSB Mock Tests)

GST is a destination-based consumption tax levied at the point of supply.

This question belongs to: Economy GK Economy Set 1

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Question #1

The 'National Pension System' in India is regulated by:

A. PFRDA

B. RBI

C. SEBI

D. IRDAI

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Correct Answer: Option A

Explanation:
The National Pension System is regulated by the Pension Fund Regulatory and Development Authority.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Administrative Tribunals' are established under which article?

A. Article 329

B. Article 323A

C. Article 338

D. Article 324

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Correct Answer: Option B

Explanation:
Administrative Tribunals are established under Article 323A.

This question belongs to: Economy GK Economy Set 1

Question #3

Which of the following is a characteristic of the informal sector in developing economies?

A. Easy entry, small scale and labour intensity

B. High capital intensity and formal contracts

C. High degree of regulation

D. Complete absence of employment

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Correct Answer: Option A

Explanation:
The informal sector is characterised by easy entry, small-scale operations, labour-intensive technology, lack of formal contracts and limited regulation.

This question belongs to: Economy GK Economy Set 1

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