The 'Goods and Services Tax' is applicable in: MCQ with Answer and Explanation

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The 'Goods and Services Tax' is applicable in:

A. only special economic zones

B. all states and union territories

C. only union territories

D. only states

Answer: Option B

Solution (By JKSSB Mock Tests)

GST applies throughout India including states and union territories.

This question belongs to: Economy GK Economy Set 1

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Practice More Economy Set 1 Questions

Question #1

MGNREGA was enacted in which year?

A. 2007

B. 2003

C. 2005

D. 2010

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Correct Answer: Option C

Explanation:
MGNREGA was enacted in 2005.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'four-sector economy' circular flow includes:

A. households, firms, banks and foreign sector

B. households, government, banks and firms

C. households, firms, government and banks only

D. households, firms, government and foreign sector

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Correct Answer: Option D

Explanation:
A four-sector economy includes households, firms, government and the external sector.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Yojana Aayog' is the Hindi name for:

A. Planning Commission

B. GST Council

C. Finance Commission

D. NITI Aayog

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Correct Answer: Option A

Explanation:
The Planning Commission was known as Yojana Aayog in Hindi.

This question belongs to: Economy GK Economy Set 1

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