The 'Goods and Services Tax' is collected by: MCQ with Answer and Explanation

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The 'Goods and Services Tax' is collected by:

A. only central government

B. both central and state governments

C. only state governments

D. local bodies

Answer: Option B

Solution (By JKSSB Mock Tests)

GST is collected by both central and state governments depending on the component.

This question belongs to: Economy GK Economy Set 1

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Question #1

The 'General Budget' in India was separated from the Railway Budget in which year?

A. 1921

B. 1947

C. 1924

D. 1950

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Correct Answer: Option C

Explanation:
Railway Budget was separated from the General Budget in 1924 on the Acworth Committee recommendation.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Goods and Services Tax' rate on air travel in economy class is:

A. 18%

B. 28%

C. 12%

D. 5%

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Correct Answer: Option D

Explanation:
Economy class air travel attracts 5% GST.

This question belongs to: Economy GK Economy Set 1

Question #3

In the context of development economics, the 'Lewis Model' focuses on:

A. The importance of balanced growth across all sectors equally

B. Only technological progress in agriculture

C. Only the role of foreign aid

D. The role of surplus labour in agriculture and its transfer to industry

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Correct Answer: Option D

Explanation:
The Lewis dual-economy model emphasises the existence of surplus labour in the traditional agricultural sector that can be transferred to the modern industrial sector at a constant real wage.

This question belongs to: Economy GK Economy Set 1

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