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 state governments

B. only central government

C. local bodies

D. both central and state governments

Answer: Option D

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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Practice More Economy Set 1 Questions

Question #1

The 'life-cycle hypothesis' of consumption was proposed by:

A. Irving Fisher

B. Paul Samuelson

C. Milton Friedman

D. Franco Modigliani

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Correct Answer: Option D

Explanation:
The life-cycle hypothesis was developed by Franco Modigliani and others.

This question belongs to: Economy GK Economy Set 1

Question #2

Which of the following is a feature of 'Privacy-Enhancing Technologies'?

A. Technologies that maximise data collection without safeguards

B. Only encryption without any other tools

C. Technical methods that allow data to be used while minimising the exposure of personal information

D. Only complete data anonymisation that destroys all utility

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Correct Answer: Option C

Explanation:
Privacy-enhancing technologies (PETs) comprise a range of technical approaches—such as differential privacy, homomorphic encryption and secure multi-party computation—that enable data analysis while protecting individual privacy.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Goods and Services Tax' on data processing services is:

A. 5%

B. 18%

C. 28%

D. 12%

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Correct Answer: Option B

Explanation:
Data processing services attract 18% GST.

This question belongs to: Economy GK Economy Set 1

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