The 'Goods and Services Tax' is collected by the central government under which component? MCQ with Answer and Explanation

The 'Goods and Services Tax' is collected by the central government under which component?
A. CGST and IGST
B. SGST
C. SGST only
D. UTGST only
Answer: Option A
Solution (By JKSSB Mock Tests)
The central government collects CGST and IGST.

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Practice More Economy Set 1 Questions

Question #1
The concept of 'Intergenerational Equity' is particularly relevant in the context of:
A. Only short-term monetary policy
B. Only private investment decisions
C. Public debt and fiscal sustainability
D. Only trade policy

Correct Answer: Option C


Explanation:
Intergenerational equity concerns the fairness of distributing the burden of public debt and resource use between present and future generations, important for fiscal sustainability.

This question belongs to: Economy GK Economy Set 1
Question #2
Which of the following is a feature of the 'Purchasing Power Parity' theory in its absolute form?
A. The exchange rate between two currencies equals the ratio of the countries’ price levels
B. Only relative changes in prices matter
C. The exchange rate equals the interest differential
D. Exchange rates are determined only by trade balances

Correct Answer: Option A


Explanation:
Absolute purchasing power parity states that the nominal exchange rate should equal the ratio of the domestic to the foreign price level so that a basket of goods costs the same in both countries.

This question belongs to: Economy GK Economy Set 1
Question #3
The 'National Career Service' portal is an initiative of:
A. NITI Aayog
B. Ministry of Labour and Employment
C. Ministry of Education
D. Ministry of Finance

Correct Answer: Option B


Explanation:
National Career Service is an initiative of the Ministry of Labour and Employment.

This question belongs to: Economy GK Economy Set 1