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

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

A. UTGST only

B. SGST only

C. SGST

D. CGST and IGST

Answer: Option D

Solution (By JKSSB Mock Tests)

The central government collects CGST and IGST.

This question belongs to: Economy GK Economy Set 1

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Question #1

The 'Bank for International Settlements' was established in which year?

A. 1971

B. 1919

C. 1930

D. 1944

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Correct Answer: Option C

Explanation:
The Bank for International Settlements was established in 1930.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Goods and Services Tax' on imitation jewellery is:

A. 5%

B. 12%

C. 3%

D. 18%

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Correct Answer: Option A

Explanation:
Imitation jewellery attracts 5% GST.

This question belongs to: Economy GK Economy Set 1

Question #3

In the context of behavioural economics, 'Default Effects' demonstrate that:

A. People always opt out of defaults

B. Only active choices matter

C. The option that is pre-selected for individuals has a disproportionately large influence on choices

D. Defaults have no effect on behaviour

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Correct Answer: Option C

Explanation:
Default effects show that the pre-set option exerts a strong influence on behaviour; many people stick with the default even when opting out is easy, making defaults a powerful policy tool.

This question belongs to: Economy GK Economy Set 1

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