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

Question

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

A. SGST only

B. CGST and IGST

C. UTGST only

D. SGST

Answer: Option B

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

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The 'Comptroller and Auditor General of India' is appointed under which article?

A. Article 280

B. Article 150

C. Article 148

D. Article 324

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Correct Answer: Option C

Explanation:
The CAG is appointed under Article 148.

This question belongs to: Economy GK Economy Set 1

Question #2

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The 'Export Promotion Capital Goods' scheme allows import of capital goods at:

A. higher duty

B. zero duty subject to export obligation

C. prohibited duty

D. only after export

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Correct Answer: Option B

Explanation:
EPCG allows import of capital goods at zero or concessional duty subject to export obligations.

This question belongs to: Economy GK Economy Set 1

Question #3

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The 'GDP deflator' is a price index that measures:

A. only food prices

B. only consumer prices

C. prices of all domestically produced final goods and services

D. only wholesale prices

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Correct Answer: Option C

Explanation:
GDP deflator measures the average price of all final goods and services produced domestically.

This question belongs to: Economy GK Economy Set 1

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