The 'Goods and Services Tax' law in India comprises: MCQ with Answer and Explanation

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The 'Goods and Services Tax' law in India comprises:

A. only IGST Act

B. CGST Act, SGST Acts, UTGST Act and IGST Act

C. only CGST Act

D. one Act

Answer: Option B

Solution (By JKSSB Mock Tests)

GST law comprises CGST, SGST, UTGST and IGST Acts.

This question belongs to: Economy GK Economy Set 1

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Question #1

The 'Goods and Services Tax' on banking services is:

A. 5%

B. 18%

C. 28%

D. 12%

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Correct Answer: Option B

Explanation:
Banking and financial services attract 18% GST.

This question belongs to: Economy GK Economy Set 1

Question #2

The concept of 'Financial Repression' refers to:

A. Only the absence of any credit controls

B. Policies that keep interest rates artificially low and channel credit to preferred borrowers, often the government

C. Complete liberalisation of interest rates

D. Only high real interest rates

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Correct Answer: Option B

Explanation:
Financial repression encompasses a set of policies—interest-rate ceilings, high reserve requirements, directed credit and capital controls—that hold real interest rates low and facilitate cheap financing of the government.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'shoe-leather cost' of inflation refers to:

A. cost of imports

B. cost of buying shoes

C. cost of unemployment

D. cost of holding less cash and making more frequent trips to banks

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Correct Answer: Option D

Explanation:
Shoe-leather cost is the cost associated with reducing money holdings to avoid inflation.

This question belongs to: Economy GK Economy Set 1

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