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

B. one Act

C. only IGST Act

D. only CGST Act

Answer: Option A

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' rate on water supply is:

A. 18%

B. 0%

C. 5%

D. not under GST

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Correct Answer: Option B

Explanation:
Water supply through public taps is exempt from GST.

This question belongs to: Economy GK Economy Set 1

Question #2

Which of the following is a characteristic of the 'Permanent Income Hypothesis' of consumption?

A. Consumption depends primarily on long-run average or permanent income

B. Consumption is independent of income

C. Only transitory income determines consumption

D. Consumption depends only on current income

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Correct Answer: Option A

Explanation:
According to Milton Friedman's permanent income hypothesis, individuals base their consumption on permanent (expected long-run) income rather than on current measured income.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Goods and Services Tax' on food in restaurants is generally:

A. 5%

B. 18%

C. 12%

D. 28%

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Correct Answer: Option A

Explanation:
Restaurant services generally attract 5% GST without input tax credit, but some categories differ.

This question belongs to: Economy GK Economy Set 1

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