The 'Goods and Services Tax Network' was created as a: MCQ with Answer and Explanation

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The 'Goods and Services Tax Network' was created as a:

A. government department

B. statutory body

C. constitutional body

D. special purpose vehicle

Answer: Option D

Solution (By JKSSB Mock Tests)

GSTN was created as a special purpose vehicle to provide IT infrastructure for GST.

This question belongs to: Economy GK Economy Set 1

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Practice More Economy Set 1 Questions

Question #1

Which of the following is NOT a type of public debt?

A. Tax revenue

B. Internal debt

C. External debt

D. Market borrowings

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Correct Answer: Option A

Explanation:
Tax revenue is a receipt, not debt. Public debt includes internal debt (market borrowings, treasury bills) and external debt.

This question belongs to: Economy GK Economy Set 1

Question #2

In the context of public goods, the free-rider problem leads to:

A. No role for government

B. Over-provision of public goods by the market

C. Efficient provision by private firms

D. Under-provision of public goods by the market

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Correct Answer: Option D

Explanation:
Because individuals can enjoy the benefits of a pure public good without paying, they have an incentive to free-ride, resulting in under-provision if left to the private market.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'UPI' transaction limit per transaction set by NPCI is generally:

A. Rs 1,00,000

B. Rs 5,00,000

C. Rs 10,000

D. Rs 10,00,000

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Correct Answer: Option A

Explanation:
The general UPI transaction limit is Rs 1 lakh per transaction, though it varies by bank/category.

This question belongs to: Economy GK Economy Set 1

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