The 'Goods and Services Tax' on a supply is determined by the: MCQ with Answer and Explanation

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The 'Goods and Services Tax' on a supply is determined by the:

A. location of supplier

B. place of supply

C. type of product only

D. mode of payment

Answer: Option B

Solution (By JKSSB Mock Tests)

GST liability depends on the place of supply and the nature of supply.

This question belongs to: Economy GK Economy Set 1

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Practice More Economy Set 1 Questions

Question #1

The 'Tobin tax' is a proposed tax on:

A. property

B. short-term foreign exchange transactions

C. imports

D. income

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Correct Answer: Option B

Explanation:
A Tobin tax is a tax on short-term foreign exchange transactions to reduce speculative flows.

This question belongs to: Economy GK Economy Set 1

Question #2

Disguised unemployment exists when:

A. there is no work due to recession

B. workers lack required skills

C. workers are changing jobs

D. more workers are employed than necessary and marginal productivity of some workers is nearly zero

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Correct Answer: Option D

Explanation:
Disguised unemployment means excess workers whose marginal productivity is near zero.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'FDI' in multi-brand retail is allowed up to what percentage?

A. 49%

B. 74%

C. 51%

D. 100%

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Correct Answer: Option C

Explanation:
FDI in multi-brand retail is allowed up to 51% under government approval.

This question belongs to: Economy GK Economy Set 1

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