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

Question

Share Report Error

The 'Goods and Services Tax' on a transaction is payable by the:

A. buyer always

B. government

C. GST Council

D. supplier, except under reverse charge

Answer: Option D

Solution (By JKSSB Mock Tests)

Generally the supplier pays GST, but under reverse charge the recipient pays.

This question belongs to: Economy GK Economy Set 1

Request complete Subject PDF

Discuss this Question (0)

No comments yet. Be the first to start the discussion!

Practice More Economy Set 1 Questions

Question #1

A deflationary gap exists when:

A. prices rise rapidly

B. the economy is above full employment

C. aggregate demand is less than full employment output

D. aggregate demand exceeds full employment output

View Answer & Solution Discuss

Get Complete Subject PDF for Economy GK

Correct Answer: Option C

Explanation:
A deflationary gap occurs when aggregate demand is below the level needed for full employment output.

This question belongs to: Economy GK Economy Set 1

Question #2

Which of the following is a feature of the Indian external sector since the 1990s?

A. Fixed exchange rate without intervention

B. Gradual liberalisation of trade and capital account with managed float

C. Ban on foreign direct investment

D. Complete isolation from global capital flows

View Answer & Solution Discuss

Get Complete Subject PDF for Economy GK

Correct Answer: Option B

Explanation:
Since the 1991 reforms, India has progressively liberalised trade and capital flows while adopting a managed floating exchange rate regime.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Personal Income' of a country includes:

A. only wages

B. corporate profits retained

C. only indirect taxes

D. transfer payments and factor incomes received by households

View Answer & Solution Discuss

Get Complete Subject PDF for Economy GK

Correct Answer: Option D

Explanation:
Personal income includes all incomes received by households, including transfer payments.

This question belongs to: Economy GK Economy Set 1

Explore All Economy Set 1 MCQs