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. supplier, except under reverse charge

C. government

D. GST Council

Answer: Option B

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

The 'International Financial Services Centres Authority' was established in India in which year?

A. 2021

B. 2019

C. 2015

D. 2020

View Answer & Solution Discuss

Get Complete Subject PDF for Economy GK

Correct Answer: Option D

Explanation:
IFSCA was established in 2020.

This question belongs to: Economy GK Economy Set 1

Question #2

In the context of monetary policy, the 'Divine Coincidence' in basic New Keynesian models refers to:

A. The impossibility of stabilising either inflation or output

B. Only the stabilisation of the exchange rate

C. The fact that stabilising inflation also stabilises the output gap under certain assumptions

D. The conflict between inflation and output stabilisation

View Answer & Solution Discuss

Get Complete Subject PDF for Economy GK

Correct Answer: Option C

Explanation:
In the simplest New Keynesian model with only sticky prices and no other distortions, the optimal policy that fully stabilises inflation also closes the output gap—the so-called divine coincidence.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Goods and Services Tax' on services provided by SEBI is:

A. 5%

B. exempt

C. 18%

D. 0%

View Answer & Solution Discuss

Get Complete Subject PDF for Economy GK

Correct Answer: Option B

Explanation:
SEBI services are exempt from GST.

This question belongs to: Economy GK Economy Set 1

Explore All Economy Set 1 MCQs