The 'Goods and Services Tax' on imports is: MCQ with Answer and Explanation

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The 'Goods and Services Tax' on imports is:

A. only 5%

B. not levied

C. levied along with customs duty

D. only 12%

Answer: Option C

Solution (By JKSSB Mock Tests)

Imports are subject to IGST along with basic customs duty.

This question belongs to: Economy GK Economy Set 1

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Question #1

The 'Goods and Services Tax' rate on periodicals and journals is:

A. 0%

B. 5%

C. 18%

D. 12%

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Correct Answer: Option A

Explanation:
Periodicals and journals are exempt from GST.

This question belongs to: Economy GK Economy Set 1

Question #2

The term 'Balance of Trade' refers to:

A. Overall surplus or deficit in balance of payments

B. Difference between exports and imports of goods only

C. Difference between exports and imports of goods and services

D. Capital account balance

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Correct Answer: Option B

Explanation:
Balance of Trade is the difference between the value of exports and imports of merchandise (goods) only. Balance of payments is a broader concept including services and capital flows.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Banking Regulation Act' was passed in which year?

A. 1956

B. 1934

C. 1949

D. 1969

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Correct Answer: Option C

Explanation:
The Banking Regulation Act was passed in 1949.

This question belongs to: Economy GK Economy Set 1

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