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

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The 'Goods and Services Tax' on imports is levied as:

A. SGST only

B. IGST plus customs duty

C. CGST only

D. UTGST only

Answer: Option B

Solution (By JKSSB Mock Tests)

Imports attract IGST in addition to basic customs duty.

This question belongs to: Economy GK Economy Set 1

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Question #1

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Disinvestment in a public sector enterprise is classified in the government budget as:

A. capital receipt

B. transfer payment

C. revenue expenditure

D. revenue receipt

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Correct Answer: Option A

Explanation:
Disinvestment proceeds are capital receipts as they arise from sale of assets.

This question belongs to: Economy GK Economy Set 1

Question #2

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In the context of public finance, 'Vertical Fiscal Imbalance' refers to:

A. Imbalance between capital and revenue budgets only

B. Mismatch between revenue-raising powers and expenditure responsibilities across different levels of government

C. Imbalance between revenue and expenditure of the same level of government

D. Only the primary deficit

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Correct Answer: Option B

Explanation:
Vertical fiscal imbalance arises when the revenue powers and expenditure responsibilities of different tiers of government (Centre and States) are mismatched.

This question belongs to: Economy GK Economy Set 1

Question #3

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The 'labour force participation rate' in India is higher in which age group?

A. 15-29

B. 0-14

C. 60+

D. 30-59

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Correct Answer: Option D

Explanation:
Labour force participation is generally higher in the 30-59 age group.

This question belongs to: Economy GK Economy Set 1

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