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. IGST plus customs duty

B. UTGST only

C. CGST only

D. SGST only

Answer: Option A

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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The 'good and services tax' regime in India is a 'one nation one tax' system.

A. True

B. False

C. Only for services

D. Only for goods

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Correct Answer: Option A

Explanation:
GST is a unified indirect tax system for goods and services across India.

This question belongs to: Economy GK Economy Set 1

Question #2

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The 'Annual Information Statement' in income tax is:

A. a bank statement

B. a statement of taxes only

C. a statement of foreign travel

D. a statement of specified financial transactions

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Correct Answer: Option D

Explanation:
AIS is a statement of specified financial transactions.

This question belongs to: Economy GK Economy Set 1

Question #3

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In the context of economic growth, the Harrod-Domar model emphasises the role of:

A. Technological progress only

B. Labour force growth only

C. Savings and capital-output ratio

D. Natural resources only

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Correct Answer: Option C

Explanation:
The Harrod-Domar model states that the growth rate of an economy depends on the savings rate and the capital-output ratio (or inverse of the productivity of capital).

This question belongs to: Economy GK Economy Set 1

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