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. UTGST only

B. SGST only

C. CGST only

D. IGST plus customs duty

Answer: Option D

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

The 'credit rating agency' that is a full form of CRISIL is:

A. Credit Rating Information Services of India Limited

B. Central Rating and Investment Services of India Limited

C. Credit Rating and Investment Services of India Limited

D. Credit Research and Investment Services of India Limited

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Correct Answer: Option A

Explanation:
CRISIL stands for Credit Rating Information Services of India Limited.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Skill India Mission' was launched in which year?

A. 2015

B. 2014

C. 2017

D. 2016

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Correct Answer: Option A

Explanation:
Skill India Mission was launched in 2015.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'seigniorage' revenue for a government arises from:

A. tax collection

B. issuing currency

C. selling public assets

D. borrowing from abroad

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Correct Answer: Option B

Explanation:
Seigniorage is the profit from issuing currency, the difference between face value and production cost.

This question belongs to: Economy GK Economy Set 1

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