The 'Goods and Services Tax' on inter-state supply is: MCQ with Answer and Explanation

The 'Goods and Services Tax' on inter-state supply is:
A. IGST
B. SGST
C. UTGST
D. CGST
Answer: Option A
Solution (By JKSSB Mock Tests)
Inter-state supplies attract IGST.

Discuss this Question (0)

No comments yet. Be the first to start the discussion!

Practice More Economy Set 1 Questions

Question #1
Which of the following is NOT a measure to promote exports?
A. Export subsidies
B. High import tariffs on export inputs
C. Special Economic Zones
D. Duty drawback schemes

Correct Answer: Option B


Explanation:
High import tariffs on inputs used in export production raise costs and discourage exports. Export promotion measures include subsidies, duty drawbacks and SEZs.

This question belongs to: Economy GK Economy Set 1
Question #2
The concept of 'Seigniorage' is most closely related to:
A. Revenue from disinvestment
B. Interest payments on public debt
C. Tax revenue from income tax
D. The real resources obtained by the government through the issue of base money

Correct Answer: Option D


Explanation:
Seigniorage is the purchasing power that the government obtains by issuing base money; it equals the real value of the increase in base money.

This question belongs to: Economy GK Economy Set 1
Question #3
The 'European Union' is an example of:
A. an economic union
B. a free trade area only
C. a simple customs union
D. a bilateral agreement

Correct Answer: Option A


Explanation:
The European Union is an economic union with deep integration, including common currency for many members.

This question belongs to: Economy GK Economy Set 1