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

Question

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The 'Goods and Services Tax' on inter-state supply is:

A. CGST

B. UTGST

C. SGST

D. IGST

Answer: Option D

Solution (By JKSSB Mock Tests)

Inter-state supplies attract IGST.

This question belongs to: Economy GK Economy Set 1

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Question #1

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The 'Reverse Charge Mechanism' under GST shifts the tax liability to:

A. recipient

B. government

C. supplier

D. GST council

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Correct Answer: Option A

Explanation:
Under reverse charge, the recipient of goods or services pays the tax.

This question belongs to: Economy GK Economy Set 1

Question #2

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Which of the following is a characteristic of the 'Rational Expectations' hypothesis?

A. Agents use only past information and make systematic errors

B. Agents ignore all available information

C. Agents form expectations using all available information and do not make systematic errors

D. Expectations are always adaptive

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Correct Answer: Option C

Explanation:
Rational expectations imply that agents optimally use all available information, so that forecast errors are uncorrelated with information known at the time the expectation is formed.

This question belongs to: Economy GK Economy Set 1

Question #3

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The 'Paris Agreement' aims to limit global temperature rise this century to well below:

A. 4°C

B. 1°C

C. 2°C above pre-industrial levels

D. 3°C

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Correct Answer: Option C

Explanation:
The Paris Agreement aims to limit warming to well below 2°C, preferably 1.5°C.

This question belongs to: Economy GK Economy Set 1

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