The 'Goods and Services Tax' on sale of used goods is: MCQ with Answer and Explanation

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The 'Goods and Services Tax' on sale of used goods is:

A. 28%

B. levied on margin

C. 18%

D. 0%

Answer: Option B

Solution (By JKSSB Mock Tests)

GST on used goods is levied on the margin for registered dealers under the margin scheme.

This question belongs to: Economy GK Economy Set 1

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Practice More Economy Set 1 Questions

Question #1

Say's law of markets states that:

A. government must manage demand

B. saving is always equal to investment

C. demand creates its own supply

D. supply creates its own demand

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Correct Answer: Option D

Explanation:
Say's law states that supply creates its own demand.

This question belongs to: Economy GK Economy Set 1

Question #2

The headcount ratio of poverty measures:

A. the income gap of the poor

B. the proportion of the population below the poverty line

C. inequality among the poor

D. the depth of poverty

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Correct Answer: Option B

Explanation:
The headcount ratio measures the proportion of population living below the poverty line.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'KUSUM' scheme aims to promote:

A. nuclear power

B. biogas in urban areas

C. wind energy in industries

D. solar power in agriculture

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Correct Answer: Option D

Explanation:
PM-KUSUM promotes solar power in agriculture including solar pumps and grid-connected solar plants.

This question belongs to: Economy GK Economy Set 1

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