The 'Goods and Services Tax' registration threshold for goods suppliers is generally: MCQ with Answer and Explanation

Question

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The 'Goods and Services Tax' registration threshold for goods suppliers is generally:

A. Rs 50 lakh

B. Rs 1 crore

C. Rs 40 lakh

D. Rs 20 lakh

Answer: Option C

Solution (By JKSSB Mock Tests)

The GST threshold for goods is Rs 40 lakh (Rs 20 lakh in special category states).

This question belongs to: Economy GK Economy Set 1

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Question #1

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Which of the following was a central objective of the Mahalanobis strategy in the Second Plan?

A. promotion of cottage industries

B. land reforms

C. export promotion

D. investment in heavy and capital goods industries

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Correct Answer: Option D

Explanation:
The Mahalanobis strategy emphasized investment in heavy and capital goods industries.

This question belongs to: Economy GK Economy Set 1

Question #2

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The 'break-even point' in consumption occurs when:

A. saving equals investment

B. consumption equals income

C. consumption equals saving

D. MPC equals zero

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Correct Answer: Option B

Explanation:
At break-even point, consumption equals income, so saving is zero.

This question belongs to: Economy GK Economy Set 1

Question #3

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For an inferior good, the income effect of a price fall:

A. increases quantity demanded

B. does not affect quantity demanded

C. decreases quantity demanded

D. always equals the substitution effect

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Correct Answer: Option C

Explanation:
For an inferior good, a price fall raises real income, and the income effect causes the consumer to buy less of the good.

This question belongs to: Economy GK Economy Set 1

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