The 'Goods and Services Tax' replaced which of the following central taxes? MCQ with Answer and Explanation

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The 'Goods and Services Tax' replaced which of the following central taxes?

A. Service tax

B. Corporate tax

C. Wealth tax

D. Income tax

Answer: Option A

Solution (By JKSSB Mock Tests)

GST subsumed service tax.

This question belongs to: Economy GK Economy Set 1

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Question #1

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The 'replacement level fertility' is generally considered to be about how many children per woman?

A. 1.0

B. 4.0

C. 3.0

D. 2.1

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Correct Answer: Option D

Explanation:
Replacement level fertility is about 2.1 children per woman.

This question belongs to: Economy GK Economy Set 1

Question #2

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The 'Essential Commodities (Amendment) Act, 2020' deregulated which commodities?

A. Cereals, pulses, oilseeds, edible oils and onion

B. Petroleum and diesel

C. Medicines

D. Fertilizers

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Correct Answer: Option A

Explanation:
The 2020 amendment removed cereals, pulses, oilseeds, edible oils and onion from the Essential Commodities Act.

This question belongs to: Economy GK Economy Set 1

Question #3

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The 'Goods and Services Tax' on admission to amusement parks is:

A. 12%

B. 5%

C. 28%

D. 18%

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Correct Answer: Option D

Explanation:
Amusement park admissions attract 18% GST.

This question belongs to: Economy GK Economy Set 1

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