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. Income tax

B. Service tax

C. Corporate tax

D. Wealth tax

Answer: Option B

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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In the context of public expenditure, 'Capital Expenditure' is characterised by:

A. Creation of assets or reduction of liabilities

B. No creation of assets

C. Only payment of interest

D. Only payment of salaries

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Correct Answer: Option A

Explanation:
Capital expenditure leads to the creation of assets (such as infrastructure) or reduction of liabilities (such as repayment of loans).

This question belongs to: Economy GK Economy Set 1

Question #2

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In the context of banking regulation, the Capital Adequacy Ratio is prescribed to:

A. Determine the dividend payout

B. Ensure banks maintain sufficient capital relative to risk-weighted assets

C. Determine the interest rate on deposits

D. Fix the CRR level

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Correct Answer: Option B

Explanation:
Capital Adequacy Ratio (CAR) requires banks to hold a minimum amount of capital in proportion to their risk-weighted assets to absorb potential losses and protect depositors.

This question belongs to: Economy GK Economy Set 1