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. Wealth tax

C. Corporate tax

D. Service tax

Answer: Option D

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 'Goods and Services Tax' on solar panels is:

A. 28%

B. 18%

C. 5%

D. 12%

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Correct Answer: Option C

Explanation:
Solar panels and modules attract 5% GST.

This question belongs to: Economy GK Economy Set 1

Question #2

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Which of the following is a permitted asset for Statutory Liquidity Ratio?

A. Mutual fund units

B. Corporate bonds

C. Gold and government securities

D. Equity shares

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Correct Answer: Option C

Explanation:
SLR assets include cash, gold and approved government securities.

This question belongs to: Economy GK Economy Set 1

Question #3

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The 'Green Revolution' in India began in the mid:

A. 1940s

B. 1980s

C. 1960s

D. 1990s

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Correct Answer: Option C

Explanation:
The Green Revolution began in India in the mid-1960s.

This question belongs to: Economy GK Economy Set 1

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