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

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

A. Income tax

B. Corporate tax

C. Entry tax

D. Wealth tax

Answer: Option C

Solution (By JKSSB Mock Tests)

GST subsumed entry tax and other indirect taxes.

This question belongs to: Economy GK Economy Set 1

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Question #1

The 'Taylor rule' is used by central banks to set:

A. foreign exchange reserves

B. reserve requirements

C. policy interest rates based on inflation and output gap

D. exchange rates

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Correct Answer: Option C

Explanation:
The Taylor rule prescribes setting policy interest rates based on inflation and output gap.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Uruguay Round' of GATT negotiations concluded in:

A. 1986

B. 2000

C. 1994

D. 1990

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Correct Answer: Option C

Explanation:
The Uruguay Round concluded in 1994 and led to the creation of the WTO.

This question belongs to: Economy GK Economy Set 1

Question #3

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

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