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

Question
The 'Goods and Services Tax' replaced which of the following state taxes?
A. Corporate tax
B. Income tax
C. Wealth tax
D. Entry tax
Answer: Option D
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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Practice More Economy Set 1 Questions

Question #1
Which of the following is a feature of the 'Wealth Inequality' literature associated with Piketty?
A. When the rate of return on capital exceeds the growth rate of the economy, wealth inequality tends to rise
B. Only labour income inequality matters
C. Capital accumulation always reduces inequality
D. Wealth inequality always declines with development
Discuss
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Correct Answer: Option A

Explanation:
Piketty’s central argument is that when the rate of return on capital (r) systematically exceeds the growth rate of the economy (g), the share of capital in national income and the concentration of wealth tend to increase.
This question belongs to: Economy GK Economy Set 1
Question #2
The 'Goods and Services Tax' on pizza bread is:
A. 18%
B. 5%
C. 0%
D. 12%
Discuss
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Correct Answer: Option A

Explanation:
Pizza bread attracts 18% GST as a prepared food product.
This question belongs to: Economy GK Economy Set 1
Question #3
The 'literacy rate' in the Indian census is defined for persons aged:
A. 0-6 years
B. 18-60 years
C. 7 years and above
D. 15-35 years
Discuss
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Correct Answer: Option C

Explanation:
The literacy rate is calculated for the population aged 7 years and above.
This question belongs to: Economy GK Economy Set 1
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