The 'Goods and Services Tax' revenue from CGST is credited to: MCQ with Answer and Explanation

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The 'Goods and Services Tax' revenue from CGST is credited to:

A. state governments

B. Consolidated Fund of India

C. Public Account

D. Contingency Fund

Answer: Option B

Solution (By JKSSB Mock Tests)

CGST revenue is credited to the Consolidated Fund of India.

This question belongs to: Economy GK Economy Set 1

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Question #1

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Which of the following is the correct classification of loans under the Pradhan Mantri Mudra Yojana?

A. Primary, Secondary, Tertiary

B. Shishu, Kishor, Tarun

C. Small, Medium, Large

D. Start-up, Growth, Mature

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Correct Answer: Option B

Explanation:
MUDRA loans are classified as Shishu, Kishor and Tarun.

This question belongs to: Economy GK Economy Set 1

Question #2

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The 'self-assessment tax' is paid by a taxpayer:

A. by employer only

B. only after a notice

C. after assessment by the department

D. on the basis of self-computation before filing return

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Correct Answer: Option D

Explanation:
Self-assessment tax is computed and paid by the taxpayer before filing return.

This question belongs to: Economy GK Economy Set 1

Question #3

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The 'Reserve Bank of India' is headquartered in:

A. Kolkata

B. New Delhi

C. Chennai

D. Mumbai

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Correct Answer: Option D

Explanation:
The RBI headquarters is in Mumbai.

This question belongs to: Economy GK Economy Set 1

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