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

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

A. Contingency Fund

B. Public Account

C. Consolidated Fund of India

D. Consolidated Fund of the state

Answer: Option D

Solution (By JKSSB Mock Tests)

SGST revenue goes to the state's Consolidated Fund.

This question belongs to: Economy GK Economy Set 1

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Practice More Economy Set 1 Questions

Question #1

The 'Pradhan Mantri Awas Yojana - Urban' was launched in:

A. 2015

B. 2018

C. 2016

D. 2013

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Correct Answer: Option A

Explanation:
PMAY-Urban was launched in 2015.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Goods and Services Tax' on ice cream is:

A. 28%

B. 5%

C. 18%

D. 12%

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Correct Answer: Option C

Explanation:
Ice cream attracts 18% GST.

This question belongs to: Economy GK Economy Set 1

Question #3

The term 'Gross Fixed Capital Formation' includes:

A. Investment in fixed assets such as machinery, buildings and infrastructure

B. Only construction of buildings

C. Only inventory investment

D. Only financial investments

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Correct Answer: Option A

Explanation:
Gross Fixed Capital Formation refers to the net addition to the stock of fixed assets such as plant, machinery, buildings and infrastructure during a period.

This question belongs to: Economy GK Economy Set 1

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