The 'Goods and Services Tax' structure in India has how many main tax slabs? MCQ with Answer and Explanation

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The 'Goods and Services Tax' structure in India has how many main tax slabs?

A. 5

B. 7

C. 10

D. 3

Answer: Option A

Solution (By JKSSB Mock Tests)

GST has five main slabs: 0%, 5%, 12%, 18% and 28%.

This question belongs to: Economy GK Economy Set 1

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Question #1

The 'Central Goods and Services Tax Act' was passed in which year?

A. 2015

B. 2016

C. 2017

D. 2018

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Correct Answer: Option C

Explanation:
CGST Act was passed in 2017.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Washington Consensus' refers to a set of policies emphasizing:

A. nationalization

B. import substitution and state control

C. liberalization, privatization and macroeconomic stability

D. trade barriers

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Correct Answer: Option C

Explanation:
The Washington Consensus emphasized liberalization, privatization and macroeconomic stability.

This question belongs to: Economy GK Economy Set 1

Question #3

The expenditure on old age pension is classified as:

A. capital expenditure

B. plan expenditure

C. revenue expenditure

D. developmental expenditure

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Correct Answer: Option C

Explanation:
Old age pension is a recurring revenue expenditure that does not create assets.

This question belongs to: Economy GK Economy Set 1

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