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 'RBI Act' was amended in 2016 to give statutory backing to:

A. inflation targeting and the Monetary Policy Committee

B. financial inclusion

C. payment banks

D. digital currency

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Correct Answer: Option A

Explanation:
The RBI Act amendment in 2016 gave statutory backing to flexible inflation targeting and the MPC.

This question belongs to: Economy GK Economy Set 1

Question #2

Which of the following is NOT a function of the stock exchange?

A. Issuing new currency notes

B. Mobilising savings for investment

C. Providing liquidity to securities

D. Price discovery of securities

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Correct Answer: Option A

Explanation:
Issuing currency notes is the function of the central bank. Stock exchanges provide liquidity, facilitate price discovery and help mobilise savings for productive investment.

This question belongs to: Economy GK Economy Set 1

Question #3

The concept of 'Creative Accounting' in public finance refers to:

A. Transparent and accurate fiscal reporting

B. Accounting practices that improve the reported fiscal position without improving the underlying fiscal reality

C. Only the use of accrual accounting

D. Only the calculation of primary deficit

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Correct Answer: Option B

Explanation:
Creative accounting (or fiscal gimmickry) involves the use of accounting devices that temporarily improve reported deficit or debt figures without a corresponding improvement in the true intertemporal fiscal position.

This question belongs to: Economy GK Economy Set 1

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