The 'Goods and Services Tax' was first introduced in India through which amendment? MCQ with Answer and Explanation

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The 'Goods and Services Tax' was first introduced in India through which amendment?

A. 101st Constitutional Amendment

B. 99th Constitutional Amendment

C. 102nd Constitutional Amendment

D. 100th Constitutional Amendment

Answer: Option A

Solution (By JKSSB Mock Tests)

GST was introduced through the 101st Constitutional Amendment Act, 2016.

This question belongs to: Economy GK Economy Set 1

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Question #1

The term 'Current Account Deficit' indicates:

A. Excess of government expenditure over revenue

B. Surplus in the overall balance of payments

C. Excess of imports of goods and services over exports

D. Excess of capital inflows over outflows

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Correct Answer: Option C

Explanation:
Current Account Deficit occurs when the value of imports of goods, services and transfers exceeds the value of exports of goods, services and transfers.

This question belongs to: Economy GK Economy Set 1

Question #2

Which of the following is a feature of the 'Buffer-Stock' theory of money demand?

A. Money is held only for speculative purposes

B. Only the transactions motive matters and uncertainty is irrelevant

C. Individuals hold money as a buffer against unforeseen fluctuations in income and expenditure

D. Money demand is independent of uncertainty

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Correct Answer: Option C

Explanation:
Buffer-stock models emphasise that money balances serve as a short-run shock absorber, allowing agents to smooth consumption in the face of transitory income or expenditure shocks.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Public Account of India' contains funds that:

A. are borrowed from foreign countries

B. are held by the government in a trustee capacity, such as provident funds

C. are collected as taxes

D. belong to the government exclusively

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Correct Answer: Option B

Explanation:
Public Account includes funds held by government in fiduciary capacity, like provident funds and small savings.

This question belongs to: Economy GK Economy Set 1

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