The 'Goods and Services Tax' was first proposed in India by which committee? MCQ with Answer and Explanation

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The 'Goods and Services Tax' was first proposed in India by which committee?

A. Narasimham Committee

B. Rangarajan Committee

C. Chelliah Committee

D. Gadgil Committee

Answer: Option C

Solution (By JKSSB Mock Tests)

The Chelliah Committee first recommended GST in India.

This question belongs to: Economy GK Economy Set 1

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Question #1

The 'Central Board of Indirect Taxes and Customs' administers:

A. corporate tax

B. wealth tax

C. income tax

D. GST, customs and indirect taxes

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Correct Answer: Option D

Explanation:
CBIC administers GST, customs and other indirect taxes.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'National Income' in India was first estimated by:

A. R.C. Dutt

B. Dadabhai Naoroji

C. P.C. Mahalanobis

D. V.K.R.V. Rao

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Correct Answer: Option D

Explanation:
V.K.R.V. Rao made the first scientific estimate of India's national income.

This question belongs to: Economy GK Economy Set 1

Question #3

In the context of elasticity, if the price elasticity of demand is greater than one, demand is said to be:

A. Inelastic

B. Unitary elastic

C. Elastic

D. Perfectly inelastic

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Correct Answer: Option C

Explanation:
When |Ed| > 1, demand is elastic, meaning quantity demanded changes more than proportionately to a change in price.

This question belongs to: Economy GK Economy Set 1

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