The Goods and Services Tax was introduced through which Constitutional Amendment Act? MCQ with Answer and Explanation

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The Goods and Services Tax was introduced through which Constitutional Amendment Act?

A. 100th

B. 102nd

C. 99th

D. 101st

Answer: Option D

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 'Lorenz curve' is a graph showing:

A. inflation over time

B. unemployment

C. income distribution

D. GDP growth

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Correct Answer: Option C

Explanation:
The Lorenz curve graphically represents the distribution of income or wealth.

This question belongs to: Economy GK Economy Set 1

Question #2

A Special Economic Zone is a geographical region with:

A. higher tariffs than the rest of the country

B. no private sector activity

C. liberal economic laws to promote exports and investment

D. complete prohibition of imports

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Correct Answer: Option C

Explanation:
SEZs have more liberal economic laws to promote exports and investment.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Goods and Services Tax' refund for exporters is available through:

A. income tax return

B. GST refund mechanism

C. customs only

D. SEBI

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Correct Answer: Option B

Explanation:
Exporters can claim refunds of accumulated input tax credit under GST.

This question belongs to: Economy GK Economy Set 1

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