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. 102nd

B. 101st

C. 99th

D. 100th

Answer: Option B

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 'Goods and Services Tax' is considered a destination-based tax because:

A. tax accrues to the state where goods are consumed

B. tax is paid by the exporter

C. tax is collected where goods are produced

D. tax is collected only at the port

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Correct Answer: Option A

Explanation:
GST is destination-based, so tax revenue goes to the consuming state.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'demonstration effect' in consumption means:

A. people consume only basic goods

B. people copy the consumption patterns of others

C. people reduce consumption

D. people save more

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Correct Answer: Option B

Explanation:
The demonstration effect is the tendency to imitate the consumption patterns of others.

This question belongs to: Economy GK Economy Set 1

Question #3

Which of the following is not a component of the current account of the balance of payments?

A. Imports of services

B. Remittances from abroad

C. Foreign direct investment

D. Exports of goods

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Correct Answer: Option C

Explanation:
Foreign direct investment is a capital account component, not current account.

This question belongs to: Economy GK Economy Set 1

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