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. 100th

D. 99th

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' on salt is:

A. 12%

B. 5%

C. 0%

D. 18%

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Correct Answer: Option C

Explanation:
Common salt is exempt from GST.

This question belongs to: Economy GK Economy Set 1

Question #2

Which of the following is a feature of the 'Fisher Effect'?

A. The nominal interest rate equals the real interest rate plus expected inflation

B. Nominal and real rates are always equal

C. The real interest rate equals the nominal rate plus inflation

D. Inflation has no effect on nominal rates

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Correct Answer: Option A

Explanation:
The Fisher equation states that the nominal interest rate is approximately equal to the real interest rate plus the expected rate of inflation.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Goods and Services Tax' rate on IT services is:

A. 12%

B. 5%

C. 18%

D. 28%

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Correct Answer: Option C

Explanation:
IT services attract 18% GST.

This question belongs to: Economy GK Economy Set 1

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