The 'Goods and Services Tax' was launched in India on which date? MCQ with Answer and Explanation

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The 'Goods and Services Tax' was launched in India on which date?

A. 15 August 2017

B. 1 July 2017

C. 1 April 2017

D. 1 January 2017

Answer: Option B

Solution (By JKSSB Mock Tests)

GST was launched on 1 July 2017.

This question belongs to: Economy GK Economy Set 1

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Question #1

The 'Goods and Services Tax' rate on luxury cars is:

A. 18%

B. 12%

C. 28%

D. 5%

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Correct Answer: Option C

Explanation:
Luxury cars attract 28% GST plus cess.

This question belongs to: Economy GK Economy Set 1

Question #2

Price elasticity of demand is measured as:

A. percentage change in price divided by percentage change in quantity demanded

B. change in quantity divided by change in price

C. percentage change in quantity demanded divided by percentage change in price

D. change in price divided by change in quantity

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Correct Answer: Option C

Explanation:
Price elasticity of demand is the percentage change in quantity demanded divided by the percentage change in price.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Code on Wages' was passed in which year?

A. 2021

B. 2020

C. 2017

D. 2019

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Correct Answer: Option D

Explanation:
The Code on Wages was passed in 2019.

This question belongs to: Economy GK Economy Set 1

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