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. 1 January 2017

B. 15 August 2017

C. 1 July 2017

D. 1 April 2017

Answer: Option C

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 telecom services is:

A. 5%

B. 12%

C. 28%

D. 18%

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Correct Answer: Option D

Explanation:
Telecom services attract 18% GST.

This question belongs to: Economy GK Economy Set 1

Question #2

External commercial borrowing refers to:

A. borrowing by Indian firms from foreign lenders

B. foreign direct investment

C. borrowing by the government from the RBI

D. borrowing from domestic banks

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Correct Answer: Option A

Explanation:
External commercial borrowing is commercial loans raised by Indian firms from foreign lenders.

This question belongs to: Economy GK Economy Set 1

Question #3

Which of the following is an automatic stabiliser in the fiscal system?

A. Progressive income tax structure

B. Change in repo rate by the central bank

C. Discretionary increase in infrastructure spending

D. One-time stimulus package

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Correct Answer: Option A

Explanation:
Progressive income taxes automatically increase the tax burden during expansions and reduce it during contractions, stabilising disposable income without new legislation.

This question belongs to: Economy GK Economy Set 1

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