The 'Goods and Services Tax' zero rating on exports means: MCQ with Answer and Explanation

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The 'Goods and Services Tax' zero rating on exports means:

A. exports are taxed at 5%

B. exports are banned

C. exports are taxed at zero rate and input tax credit is allowed

D. exports are exempt with no input tax credit

Answer: Option C

Solution (By JKSSB Mock Tests)

Zero-rated supplies are taxed at 0% and allow input tax credit refunds.

This question belongs to: Economy GK Economy Set 1

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Practice More Economy Set 1 Questions

Question #1

The 'Tobin tax' is a proposed tax on:

A. property

B. income

C. imports

D. short-term foreign exchange transactions

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Correct Answer: Option D

Explanation:
A Tobin tax is a tax on short-term foreign exchange transactions to reduce speculative flows.

This question belongs to: Economy GK Economy Set 1

Question #2

Which of the following is a feature of the mixed economy model adopted by India?

A. Complete private ownership of all means of production

B. Absence of market mechanism

C. Coexistence of public and private sectors with government regulation

D. Complete central planning without private enterprise

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Correct Answer: Option C

Explanation:
India adopted a mixed economy framework where both public and private sectors coexist, with the government playing a regulatory and developmental role.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Gross National Product at market prices' equals GDP at market prices plus:

A. indirect taxes

B. subsidies

C. net factor income from abroad

D. depreciation

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Correct Answer: Option C

Explanation:
GNP at market prices = GDP at market prices + net factor income from abroad.

This question belongs to: Economy GK Economy Set 1

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