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

Question
The 'Goods and Services Tax' zero rating on exports means:
A. exports are exempt with no input tax credit
B. exports are taxed at zero rate and input tax credit is allowed
C. exports are taxed at 5%
D. exports are banned
Answer: Option B
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
Which of the following is NOT a component of the Index of Industrial Production (IIP) in India?
A. Agriculture
B. Manufacturing
C. Electricity
D. Mining
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Correct Answer: Option A

Explanation:
The IIP covers mining, manufacturing and electricity sectors. Agriculture is measured separately through other indices and production estimates.
This question belongs to: Economy GK Economy Set 1
Question #2
If demand for a good is perfectly inelastic, a tax on the good will be borne:
A. by the government
B. entirely by buyers
C. entirely by sellers
D. equally by buyers and sellers
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Correct Answer: Option B

Explanation:
With perfectly inelastic demand, buyers bear the entire tax burden because quantity demanded does not change.
This question belongs to: Economy GK Economy Set 1
Question #3
The 'Carbon Credit' refers to a permit allowing the holder to emit:
A. one kg of carbon
B. one million tonnes of carbon
C. one tonne of carbon dioxide or equivalent
D. unlimited carbon
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Correct Answer: Option C

Explanation:
A carbon credit typically allows one tonne of carbon dioxide equivalent emissions.
This question belongs to: Economy GK Economy Set 1
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