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 taxed at zero rate and input tax credit is allowed
B. exports are taxed at 5%
C. exports are banned
D. exports are exempt with no input tax credit
Answer: Option A
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
In the context of elasticity, if income elasticity of demand for a good is negative, the good is:
A. Luxury good
B. Normal good
C. Necessary good
D. Inferior good
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Correct Answer: Option D

Explanation:
A negative income elasticity of demand indicates that the good is inferior; demand for it falls as income rises.
This question belongs to: Economy GK Economy Set 1
Question #2
The 'Banking Ombudsman' scheme was introduced in India in which year?
A. 2005
B. 1990
C. 2000
D. 1995
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Correct Answer: Option D

Explanation:
The Banking Ombudsman scheme was introduced in 1995.
This question belongs to: Economy GK Economy Set 1
Question #3
The 'resource curse' hypothesis suggests that countries rich in natural resources:
A. always grow faster
B. have no poverty
C. are free from inflation
D. may experience slower growth due to governance and economic distortions
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Correct Answer: Option D

Explanation:
The resource curse suggests natural resource wealth may lead to slower growth due to various distortions.
This question belongs to: Economy GK Economy Set 1
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