The 'GST' compensation cess was collected to compensate states for how many years from 2017? MCQ with Answer and Explanation

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The 'GST' compensation cess was collected to compensate states for how many years from 2017?

A. 2 years

B. 10 years

C. 5 years

D. 15 years

Answer: Option C

Solution (By JKSSB Mock Tests)

Compensation cess was initially for five years (2017-2022), later extended.

This question belongs to: Economy GK Economy Set 1

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Question #1

The 'National Health Policy' of India was last released in which year?

A. 2002

B. 2017

C. 2020

D. 2019

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Correct Answer: Option B

Explanation:
The National Health Policy was released in 2017.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Form 26AS' is an income tax document that shows:

A. tax deducted and deposited against PAN

B. bank statements

C. salary only

D. stock holdings

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Correct Answer: Option A

Explanation:
Form 26AS shows tax deducted and deposited against a PAN.

This question belongs to: Economy GK Economy Set 1

Question #3

In the context of money supply, M3 is also known as:

A. High-powered money

B. Narrow money

C. Broad money

D. Reserve money

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Correct Answer: Option C

Explanation:
M3 is referred to as broad money and includes M1 plus time deposits with banks. Reserve money or high-powered money is the monetary base.

This question belongs to: Economy GK Economy Set 1

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