The 'GST compensation cess' was originally applicable for how many years from 2017? MCQ with Answer and Explanation

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The 'GST compensation cess' was originally applicable for how many years from 2017?

A. 15 years

B. 5 years

C. 2 years

D. 10 years

Answer: Option B

Solution (By JKSSB Mock Tests)

GST compensation cess was initially applicable for five years from 2017 to 2022, later extended.

This question belongs to: Economy GK Economy Set 1

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Question #1

The 'Income Tax Department' in India works under:

A. NITI Aayog

B. Ministry of Finance

C. SEBI

D. RBI

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Correct Answer: Option B

Explanation:
Income Tax Department is under the Ministry of Finance.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Phillips curve' in the long run is generally considered to be:

A. vertical at the natural rate of unemployment

B. horizontal

C. downward sloping

D. upward sloping

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Correct Answer: Option A

Explanation:
The long-run Phillips curve is vertical, implying no permanent trade-off between inflation and unemployment.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'population density' in India is measured as:

A. persons per village

B. persons per square kilometre

C. persons per state

D. persons per house

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Correct Answer: Option B

Explanation:
Population density is persons per square kilometre.

This question belongs to: Economy GK Economy Set 1

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