The 'GST Council' can recommend which of the following? MCQ with Answer and Explanation

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The 'GST Council' can recommend which of the following?

A. taxes to be subsumed under GST

B. income tax rates

C. customs duties on imports

D. corporate tax rates

Answer: Option A

Solution (By JKSSB Mock Tests)

GST Council recommends taxes to be subsumed and GST rates.

This question belongs to: Economy GK Economy Set 1

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Question #1

The 'Goods and Services Tax' on renting of commercial property is:

A. 18%

B. 12%

C. 5%

D. 28%

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Correct Answer: Option A

Explanation:
Renting of commercial property attracts 18% GST.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Human Development Index' was introduced by:

A. UNDP in 1990

B. IMF

C. UNESCO

D. World Bank

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Correct Answer: Option A

Explanation:
The Human Development Index was introduced by UNDP in 1990.

This question belongs to: Economy GK Economy Set 1

Question #3

Which of the following is not a priority sector category?

A. Housing loans above Rs 50 crore

B. Agriculture

C. Micro enterprises

D. Education

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Correct Answer: Option A

Explanation:
Very large housing loans above prescribed limits are not part of priority sector lending.

This question belongs to: Economy GK Economy Set 1

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