The 'GST Council' decisions are taken by: MCQ with Answer and Explanation

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The 'GST Council' decisions are taken by:

A. unanimous consent only

B. majority vote of all members

C. simple majority with states having two-thirds weight

D. three-fourths majority with Centre having one-third weight

Answer: Option D

Solution (By JKSSB Mock Tests)

GST Council decisions require a three-fourths majority, with the Centre's vote having one-third weight and states two-thirds.

This question belongs to: Economy GK Economy Set 1

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Question #1

The 'Goods and Services Tax' on consulting services is:

A. 12%

B. 18%

C. 28%

D. 5%

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Correct Answer: Option B

Explanation:
Consulting services attract 18% GST.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Goods and Services Tax' on logistics services is:

A. 12%

B. 18%

C. 5%

D. 28%

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Correct Answer: Option B

Explanation:
Logistics services attract 18% GST.

This question belongs to: Economy GK Economy Set 1

Question #3

Which of the following is a feature of the 'Baumol-Tobin Model' of money demand?

A. Money demand arises from the transactions motive and depends on income and the interest rate

B. Only the speculative motive matters

C. Money demand is independent of the interest rate

D. Money demand is proportional only to wealth

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Correct Answer: Option A

Explanation:
The Baumol-Tobin inventory-theoretic model derives transactions demand for money as a function of income (or expenditure), the interest rate and the fixed cost of transferring funds between money and interest-bearing assets.

This question belongs to: Economy GK Economy Set 1

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