The 'GST Council' does not deal with: MCQ with Answer and Explanation

Question

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The 'GST Council' does not deal with:

A. income tax rates

B. GST rates

C. GST returns

D. GST exemptions

Answer: Option A

Solution (By JKSSB Mock Tests)

Income tax rates are not within GST Council's purview.

This question belongs to: Economy GK Economy Set 1

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Question #1

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The 'Interest Subvention Scheme' for farmers is implemented by:

A. IRDAI

B. SEBI

C. NABARD and the Government

D. RBI

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Correct Answer: Option C

Explanation:
The interest subvention scheme for farmers is implemented by NABARD and the government.

This question belongs to: Economy GK Economy Set 1

Question #2

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Which of the following is a major objective of economic planning in a developing country?

A. Maximising inequality

B. Only maximising exports without domestic development

C. Complete reliance on market forces without intervention

D. Achieving higher growth with social justice and poverty reduction

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Correct Answer: Option D

Explanation:
Economic planning in developing countries typically aims at accelerating growth, reducing poverty, promoting equity and modernising the economic structure.

This question belongs to: Economy GK Economy Set 1

Question #3

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The 'Central Bank Digital Currency' is a:

A. digital form of fiat currency issued by the central bank

B. mutual fund unit

C. private digital token

D. cryptocurrency like Bitcoin

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Correct Answer: Option A

Explanation:
CBDC is a digital form of central bank issued fiat currency.

This question belongs to: Economy GK Economy Set 1

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