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 exemptions

D. GST returns

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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Expenditure on construction of a national highway is classified as:

A. non-plan expenditure

B. transfer payment

C. capital expenditure

D. revenue expenditure

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Correct Answer: Option C

Explanation:
Construction of a highway creates a capital asset and is capital expenditure.

This question belongs to: Economy GK Economy Set 1

Question #2

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The 'Goods and Services Tax' rate on readymade garments up to Rs 1,000 is:

A. 5%

B. 12%

C. 18%

D. 0%

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Correct Answer: Option A

Explanation:
Readymade garments up to Rs 1,000 attract 5% GST.

This question belongs to: Economy GK Economy Set 1

Question #3

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Which of the following is a component of the capital account of India's balance of payments?

A. Software service exports

B. Remittances from abroad

C. Foreign direct investment and portfolio investment

D. Interest payments on external debt

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Correct Answer: Option C

Explanation:
Foreign direct investment and portfolio investment are capital account transactions. Software exports, remittances and interest payments form part of the current account.

This question belongs to: Economy GK Economy Set 1

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