The 'GST Council' is chaired by the Union Finance Minister and includes which other representatives? MCQ with Answer and Explanation

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The 'GST Council' is chaired by the Union Finance Minister and includes which other representatives?

A. RBI governor

B. all state chief ministers

C. SEBI chairman

D. state finance ministers

Answer: Option D

Solution (By JKSSB Mock Tests)

The GST Council includes state finance ministers as members, chaired by the Union Finance Minister.

This question belongs to: Economy GK Economy Set 1

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Question #1

The 'Budget Division' in India is a part of which ministry?

A. NITI Aayog

B. Ministry of Commerce

C. Ministry of Finance

D. Ministry of Statistics

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Correct Answer: Option C

Explanation:
Budget Division is part of the Department of Economic Affairs, Ministry of Finance.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'reverse charge mechanism' under GST is applicable when:

A. a registered supplier sells to an unregistered recipient

B. goods are imported only

C. the recipient is required to pay tax instead of the supplier

D. goods are exported

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Correct Answer: Option C

Explanation:
Under reverse charge, the recipient pays GST instead of the supplier.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'demonstration effect' in consumption means:

A. people consume only basic goods

B. people save more

C. people reduce consumption

D. people copy the consumption patterns of others

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Correct Answer: Option D

Explanation:
The demonstration effect is the tendency to imitate the consumption patterns of others.

This question belongs to: Economy GK Economy Set 1

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