The 'GST' is a comprehensive indirect tax that replaced how many central and state taxes? MCQ with Answer and Explanation

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The 'GST' is a comprehensive indirect tax that replaced how many central and state taxes?

A. about 50

B. about 100

C. about 10

D. about 17 central and state taxes and multiple cesses

Answer: Option D

Solution (By JKSSB Mock Tests)

GST subsumed around 17 central and state indirect taxes and cesses.

This question belongs to: Economy GK Economy Set 1

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Question #1

The 'Goods and Services Tax' excludes which of the following from its purview?

A. Alcoholic liquor for human consumption

B. Imported goods

C. Services

D. Manufactured goods

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Correct Answer: Option A

Explanation:
Alcoholic liquor for human consumption is outside GST.

This question belongs to: Economy GK Economy Set 1

Question #2

Which of the following is a major challenge for monetary policy in an open economy?

A. Absence of any trade-off

B. Complete control over all three objectives simultaneously

C. No impact of capital flows

D. Impossible trinity or trilemma of fixed exchange rate, free capital flows and independent monetary policy

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Correct Answer: Option D

Explanation:
The impossible trinity states that it is impossible to have a fixed exchange rate, free capital mobility and an independent monetary policy simultaneously; only two of the three can be achieved.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Ease of Doing Business' in India is measured by which index?

A. Global Competitiveness Index

B. Logistics Performance Index

C. Human Development Index

D. World Bank's Ease of Doing Business Index

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Correct Answer: Option D

Explanation:
Ease of Doing Business is measured by the World Bank's index.

This question belongs to: Economy GK Economy Set 1

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