The 'GST Network' was incorporated in which year? MCQ with Answer and Explanation

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The 'GST Network' was incorporated in which year?

A. 2013

B. 2014

C. 2012

D. 2016

Answer: Option A

Solution (By JKSSB Mock Tests)

GSTN was incorporated in 2013.

This question belongs to: Economy GK Economy Set 1

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Question #1

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The 'Goods and Services Tax' on renting of residential property for commercial use is:

A. 0%

B. 12%

C. 5%

D. 18%

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Correct Answer: Option D

Explanation:
Renting residential property for commercial use attracts 18% GST.

This question belongs to: Economy GK Economy Set 1

Question #2

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In the context of trade policy, the 'Optimal Tariff' argument suggests that:

A. Only small countries can benefit from tariffs

B. Tariffs are always welfare-reducing for the imposing country

C. A large country may improve its terms of trade by imposing a tariff, provided foreign retaliation is absent

D. Free trade is never optimal

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Correct Answer: Option C

Explanation:
A large country can improve its terms of trade by restricting imports, thereby extracting some monopoly or monopsony rent; the optimal tariff balances this gain against the efficiency loss.

This question belongs to: Economy GK Economy Set 1

Question #3

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The 'Goods and Services Tax' rate on electricity is:

A. 5%

B. 18%

C. not under GST

D. 0%

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Correct Answer: Option C

Explanation:
Electricity is outside GST and subject to state electricity duties.

This question belongs to: Economy GK Economy Set 1

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