The 'GST practitioner' is a person who: MCQ with Answer and Explanation

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The 'GST practitioner' is a person who:

A. sets GST rates

B. audits GST revenue

C. assists taxpayers in filing GST returns and compliance

D. collects taxes

Answer: Option C

Solution (By JKSSB Mock Tests)

A GST practitioner assists taxpayers in GST compliance and returns.

This question belongs to: Economy GK Economy Set 1

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Question #1

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The 'e-Way Bill' is generated on the GST portal for movement of goods whose consignment value exceeds:

A. Rs 1 lakh

B. Rs 25,000

C. Rs 50,000

D. Rs 5 lakh

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Correct Answer: Option C

Explanation:
E-way bill is required for goods movement valued above Rs 50,000.

This question belongs to: Economy GK Economy Set 1

Question #2

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The 'repo' in monetary policy means the RBI:

A. gives unsecured loans to banks

B. borrows from foreign central banks

C. sells securities to banks and agrees to repurchase them later

D. purchases securities from banks with an agreement to sell them back later

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Correct Answer: Option D

Explanation:
In a repo, the RBI purchases securities from banks with an agreement to resell them later, injecting liquidity.

This question belongs to: Economy GK Economy Set 1

Question #3

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The 'Basel Committee on Banking Supervision' is headquartered at:

A. Geneva

B. Basel, Switzerland

C. London

D. Washington D.C.

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Correct Answer: Option B

Explanation:
The Basel Committee is headquartered at the Bank for International Settlements in Basel, Switzerland.

This question belongs to: Economy GK Economy Set 1

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