The 'GST' regime has subsumed which of the following central taxes? MCQ with Answer and Explanation

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The 'GST' regime has subsumed which of the following central taxes?

A. Income tax

B. Central Excise Duty

C. Customs duty

D. Corporate tax

Answer: Option B

Solution (By JKSSB Mock Tests)

GST subsumed central excise duty, service tax, additional customs duty, etc.

This question belongs to: Economy GK Economy Set 1

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Question #1

The Marshall-Lerner condition states that devaluation improves the trade balance if:

A. the sum is less than one

B. exports exceed imports

C. import tariffs are raised

D. the sum of price elasticities of demand for exports and imports is greater than one

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Correct Answer: Option D

Explanation:
The Marshall-Lerner condition requires the sum of export and import demand elasticities to exceed one.

This question belongs to: Economy GK Economy Set 1

Question #2

In the context of inflation measurement in India, CPI stands for:

A. Commodity Price Index

B. Central Price Indicator

C. Consumer Price Index

D. Cost of Production Index

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Correct Answer: Option C

Explanation:
CPI is the Consumer Price Index, which measures changes in the price level of a basket of consumer goods and services. It is the primary measure targeted by RBI for inflation.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Red Revolution' in India is associated with:

A. sugarcane

B. rice

C. wheat

D. meat and tomato production

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Correct Answer: Option D

Explanation:
The Red Revolution is associated with meat and tomato production.

This question belongs to: Economy GK Economy Set 1

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