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. Customs duty

B. Income tax

C. Central Excise Duty

D. Corporate tax

Answer: Option C

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

Make in India initiative was launched in which year?

A. 2016

B. 2018

C. 2012

D. 2014

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Correct Answer: Option D

Explanation:
Make in India was launched in September 2014 to promote manufacturing.

This question belongs to: Economy GK Economy Set 1

Question #2

Which of the following is a feature of the Indian fiscal federalism?

A. Absence of any sharing of taxes

B. Division of tax powers between Centre and States with Finance Commission recommendations

C. Complete centralisation of all taxes

D. Only states collect all major taxes

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Correct Answer: Option B

Explanation:
Indian fiscal federalism involves constitutional division of tax bases between the Centre and States, with the Finance Commission recommending the sharing of divisible taxes and grants.

This question belongs to: Economy GK Economy Set 1

Question #3

Which of the following would most likely cause the rupee to appreciate?

A. Lower foreign investment

B. Higher domestic inflation

C. Large capital inflows into India

D. Increase in imports

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Correct Answer: Option C

Explanation:
Large capital inflows increase demand for rupee, causing appreciation.

This question belongs to: Economy GK Economy Set 1

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