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

Question

Share Report Error

The 'GST' regime in India has subsumed which of the following state taxes?

A. Income tax

B. Wealth tax

C. Entry tax

D. Customs duty

Answer: Option C

Solution (By JKSSB Mock Tests)

GST subsumed state taxes like entry tax, purchase tax and VAT.

This question belongs to: Economy GK Economy Set 1

Request complete Subject PDF

Discuss this Question (0)

No comments yet. Be the first to start the discussion!

Practice More Economy Set 1 Questions

Question #1

The 'first bank in India' was:

A. Bank of Hindustan

B. Punjab National Bank

C. Bank of Calcutta

D. State Bank of India

View Answer & Solution Discuss

Get Complete Subject PDF for Economy GK

Correct Answer: Option A

Explanation:
The Bank of Hindustan, established in 1770, is considered the first bank in India.

This question belongs to: Economy GK Economy Set 1

Question #2

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

A. 28%

B. 18%

C. 5%

D. 12%

View Answer & Solution Discuss

Get Complete Subject PDF for Economy GK

Correct Answer: Option A

Explanation:
Cement attracts 28% GST.

This question belongs to: Economy GK Economy Set 1

Question #3

Which of the following is a major source of non-tax revenue for the Government of India?

A. Interest receipts and dividends from PSUs

B. Corporation tax

C. Customs duty

D. Personal income tax

View Answer & Solution Discuss

Get Complete Subject PDF for Economy GK

Correct Answer: Option A

Explanation:
Interest receipts on loans given by the government and dividends/profits from public sector enterprises are important components of non-tax revenue.

This question belongs to: Economy GK Economy Set 1

Explore All Economy Set 1 MCQs