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

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

A. Income tax

B. Customs duty

C. Wealth tax

D. Entry tax

Answer: Option D

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

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Question #1

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

A. 5%

B. 18%

C. 12%

D. 28%

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Correct Answer: Option B

Explanation:
Renting of commercial property attracts 18% GST.

This question belongs to: Economy GK Economy Set 1

Question #2

A deflationary gap exists when:

A. prices rise rapidly

B. aggregate demand is less than full employment output

C. the economy is above full employment

D. aggregate demand exceeds full employment output

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Correct Answer: Option B

Explanation:
A deflationary gap occurs when aggregate demand is below the level needed for full employment output.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'gender budgeting' in India refers to:

A. budget for defence

B. tax on women

C. analysis of budget allocations from a gender perspective

D. budget for women only

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Correct Answer: Option C

Explanation:
Gender budgeting involves analyzing government budgets for their impact on women and girls.

This question belongs to: Economy GK Economy Set 1

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