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. Customs duty

B. Entry tax

C. Income tax

D. Wealth tax

Answer: Option B

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 Pradhan Mantri Suraksha Bima Yojana premium is:

A. 18%

B. 0%

C. 5%

D. exempt

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Correct Answer: Option D

Explanation:
PMSBY premium is exempt from GST.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Goods and Services Tax' on services provided by SEBI is:

A. exempt

B. 0%

C. 5%

D. 18%

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Correct Answer: Option A

Explanation:
SEBI services are exempt from GST.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Zero Defect Zero Effect' scheme is associated with:

A. agriculture

B. defence

C. manufacturing and quality standards in MSMEs

D. health

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Correct Answer: Option C

Explanation:
Zero Defect Zero Effect promotes quality and environmental standards in MSMEs.

This question belongs to: Economy GK Economy Set 1

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