The 'GST Suvidha Provider' is an entity that: MCQ with Answer and Explanation

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The 'GST Suvidha Provider' is an entity that:

A. sets GST rates

B. makes GST law

C. collects GST

D. provides IT solutions for GST compliance

Answer: Option D

Solution (By JKSSB Mock Tests)

GST Suvidha Providers offer IT applications for GST compliance.

This question belongs to: Economy GK Economy Set 1

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Practice More Economy Set 1 Questions

Question #1

The 'balanced growth theory' emphasizes simultaneous investment in:

A. agriculture only

B. multiple sectors to create demand

C. one sector only

D. banking only

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Correct Answer: Option B

Explanation:
Balanced growth advocates simultaneous investment in mutually supporting sectors.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'GST Appellate Tribunal' is also known as:

A. Central Board of Indirect Taxes and Customs

B. GST Council

C. Goods and Services Tax Appellate Tribunal

D. Competition Commission of India

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Correct Answer: Option C

Explanation:
GST Appellate Tribunal hears appeals under GST.

This question belongs to: Economy GK Economy Set 1

Question #3

In the context of international trade, the theory of comparative advantage was propounded by:

A. Paul Krugman

B. Heckscher and Ohlin

C. Adam Smith

D. David Ricardo

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Correct Answer: Option D

Explanation:
David Ricardo developed the theory of comparative advantage, which states that countries should specialise in producing goods in which they have a lower opportunity cost.

This question belongs to: Economy GK Economy Set 1

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