The 'Input Tax Credit' under GST allows a taxpayer to: MCQ with Answer and Explanation

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The 'Input Tax Credit' under GST allows a taxpayer to:

A. refund all taxes paid

B. deduct tax paid on inputs from output tax liability

C. pay tax only on exports

D. avoid filing returns

Answer: Option B

Solution (By JKSSB Mock Tests)

Input Tax Credit permits deduction of input tax from output tax liability to avoid cascading.

This question belongs to: Economy GK Economy Set 1

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The 'National Solar Mission' in India is part of:

A. Make in India

B. Digital India

C. Skill India

D. National Action Plan on Climate Change

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Correct Answer: Option D

Explanation:
The National Solar Mission is one of the eight missions under the National Action Plan on Climate Change.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Goods and Services Tax' on demerit goods is generally:

A. 28% plus cess

B. 12%

C. 18%

D. 5%

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Correct Answer: Option A

Explanation:
Demerit goods like tobacco and aerated drinks attract 28% plus cess.

This question belongs to: Economy GK Economy Set 1

Question #3

Broad money M3 in India consists of M1 plus:

A. foreign currency reserves

B. only post office deposits

C. government deposits

D. time deposits with banks

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Correct Answer: Option D

Explanation:
M3 is M1 plus time deposits with banks.

This question belongs to: Economy GK Economy Set 1

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