The 'Input Tax Credit' under GST is available for: MCQ with Answer and Explanation

Question

Share Report Error

The 'Input Tax Credit' under GST is available for:

A. exempt supplies only

B. personal consumption

C. all goods and services

D. goods and services used for business purposes

Answer: Option D

Solution (By JKSSB Mock Tests)

Input tax credit is available for inputs used for business purposes.

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 'financial trilemma' states that a country cannot simultaneously have:

A. high growth, low inflation and low unemployment

B. free trade, high tariffs and high exports

C. free capital mobility, fixed exchange rates and independent monetary policy

D. low taxes, high spending and low deficit

View Answer & Solution Discuss

Get Complete Subject PDF for Economy GK

Correct Answer: Option C

Explanation:
The trilemma says a country can achieve only two of three: free capital mobility, fixed exchange rate and independent monetary policy.

This question belongs to: Economy GK Economy Set 1

Question #2

The Reserve Bank of India was nationalized in the year:

A. 1947

B. 1955

C. 1949

D. 1935

View Answer & Solution Discuss

Get Complete Subject PDF for Economy GK

Correct Answer: Option C

Explanation:
The RBI was nationalized in 1949.

This question belongs to: Economy GK Economy Set 1

Question #3

Which institution primarily provides short-term financial assistance to countries facing balance of payments problems?

A. IMF

B. WTO

C. World Bank

D. ADB

View Answer & Solution Discuss

Get Complete Subject PDF for Economy GK

Correct Answer: Option A

Explanation:
The IMF provides short-term financial assistance to countries with balance of payments problems.

This question belongs to: Economy GK Economy Set 1

Explore All Economy Set 1 MCQs