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

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

A. exempt supplies only

B. goods and services used for business purposes

C. all goods and services

D. personal consumption

Answer: Option B

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

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Question #1

The 'National Pension System' in India is regulated by:

A. IRDAI

B. PFRDA

C. SEBI

D. RBI

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Correct Answer: Option B

Explanation:
The National Pension System is regulated by the Pension Fund Regulatory and Development Authority.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Tax Deducted at Source' on salary is deducted by:

A. employee

B. Income Tax Department

C. RBI

D. employer

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Correct Answer: Option D

Explanation:
Employer deducts TDS on salary.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Central Board of Indirect Taxes and Customs' is a part of:

A. RBI

B. SEBI

C. Ministry of Finance

D. Ministry of Commerce

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Correct Answer: Option C

Explanation:
CBIC is part of the Ministry of Finance.

This question belongs to: Economy GK Economy Set 1

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