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. all goods and services

B. exempt supplies only

C. personal consumption

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

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Practice More Economy Set 1 Questions

Question #1

Primary deficit is equal to fiscal deficit minus:

A. subsidies

B. capital expenditure

C. interest payments

D. tax revenue

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Correct Answer: Option C

Explanation:
Primary deficit = fiscal deficit - interest payments.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'non-plan expenditure' and 'plan expenditure' classification in the budget was removed from which financial year?

A. 2020-21

B. 2018-19

C. 2017-18

D. 2015-16

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Correct Answer: Option C

Explanation:
The plan/non-plan expenditure classification was removed from the 2017-18 budget.

This question belongs to: Economy GK Economy Set 1

Question #3

Which of the following is a feature of the 'IS-LM-BP' or Mundell-Fleming model?

A. It ignores the external sector completely

B. It assumes continuous full employment

C. It assumes a closed economy

D. It analyses the effectiveness of monetary and fiscal policy under different exchange-rate regimes and degrees of capital mobility

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Correct Answer: Option D

Explanation:
The Mundell-Fleming model extends the IS-LM framework to an open economy and examines how the effectiveness of monetary and fiscal policy depends on the exchange-rate regime and the degree of capital mobility.

This question belongs to: Economy GK Economy Set 1

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