The 'Integrated GST' on interstate supply is collected by: MCQ with Answer and Explanation

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The 'Integrated GST' on interstate supply is collected by:

A. the consuming state directly

B. the Central Government

C. the exporting state

D. the local body

Answer: Option B

Solution (By JKSSB Mock Tests)

IGST is collected by the Central Government and then apportioned between Centre and states.

This question belongs to: Economy GK Economy Set 1

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Question #1

The concept of 'Seigniorage' is most closely related to:

A. Revenue from disinvestment

B. Interest payments on public debt

C. Tax revenue from income tax

D. The real resources obtained by the government through the issue of base money

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Correct Answer: Option D

Explanation:
Seigniorage is the purchasing power that the government obtains by issuing base money; it equals the real value of the increase in base money.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Smithsonian Agreement' of 1971 attempted to:

A. abolish the IMF

B. realign fixed exchange rates after the collapse of the dollar-gold link

C. ban currency trading

D. create the euro

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Correct Answer: Option B

Explanation:
The Smithsonian Agreement attempted to establish new fixed exchange rate parities after the dollar-gold link ended.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Sensex' comprises how many actively traded stocks of BSE?

A. 30

B. 50

C. 100

D. 200

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Correct Answer: Option A

Explanation:
Sensex is based on 30 actively traded stocks of BSE.

This question belongs to: Economy GK Economy Set 1

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