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 Central Government

B. the local body

C. the consuming state directly

D. the exporting state

Answer: Option A

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

In the context of the Indian economy, GST is best described as:

A. A wealth tax

B. A comprehensive indirect tax on the supply of goods and services with a dual structure

C. A direct tax on income

D. A corporate tax levied only on companies

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Correct Answer: Option B

Explanation:
GST is a destination-based, multi-stage indirect tax levied on the supply of goods and services, administered jointly by the Centre and the States.

This question belongs to: Economy GK Economy Set 1

Question #2

The National Infrastructure Pipeline originally aimed to invest how much in infrastructure between 2020 and 2025?

A. Rs 100 lakh crore

B. Rs 25 lakh crore

C. Rs 200 lakh crore

D. Rs 50 lakh crore

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Correct Answer: Option A

Explanation:
The National Infrastructure Pipeline aimed at investments of Rs 111 lakh crore (about Rs 100 lakh crore) during 2020-25.

This question belongs to: Economy GK Economy Set 1

Question #3

The concept of 'Consumer Equilibrium' under utility analysis is achieved when:

A. Total utility is zero

B. Price is zero

C. Marginal utility is maximum

D. MU of a commodity is equal to its price

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Correct Answer: Option D

Explanation:
A consumer is in equilibrium when the marginal utility derived from a commodity equals its price (or MU per unit of money is equalised across commodities).

This question belongs to: Economy GK Economy Set 1

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