The 'National Anti-profiteering Authority' was later replaced by which body under GST? MCQ with Answer and Explanation

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The 'National Anti-profiteering Authority' was later replaced by which body under GST?

A. GST Appellate Tribunal

B. Central Board of Indirect Taxes and Customs

C. Competition Commission of India

D. GST Council

Answer: Option C

Solution (By JKSSB Mock Tests)

The NAA's functions were transferred to the Competition Commission of India.

This question belongs to: Economy GK Economy Set 1

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Question #1

The 'International Financial Services Centre' in India is located at:

A. Bengaluru

B. GIFT City, Gandhinagar

C. Hyderabad

D. Mumbai

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Correct Answer: Option B

Explanation:
India's first IFSC is in GIFT City, Gandhinagar, Gujarat.

This question belongs to: Economy GK Economy Set 1

Question #2

MSME classification in India is based on:

A. export earnings

B. number of employees only

C. location only

D. investment in plant and machinery or equipment and turnover

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Correct Answer: Option D

Explanation:
MSMEs are classified based on investment in plant and machinery/equipment and annual turnover.

This question belongs to: Economy GK Economy Set 1

Question #3

In the context of elasticity, cross elasticity of demand between two complementary goods is:

A. Positive

B. Infinity

C. Zero

D. Negative

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Correct Answer: Option D

Explanation:
For complementary goods (e.g., car and petrol), an increase in the price of one leads to a decrease in demand for the other, so cross elasticity is negative.

This question belongs to: Economy GK Economy Set 1

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