The 'reverse charge mechanism' under GST is applicable when: MCQ with Answer and Explanation

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The 'reverse charge mechanism' under GST is applicable when:

A. the recipient is required to pay tax instead of the supplier

B. goods are imported only

C. goods are exported

D. a registered supplier sells to an unregistered recipient

Answer: Option A

Solution (By JKSSB Mock Tests)

Under reverse charge, the recipient pays GST instead of the supplier.

This question belongs to: Economy GK Economy Set 1

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Practice More Economy Set 1 Questions

Question #1

Hyperinflation is characterized by:

A. extremely rapid and out-of-control rise in prices

B. falling prices

C. stable prices

D. slow price rise

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Correct Answer: Option A

Explanation:
Hyperinflation is extremely rapid and uncontrollable price inflation.

This question belongs to: Economy GK Economy Set 1

Question #2

A contractionary fiscal policy consists of:

A. reducing government spending or increasing taxes

B. increasing money supply

C. increasing government spending and cutting taxes

D. lowering interest rates

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Correct Answer: Option A

Explanation:
Contractionary fiscal policy reduces aggregate demand by cutting spending or raising taxes.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Gross National Product' at factor cost equals GDP at factor cost plus:

A. net factor income from abroad

B. indirect taxes

C. subsidies

D. depreciation

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Correct Answer: Option A

Explanation:
GNP at factor cost = GDP at factor cost + net factor income from abroad.

This question belongs to: Economy GK Economy Set 1

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