The 'Reverse Charge Mechanism' under GST shifts the tax liability to: MCQ with Answer and Explanation

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The 'Reverse Charge Mechanism' under GST shifts the tax liability to:

A. government

B. recipient

C. supplier

D. GST council

Answer: Option B

Solution (By JKSSB Mock Tests)

Under reverse charge, the recipient of goods or services pays the tax.

This question belongs to: Economy GK Economy Set 1

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Practice More Economy Set 1 Questions

Question #1

The term 'Open Market Operations' refer to:

A. Buying and selling of goods in the open market by the government

B. Buying and selling of government securities by the central bank

C. Lending by commercial banks to the public

D. Issuing new shares by companies

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Correct Answer: Option B

Explanation:
Open Market Operations involve the purchase and sale of government securities by the central bank to regulate liquidity and money supply in the economy.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Deen Dayal Upadhyaya Gram Jyoti Yojana' aims at:

A. LPG distribution

B. road construction

C. urban water supply

D. rural electrification and feeder separation

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Correct Answer: Option D

Explanation:
DDUGJY aims at rural electrification and separation of agricultural and non-agricultural feeders.

This question belongs to: Economy GK Economy Set 1

Question #3

The World Trade Organization came into existence in which year?

A. 2001

B. 1995

C. 1947

D. 1944

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Correct Answer: Option B

Explanation:
The WTO was established in 1995, replacing GATT.

This question belongs to: Economy GK Economy Set 1

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