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

Question

Share Report Error

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

A. supplier

B. GST council

C. government

D. recipient

Answer: Option D

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

Request complete Subject PDF

Discuss this Question (0)

No comments yet. Be the first to start the discussion!

Practice More Economy Set 1 Questions

Question #1

Which of the following is NOT a function of the stock exchange?

A. Price discovery of securities

B. Issuing new currency notes

C. Mobilising savings for investment

D. Providing liquidity to securities

View Answer & Solution Discuss

Get Complete Subject PDF for Economy GK

Correct Answer: Option B

Explanation:
Issuing currency notes is the function of the central bank. Stock exchanges provide liquidity, facilitate price discovery and help mobilise savings for productive investment.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Minimum Wages Act' in India was enacted in which year?

A. 1950

B. 1948

C. 1947

D. 1956

View Answer & Solution Discuss

Get Complete Subject PDF for Economy GK

Correct Answer: Option B

Explanation:
The Minimum Wages Act was enacted in 1948.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'New Economic Policy 1991' devalued the rupee by about how much in two stages?

A. 5%

B. 50%

C. 18%

D. 30%

View Answer & Solution Discuss

Get Complete Subject PDF for Economy GK

Correct Answer: Option C

Explanation:
In July 1991, the rupee was devalued by about 18% in two steps.

This question belongs to: Economy GK Economy Set 1

Explore All Economy Set 1 MCQs