The 'State Goods and Services Tax' is levied by: MCQ with Answer and Explanation

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The 'State Goods and Services Tax' is levied by:

A. RBI

B. central government

C. state government

D. local bodies

Answer: Option C

Solution (By JKSSB Mock Tests)

SGST is levied by state governments on intra-state supply.

This question belongs to: Economy GK Economy Set 1

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Practice More Economy Set 1 Questions

Question #1

Which of the following is a characteristic of a Giffen good?

A. It is a luxury good

B. Income elasticity is positive

C. Demand increases as price increases due to strong negative income effect

D. Demand decreases as price increases

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Correct Answer: Option C

Explanation:
A Giffen good is an inferior good for which the negative income effect outweighs the substitution effect, resulting in an upward-sloping demand curve.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'General Budget' in India was separated from the Railway Budget in which year?

A. 1947

B. 1924

C. 1950

D. 1921

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Correct Answer: Option B

Explanation:
Railway Budget was separated from the General Budget in 1924 on the Acworth Committee recommendation.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Central Board of Direct Taxes' is a part of:

A. RBI

B. NITI Aayog

C. SEBI

D. Ministry of Finance

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Correct Answer: Option D

Explanation:
CBDT is part of the Ministry of Finance.

This question belongs to: Economy GK Economy Set 1

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