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. central government

B. RBI

C. local bodies

D. state government

Answer: Option D

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

The 'Bank for International Settlements' is headquartered in:

A. Basel

B. Zurich

C. London

D. Geneva

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Correct Answer: Option A

Explanation:
The Bank for International Settlements is headquartered in Basel, Switzerland.

This question belongs to: Economy GK Economy Set 1

Question #2

The concept of 'Say's Law' states that:

A. Government intervention is necessary

B. Supply creates its own demand

C. Money is the most important factor

D. Demand creates its own supply

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Correct Answer: Option B

Explanation:
Say's Law of Markets, associated with classical economics, states that 'supply creates its own demand', implying that general overproduction is impossible.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Goods and Services Tax' rate on concerts and sporting events is:

A. 18%

B. 12%

C. 28%

D. 5%

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Correct Answer: Option A

Explanation:
Concerts and sporting events attract 18% GST.

This question belongs to: Economy GK Economy Set 1

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